[RS]RSI Overbought/Oversold Levels V0

EXPERIMENTAL: rsi helper tool to visualize rsi overbought/oversold levels.
Remove from Favorite Scripts Add to Favorite Scripts
study(title="[RS]RSI Overbought/Oversold Levels V0", shorttitle="[RS]RSIOOL.V0", overlay=true)
overbought = input(70)
oversold = input(30)
length = input(8)
smooth = input(4)

r = sma(rsi(close, length), smooth)

ob = cross(r, overbought) and rising(r, 1) ? close : ob[1]
os = cross(r, oversold) and falling(r, 1) ? close : os[1]
plot(ob, color=maroon, style=linebr, linewidth=2)
plot(os, color=green, style=linebr, linewidth=2)
I really like this one. Well done!
+2 Reply
Very good idea. Thanks for the addition to the public script library.
+1 Reply
Bravo - you are on a roll. Several of your last posts should combine well. Do you have any combinations you have explored already?
RicardoSantos PRO Alphaoptions
you have the rsi mirrors that are a visual power house by itself ;) you can combine this with it check the exact points the price goes overbought/oversold. but the best way is to try them and find your own setup :p, some of this scripts really are just a flash of insight of the moment, theres times i have 4-5 scripts "under construction".
+1 Reply
RicardoSantos PRO RicardoSantos
case in point :p

+1 Reply
Alphaoptions RicardoSantos
Wow - that is impressive. I have not tried it, but I was thinking conceptually about how your MM levels would work great in combination with the OB/OS. They certainly work as moving levels but did you ever find a way to make them more traditional horizontal levels. I am very impressed senor!
+1 Reply
RicardoSantos PRO Alphaoptions
you can limit the frequency by reducing OB/OS space, to fire less frequently. this might lead to levels dragging for longer then needed tho.
+1 Reply
Alphaoptions RicardoSantos
Thank you for the tips. There is certainly a lot of controversy surrounding MM levels. Regardless of any other rationale for using them, I think looking at serial halving pivot swing distances to 1/2 to 1/4 to 1/8 breaks the volatile range into meaningful segments, so combining these ideas for confluence areas (MM intersecting your OB/OS levels and that is one reason why I was so interested in finding a "more linear" and "less curvy" MM to more easily see the levels where three might be a confluence.
+1 Reply
I'm trying in combination with the ichimoku cloud and Chris's Upper Text Plots. It works beautifully! Thanks for sharing!
Love this... Thank you!!!
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out