Premier RSI Oscillator [LazyBear]

This is a modified form of PSO             (original idea by Lee Leibfarth), to use RSI as the input.

This provides a quick response to changes in market direction. This highly sensitive indicator allows for early anticipation of price turns and can be used to establish definitive trading zones that identify potential trading opportunities.

Entry/Exit rules are the same as PSO             . Enabling bar colors makes it easy to identify the entry/exits too (Refer to my comment below for more points to keep in mind regarding colors)

Here's a comparison against normal RSI .

More info:
Indicator: Premier Stochastic Oscillator

List of my public indicators:
List of my app-store indicators:

Remove from Favorite Scripts Add to Favorite Scripts
// @author LazyBear 
// List of my public indicators: 
// List of my app-store indicators: 
study("Premier RSI Oscillator [LazyBear]", shorttitle="PRO_LB")
src=input(close, title="Source")
lrsi=input(14, title="RSI Length")
stochlen = input(8, title="Stoch length")
smoothlen = input(25, title="Smooth length")
r=rsi(src, lrsi)
sk=stoch(r, r, r, stochlen)
len = round(sqrt( smoothlen ))
nsk = 0.1 * ( sk - 50 )
ss = ema( ema( nsk, len ), len )
expss = exp( ss )
pro = ( expss - 1 )/( expss + 1 )
plot( pro, title="Premier RSI Stoch", color=black, linewidth=2 )
plot( pro, color=iff( pro < 0, red, green ), style=histogram , title="PROHisto")
plot(0, color=gray, title="ZeroLine")
plot( 0.2, color=gray, style=3 , title="Level2+")
plot( 0.9, color=gray, title="Level9+")
plot( -0.2, color=gray, style=3, title="Level2-")
plot( -0.9, color=gray, title="Level9-")
ebc=input(false, title="Enable bar colors")
bc=ebc?(pro<0? (pro<pro[1]?red:orange) : (pro>pro[1]?lime:green)) : na
LazyBear PRO accidentje
Thx :)
Some more charts:

Filter the PRO signals using another indicator: Here I am using a simple EMA. Notice how PRO is showing an early signal for SELLs (highlighted rgn).

Follow the zones. Notice how the candles are colored lime in the highlighted box, but you will not enter (even though price is above my filter EMA), because PRO is not above the 0.2 zone. Refer to PSO documentation to understand zones.

Very nice! How do I get the horizontal dots to show entry and exit?
LazyBear PRO jwilander
Those horizontal dots are S/R levels drawn automatically by another indicator. More info:
you are my master
LazyBear PRO MIchaelTran
Wow that looks sick! Thanks for that. I'll test it out.
YW :)