Color coded RSI to give a better indication of when to buy or sell based on the RSI level along with an included EMA signal to help describe the trend.
Release Notes
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Colors were made editable - my apologies to people using darker themes. I really should test these things out before publishing.
I wish you could explain your indicator and how to use it :(
fauxlife
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@davidalom, RSI theoretically shows when a market is over-sold (too low) or over-bought (too high) based on how quickly it changes in momentum. This indicator just takes the standard RSI and makes it pretty (it's one of my first scripts when I was learning pinecode). Most seasoned traders will tell you to use 2-3 indicators as part of a trade formula you create. One to give warning of a potential change, one to show to prevailing trend, and another to confirm a change in trend to open or close a trade. With this, red peaks are a warning the market will turn or correct; green indicates a potentially good spot to buy.
TBH this is a pretty janky indicator that just looks cool. I don't use it and coders are unable to delete indicators once published.