OPEN-SOURCE SCRIPT
Relative Strength Index(RSI) by RNP
This indicator is designed to provide an enhanced visualization of the Relative Strength Index (RSI) by incorporating key features that aid in decision-making:
Key RSI Levels:
Horizontal lines at 20, 30, 40, 50, 60, 70, and 80 are highlighted to help identify critical zones for overbought, oversold, and neutral market conditions.
Background Fill:
Weak Zone (RSI ≤ 40): A red background indicates bearish momentum or stock weakness.
Neutral Zone (40 < RSI < 60): A gray background signals a neutral market with no strong trend.
Strength Zone (RSI ≥ 60): A green background shows bullish momentum or stock strength.
Moving Average of RSI:
A simple moving average (SMA) is plotted on the RSI to smooth out fluctuations and identify trends.
Bollinger Bands for RSI:
Bollinger Bands around the RSI (with customizable standard deviation) help detect overbought and oversold conditions more effectively.
Custom Alerts:
Alerts can be set for when RSI touches key levels like 20, 40, 60, or 80, making it easier to act on potential trading opportunities.
This indicator provides a comprehensive view of the RSI, allowing traders to quickly identify market conditions, potential reversal zones, and trending phases. It is a valuable tool for technical analysis and effective trade execution.
Key RSI Levels:
Horizontal lines at 20, 30, 40, 50, 60, 70, and 80 are highlighted to help identify critical zones for overbought, oversold, and neutral market conditions.
Background Fill:
Weak Zone (RSI ≤ 40): A red background indicates bearish momentum or stock weakness.
Neutral Zone (40 < RSI < 60): A gray background signals a neutral market with no strong trend.
Strength Zone (RSI ≥ 60): A green background shows bullish momentum or stock strength.
Moving Average of RSI:
A simple moving average (SMA) is plotted on the RSI to smooth out fluctuations and identify trends.
Bollinger Bands for RSI:
Bollinger Bands around the RSI (with customizable standard deviation) help detect overbought and oversold conditions more effectively.
Custom Alerts:
Alerts can be set for when RSI touches key levels like 20, 40, 60, or 80, making it easier to act on potential trading opportunities.
This indicator provides a comprehensive view of the RSI, allowing traders to quickly identify market conditions, potential reversal zones, and trending phases. It is a valuable tool for technical analysis and effective trade execution.
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