scarf

RSI Trendspotter

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Had a bit of a TA epiphany with RSI so bear with me. The time since RSI was last overbought/sold is a solid trend indicator. This may seem obvious but after x number of years trading it hit me like a smack in the face. I've coded this for easy visualisation. They're fairly simple changes but it's making a big difference in my trendspotting already.

In the example CMG hasn't been overbought for 183 days, so the RSI is mostly green:

Before that it hadn't been oversold for 199 days, so RSI is mostly red:

And before that it was ranging like a maf*ckin' sine wave , so the RSI shows green, red, green, red, etc.:

Finally, normal RSI for comparison. Same data, but now with pretty colours:

I've also added overbought/oversold highlights cause that just makes the whole charting thing a lot easier. Enjoy!
Release Notes: Bugger, I said overbought when I mean oversold and vice-versa
Release Notes: Added plot descriptions so peeps and change colours easily. Thanks to FLOW for the feedback
Release Notes: Fixed an issue with colour and the source. Due to Pine Script limitations it's not possible to make this look the same on a black chart, so you will need to manually adjust the colours when you add it to your chart
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Awesome was looking for this and despite my relentless script hoarding I finally find your script, thanks :)
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scarf kobaltttt
@kobaltttt, Sweet!
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Thank you for the effort and sharing , id like to test this indicator
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scarf mycotoxin
@mycotoxin, It's public. Just hit the 'Indicators' button at the top of the screen, then search for 'RSI Trendspotter' and click the result to add it to your chart
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