Most RSI(14) indicators use a 14-period, I prefer a 5-period. The period, overbought and oversold periods are settings that can easily be changed by adding this study to your chart and clicking the "gear" icon next to the study inside your chart.
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.
//@version=2 //author=https://www.tradingview.com/u/MattDeLong/ //optimized for NUGT / daily chart study("RSI Oversold/Undersold", overlay=true) backtime = input(title='Period', type=integer, defval=5) overbought = input(title='RSI Overbought', type=integer, defval=74) oversold = input(title='RSI Oversold', type=integer, defval=24) calcSpread(k) => ((high[k] - low[k]) / high[k])*100 isOversold(k) => key = k <= 1 ? 0 : k - 1 rsi(close[k], backtime) <= oversold and volume[k] >= volume[key] isOverbought(k) => key = k <= 1 ? 0 : k - 1 rsi(close[k], backtime) >= overbought and volume[k] >= volume[key] plotshape(isOverbought(1) and isOverbought(0), style=shape.labeldown, location=location.abovebar, color=#ff0000) plotshape(isOversold(1) and isOversold(0), style=shape.labelup, location=location.belowbar, color=green)