The relative strength index (RSI) is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions. RSI is normally displayed as an oscillator separately from price and can have a reading from 0 to 100. This indicator takes the RSI and plots the 30 & 70 levels onto the price chart so you can see when price is going to meet the 30 or 70 levels. The reason the 30 & 70 levels are important is because many traders (and bots) use those as signals to buy (at 30 RSI) or sell (at 70 RSI). Additionally, this indicator allows you to display not just the RSI levels of your currently viewed timeframe on the chart, but also shows the RSI levels of up to 6 different timeframes on the same chart. This allows you to quickly see if multiple RSI levels are aligning across different timelines, which is an even stronger indication that price is going to change direction when it meets those levels on the chart. There are a lot of nice configuration options, like:
Style customization (color, thickness, size)
Labels on the chart so you can tell which plots are the RSI levels
Optionally display the plot as a horizontal line if all you care about is the RSI level right now
Toggle overbought (RSI 70) or oversold (RSI 30) on/off completely
Информация о релизе
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TradingView doesn't calculate lower timeframe values correctly when you are on a higher timeframe, which resulted in a bug where RSI lines on lower timeframes could be inaccurate. This release fixes that issue by simply removing the lower timeframe plots when you are on higher timeframes.
Информация о релизе
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Major overhaul of the indicator with the following changes & improvements:
Correctly shows RSI price levels on lower timeframes when browsing higher timeframes.
Performance improvements
Addition of "percent from price" to labels
Removal of redundant horizontal lines
Информация о релизе
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Code cleanup: removing unnecessary lines, reducing variables. Removed 'appx' labels for lower timeframes because they are so accurate now.