blue line = bollinger %
orange line = keltner %
red background = squeeze*
squeeze = bollinger bands are inside (encapsulated by) keltner channel
> rsi_2 = (rsi / 100) - 0.5
RSI is now plotted as histogram, where
- green color = overbought / oversold market
- red color = normal
* This indicator was created primarly for my own purposes, all comments and suggestions are welcome.
Note: Indicator works best with 30min+ time-frames.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.