This indicator is based on the amazing work of (whentotrade) Lars von Theinen's RSI cyclic smoothed (cRSI). More information on the original indicator and how to use it can be found below.
The Reverse cRSI is in essence the same cRSI or (RSI cyclic smoothed, by Lars von Theinen) you all know and love with the addition of two key features, that in conjunction can be used to greatly assist the end-user in their decision making for entry, exit and risk management.
The first feature is a reverse engineered calculation of the HighBand, LowBand, as well as the user defined Upper and Lower Levels (70 & 30 by default), compared to the cRSI Level, in relation to the current price level as the point of divergence, which at a glance can then be used to determine the closing price level needed in order to cross the cRSI either under or over the afore mentioned levels.
The second feature is the addition of my advanced divergence script to display regular as well as hidden divergences on the cRSI, in order to help the end-user train their eyes to spot them more accurately.
Divergence colors and description: ------------------------------------- Green : Regular Bullish Divergence White : Hidden Bullish Divergence Red : Regular Bearish Divergence Orange : Hidden Bearish Divergence
Optional Settings Include: ----------------------------- 1.) Show/Hide Reverse Levels 2.) Change the Reverse Levels Text Size 3.) Change the Reverse Levels Text Color 4.) Change the Reverse Levels Text Left Margin 5.) Change the Reverse Levels Decimal value 6.) Show/Hide the Reverse Levels Currency 7.) Show/hide the cRSI Divergence lines 8.) Change the cRSI Divergence line offset 9.) Show/hide the cRSI Divergence arrows 10.) Change the cRSI Divergence arrow offset 11.) Change the Regular Bullish Divergence Color 12.) Change the Hidden Bullish Divergence Color 13.) Change the Regular Bearish Divergence Color 14.) Change the Hidden Bearish Divergence Color 15.) Change the cRSI Divergence lookback (No. of bars to lookback)
RSI cyclic smoothed (cRSI) ----------------------------- The RSI cyclic smoothed (cRSI) indicator is developed by Lars von Theinen and is subject to the terms of the Mozilla Public License 2.0 at mozilla.org/MPL/2.0/ Copyright (C) 2017 CC BY, whentotrade / Lars von Thienen.
The RSI cyclic smoothed (cRSI) is an enhancement of the classic RSI , adding 1) additional smoothing according to the market vibration, 2) adaptive upper and lower bands according to the cyclic memory and 3) using the current dominant cycle length as input for the indicator.
It is much more responsive to market moves than the basic RSI . The indicator uses the dominant cycle as input to optimize signal, smoothing, and cyclic memory. To get more in-depth information on the cyclic-smoothed RSI indicator, please read Decoding The Hidden Market Rhythm - Part 1: Dynamic Cycles (2017), Chapter 4: "Fine-tuning technical indicators." You need to derive the dominant cycle as input parameter for the cycle length as described in chapter 4.
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Under the hood tweaks to improve performance
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Another under the hood tweak to improve rendering performance
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You asked, we listened. Another under the hood tweak to improve rendering speed, as well as overall performance
Just One request if possible... on the right hand side, of the Indicator name that has the hide,settings and X - there are a lot of na na na na na letters that gone quite a long way across and get in the way of plotting the upper area - as its hard to see the top turn area. Is there a way to remove all those letters, to have a clear screen please ?
It picks out some divergence very well.
Cheers :)
lynchs
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@Claykitesurfer, Hey, glad you're enjoying it, really pleases me to hear that.
To answer you question, what you are seeing is a built in feature of the Trading View Chart itself. To hide these values, simply right-click the symbol name and time-frame in the "top-left hand corner" of your chart, you will then be presented with a drop-down menu, un-tick the option "Show Indicator Values", should be second to last on the list above "Options", and that should give you your desired result.