MattDeLong

RSI Oversold/Undersold

The study script will place GREEN BUY arrows BELOW oversold conditions and RED SHORT arrows ABOVE overbought conditions. You can configure the period

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.
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//@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)
Very cool!!!
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