Most (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.
//@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)