An experimental RSI Tunnels indicator that plots RSI inside RSI High/Low tunnels and shows the breakouts of the tunnel. The tunnels are made by fetching the RSI previous highest high and previous lowest low.
==Explanation== If current RSI CROSS OVER the higher band and above zero line, we have a bullish signal. If current RSI CROSS UNDER the lower band and below zero line, we have a bearish signal.
==Colors== The colors define the trend strength and define if current RSI is below zero line or above zero line. GREEN: Strong up trend. LIGHT GREEN: Weakening up trend. (Might indicate an up reversal) RED: Strong down trend. Light Red: Weakening down trend. (Might indicate a down reversal)
The Trick is that trend continues until the other way signal triggers, than we change color.
==Notes== Bars are not colored by default. From a few tests it seems to work better on higher time frames - 1 hour and above. Each asset can have its own rhythm, adjust 'Tunnels look back' period in settings to meet the asset rhythm.
Quote which i like: “Minimizing downside risk while maximizing the upside is a powerful concept.” – Mohnish Pabrai Enjoy and like if you like. :)