A simple higher period call of 5 period RSI that shows what we all know that OB/OS conditions are some of the best parts of a move.
color bars can be turned off. RSI can be shown in a traditional format with a smoothed line (current period). Trend bars can be turned on or off. Blank areas on the bottom line denote non OB/OS conditions on the higher time frame.
Not to be used as a signal generator per se, but does a good job in backtesting anyway. I would use this as a 'permission' signal more than anything, keeps you on the right side of the move, far more often than not.
Enjoy,
Trade responsibly
//@version=2 study("Trend V2.1", overlay=true) tf = period=="1"?"3":period=="3"?"5":period=="5"?"15":period=="15"?"30":period=="30"?"45": period=="45"?"90":period=="60"?"120":period=="120"?"180":period=="180"?"240":period=="240"?"D": period=="D"?"W":period=="W"?"M":period=="M"?"3M":period overlay = input(true, title="Show Trend Color?") mode = input(true, title="RSI mode?") Period = input(5, title="Length") Period2 = input(3, title="Signal") src = input(close, title="Source", type=source) rsi = rsi(security(tickerid, tf, src, false), Period) OB = input(80) OS = input(20) trend = rsi>=OB?teal:rsi<=OS?maroon:na trendid = rsi>=OB?1:rsi<=OS?-1:0 barcolor(overlay?trend:na, color=trend) plotshape(overlay==false and trendid==1?trendid:na, style=shape.square, color=teal, location=location.bottom, transp=0) plotshape(overlay==false and trendid==-1?trendid:na,style=shape.square, color=maroon,location=location.bottom, transp=0) plot(overlay==false and mode?rsi(src,Period):na, color=black, transp=0) plot(overlay==false and mode?sma(rsi(src,Period),Period2):na, color=maroon, transp=0) plot(overlay==false and mode?OB:na, color=maroon, transp=0) plot(overlay==false and mode?OS:na, color=teal, transp=0)