LazyBear

RSI Bands, RSI %B and RSI Bandwidth

RSI bands provide an intuitive way of visualizing how the price movement causes RSI to move with in its range (0-100). Upper/Lower bands signify overbought and oversold levels respectively (Default: 70/30, you can customize them via options page). These bands closely match what Constance Brown explains in her book "Technical Analysis for the Trading Professional".

I have also coded up 2 scripts to visualize %B and Bandwidth, just as in BollingerBands. As you can see %B is equivalent to the actual RSI . Along with RSI_Bandwidth and %B , the bands convey a lot of information.

Another tip is to render Bollinger Bands along with RSIBands...endless possibilities :)

I have included all 3 scripts in the same chart, as they are all related. Since TradingView doesn't allow sharing more than one script in the same chart, you can only "Add script" RSI Bands.

If you want to use RSI %B and Bandwidth, follow this guide to "Make mine" this chart and get access to the source:
https://drive.google.com/file/d/0Bx48Du_2aPFncUhIemNrZUY1dTA/edit?usp=sharing

For the complete list of my indicators, check this post:
Master Index: List of all my indicators

Remove from Favorite Scripts Add to Favorite Scripts
//
// @author LazyBear 
// List of all my indicators: https://www.tradingview.com/v/4IneGo8h/
//
study("RSI Bands [LazyBear]", shorttitle="RSIBANDS_LB", overlay=true)
obLevel = input(70, title="RSI Overbought")
osLevel = input(30, title="RSI Oversold")
length = input(14, title="RSI Length")
src=close
ep = 2 * length - 1
auc = ema( max( src - src[1], 0 ), ep )
adc = ema( max( src[1] - src, 0 ), ep )
x1 = (length - 1) * ( adc * obLevel / (100-obLevel) - auc)
ub = iff( x1 >= 0, src + x1, src + x1 * (100-obLevel)/obLevel )
x2 = (length - 1) * ( adc * osLevel / (100-osLevel) - auc)
lb = iff( x2 >= 0, src + x2, src + x2 * (100-osLevel)/osLevel )

plot( ub, title="Resistance", color=red, linewidth=2)
plot( lb, title="Support", color=green, linewidth=2)
plot( avg(ub, lb), title="RSI Midline", color=gray, linewidth=1)

List of my free indicators: http://bit.ly/1LQaPK8
List of my indicators at Appstore: http://blog.tradingview.com/?p=970

I like this overlay + indicator. These two combos have great results.
+1 Reply
LazyBear could you add an indicator for the NR7 or NR4. Smiley Face, Frown Face if possible
Reply
BizkitBR PRO
6 months ago
This is my favorite Lazy Bear indicator... I would love to see a background color for the overbought and oversold levels... Having a background color up or over the 50 RSI mid line would be just the bomb visually..
Reply
MONEYMENOW PRO
6 months ago
These 3 indicators have lots of info.. OMG.. it has so much info that I can write few pages on how to use it.. May I? if u permit me then I would like post notes on these 3 combo bomb.. Also, could u write such a program using Ultimate Oscillator.. can u write a program that would mark SR Levels using Ultimate Oscillator on the chart. If u could, it would be great help. Thanks.
Reply
LazyBear PRO MONEYMENOW
6 months ago
Sure. Will see if I can do a similar thing for UO.

BTW, appreciate if you could send me those "few pages" doc you mentioned, once done. :)
Reply
MONEYMENOW PRO
6 months ago
AMAZING INDICATOR.. my search for indicator has come to an end with this indicator. Thanks.. I have practically tried all possible indicators here.. this is the best and the last one.. thanks
Reply
LazyBear PRO MONEYMENOW
6 months ago
YW :)
+1 Reply
BizkitBR PRO LazyBear
6 months ago
Hey LazyBear is your new RSIBands+ with background colors OB/OS lines ready to post here yet? Thanks....
Reply
LazyBear PRO BizkitBR
6 months ago
Here you go:

Source: http://pastebin.com/EhbPU6TS

Sample image:
snapshot
+1 Reply
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