[RS]RSIC - Oscilator Bands V0 — Indicator by RicardoSantos

oscillator price parallelchannel bands experimental

EXPERIMENTAL: stashed and forgotten :p , forgot to publish this one.
untill recently was asked about it because it was used on another script :D
usage similar to how to read a rsi.

Open-source script

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.

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Want to use this script on a chart?

// @author RicardoSantos
// RSI inspired oscilator bands channels.
// Can be interpreted as a RSI oscilator but at price level.
study(title="[RS]RSIC - Oscilator Bands V0", shorttitle="[RS]RSIC.V0", overlay=true)
lenght = input(3)
margin = input(4)

tf = margin
mp = (0.0001 * close) * margin

ph = avg(high, high[tf])
ph2 = wma((ph+mp)+(high-hl2), lenght*3)
pl = avg(low, low[tf])
pl2 = wma((pl-mp)-(low-hl2), lenght*3)

ma1 = alma((
    close >= ph[1] ? high + high - ph + mp :
    close <= pl[1] ? low - low + pl - mp :
    hlc3), lenght, 0.55, 6)

pu = plot(ph2, style=cross, color=silver, linewidth=0)
pd = plot(pl2,style=cross, color=silver, linewidth=0)
pc = plot(ma1, style=line, color=silver, linewidth=1)

fill(pu,pc, color=red, transp=80)
fill(pd,pc, color=green, transp=80)