Heikin Ashi RSI Oscillator

Introducing HARSI - the RSI based Heikin Ashi candle oscillator.

...that's right, you read it correctly. This is Heikin Ashi candles in an oscillator
format derived from RSI calculations, aimed at smoothing out some of the
inherent noise seen with standard RSI indicators.


We likes it we does.

Included plot options for standard RSI plot overlay, and a smoothed variant with
it's own seperate length from the candles, oh and histogram option, for reasons.

Articles and further reading:

This is a REALTIME indicator, so any values used for conditions should use
history 1, or alternatively, alerts should be called using once-per-bar-close.
Release Notes: Removed:
  • Rogue f_getRGBA() function that slipped through the pre-publication pass. This has zero impact on anything.
  • Candle border colour selection - it is now tied to candle body colour to preserve colour clarity at smaller scales.

Changes and Adjustments:
  • plotcandle() title is now simply "HARSI", this makes it easier to select O/H/L/C options in the alerts tab. They now display as "HARSI Open", "HARSI High", rather than "HARSI Candle ..".
  • Reduced the default RSI plot length to 7, while keeping the default of 14 for the candles.
  • RSI plot and Histogram are both now enabled by default, with smoothing option active.

  • Added additional "extreme" Overbought and Oversold h-lines, these default to +30, and -30.
  • Added option to apply smoothing to the Open of the HARSI candles, this is simply an extension to the base Heikin Ashi Open calculation to help better visualise trend strength if desired. This setting defaults to 1 (no smoothing) see below for comparative image.
  • Added descriptive tooltips for the candle config section.

smoothing comparison:
Release Notes: Improved candle open smoothing feature.
Release Notes: Apologies for double update!
  • Forgot to update tooltip to better describe the updated smoothing algo for candle open - fixed.
  • Fixed minor typo in the background fill section.
Release Notes:
  • Added Stochastic RSI as an option, which utilises the setting defined in the RSI config section. This can be displayed in standard dual-plot mode, or ribbon fill.
  • New function `f_zstoch()` generates Stochastic RSI with zero median, and percentage scaling. The scaling should not affect crossing signals.
  • Updated and consolidated input tooltips to their own section.
  • Consolidated color variables to the proper location.
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Cheers. Thank you.
500 coins
+1 Svara
JayRogers Man1di5buk3
@Man1di5buk3, Thankyou that's very kind of you, and you're welcome!
Man1di5buk3 JayRogers
@JayRogers, thank you :)
+2 Svara
this is masterpiece!! thank you greatly! i hope i gain profits with your great indicator! HA and RSI just wonderful news for me :)
+2 Svara
Hi I am new to trading, could you help me use this tool? when would i know the buy or sell signal?
+2 Svara
JayRogers trustingSalami91987
@trustingSalami91987, RTFM! :) You can start by following the two links I provide in the first part of the description, particularly focusing on 'RSI' and related articles.
ACTUAL Heikin Ashi RSI!

I hope you don't mind if I adapt this to other oscillators for personal use! This is simply amazing work.
+2 Svara
JayRogers burgercrisis
@burgercrisis, Glad you like it! ...Just drop a little credit if you decide to publish, that's all I ask.
burgercrisis JayRogers
@JayRogers, I wasn't even planning on publishing but if I get them working I suppose since you're so nice, I will and will give you full credit since my part will be relatively easy, if a learning experience... I tried applying it to On Balance Volume but forgot that the scale change too drastically when input changes on that so a bit of a pipe dream... But when I find a method of reworking indicators that I like I get the urge to just try everything I can think of into the "template"... If HA-RSI is this awesome, what other secrets lie? I really feel I can see trends better with this method, I imagine it can be very useful for some volume weighted indicators...
+1 Svara
burgercrisis burgercrisis
Adding that although I haven't used it as my primary trigger yet (been using divergences for many indicators v4 lately and liking it), I have noticed that right after every divergence, pretty much where I would have enough confirmation to take the signal, one or two candles later usually, you tend to get a common signal: A smooshed candle the opposite color of the recent trend. Example, often after downtrend you get a very small green candle upwards. This is because the movement that bar was such that the RSI, whether it was High, Low, Close or Open, took a significant move, which is a pretty good sign the market has collectively decided to try to make that move essentially.

This is what I love about candles for indicators. You can view compression/release of individual candles this way. Maybe too early for me to really know, but people, see what you think!! I think this is really a good tool!

See what correlations you can find between the RSI candles and price movement, I swear they are there and we just have to unlock this new vision! I can only imagine what you might see if you could print candlestick patterns... Might mean something different then on price candles but I bet its just as accurate if not more so... maybe not saying much, especially now that apparently the Arthur Hayes PA action has returned? IDK thats just what I've been hearing lol
+2 Svara