ClassicScott

+ True RSI

This is a better, cleaner version (in my opinion) of an part of an indicator I was using that was coded up by cI8DH. I reached out to him about cleaning up the code (things weren't working) for Pinescript v4, but he no longer seems to be active, so I thought I might take it upon myself to at least work out this portion of the indicator.

Much credit goes to him. Below is the indicator that he coded, of which only one part have I made additions to.


So, he calls this the True RSI . I was using it as part of the USI , which I posted above (it's the MA Percent indicator type). To my eyes it's not far different from the standard RSI , so I probably could have just made a version of that, but I like this one, and I was excited to add a few things (like candle coloring, which no longer works with his version!).

So, what's different?
I added two different background fills.
I made the lines types for the extremities and midline more appropriate for the indicator.
I added bullish , bearish , overbought, and oversold candle coloring.
I added a multitude of moving averages as well.

If this looks like my '+ %B' indicator, that is because I basically just moved the MA's and candle coloring code over. One could probably do this with many different indicators.

In the future I will probably add alerts, and maybe MA cross candles as well. Or not. Well, almost certainly alerts. Please enjoy!
Release Notes: Hello. It's me, Scott, with an update to this.
Additions simply include:
1) two more levels--median high and median low-- between overbought/oversold levels and the median level, if you find that useful.
2) alerts for overbought and oversold conditions, median crosses, and MA crosses.
3) multi-timeframe because why not.

Also, please note that I have an identical indicator called +TRSI (updating that next, because I may as well) that I really do mean is identical. Tradingview confuses me. I thought that for some reason my script wasn't accepted because it didn't past muster or something, but in reality a weird thing happens where if you favorite the script you are working on, then publish it, the script you saved IS NOT the published one, and you actually have to search for it. So I was like, "oh, they didn't accept it for some reason?" because it wasn't showing my name (therefore not able to be found by anyone) in my favorites section. So, before bothering to search (because why would I think that!?) I made another one and published that. So now there are two of the same indicator under slightly different names. And that's my story. It's stupid, but what can ya do? I also can't delete it, and they probably won't, because they say that goes against there policy, so I probably will have two of the same indicator up here for all eternity. :)
Release Notes: In this updated version I've cleaned up the candle coloring code, as well as made some changes to the default colors. I've also made the MA color changing based on its bull/bear bias, and I've done this with the RSI too.
Also, a minor update to the candles: I added a "neutral" color to them based on the RSI's relation to the median and the moving average. Basically if the RSI is below the moving average but above the median line, or above the moving average and below the median line, it is considered neutral. I like it as a way of highlighting indecision, consolidation, or potential reversal points.
Oh, and lastly, you can turn off candle coloring on the inputs screen, so you don't have to individually unclick each box under "style."

Hope you like these updates.
Release Notes: added a second RSI plot. It's experimental I suppose. Thought it might be useful to plot two of different lengths, different sources. Play around with it and see what you find. By default it is off.
added ALMA to the moving averages list.
changed the overbought and oversold alerts to any rsi cross, instead of a specific crossing up or down.
Release Notes: forgot to change the alerts messages in previous update two minutes ago.
Release Notes: just decided to add rsi/moving average plot shapes, same as my accumulation/distribution indicator
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

Kommentarer

Appreciate the updates. Use it all the time! Saves me from checking and having multiple indicators cluttering my screens.
Svara
Wow wow wow, excellent, very clean indicator.
Svara
ClassicScott bulentiris
@bulentiris, Hey, thanks a lot! I actually just added some updates earlier today. Haven't officially updated it through Tradingview yet, but I like the makeover.
Svara
Hey,
I have not tested this on real time trading but i have back tested, it looks awesome.
Thank you very much for keeping it open so that others can add more values if required.
Svara
@BOURSE40, I hope that it serves you well. I'll be releasing an updated version in the next couple of days. Cleaned the code up a bit more, plus added a few more things.
Svara
BOURSE40 ClassicScott
@ClassicScott,
First of all, thanks for your efforts, it is highly appreciated.
No doubt, i'm using it. It helps me.
One issue what i'm facing it is, In the real time trading, Soon after the blue candle, there is an another violet candle, I had to cut short my position, then it reverses.
Svara
@BOURSE40, sometimes, or a lot of the time, this can happen. You can't trade every single cross. Probably should find an indicator to filter false signals, don't trade against the prevailing momentum (if price is going up don't take shorts just because the RSI crossed down), try using different MAs and different lengths (obviously longer lengths are going to give fewer false signals), or understand price action better.
Svara
BOURSE40 ClassicScott
@ClassicScott, thanks
Svara
Can you do the same thing for True MACD as you did for True RSI?
Svara
@p1r473, Do what? MACD is already moving averages? Unless you're talking about the RSI "fix" in which case the person who I derived this indicator from has an Ultimate MACD, as he calls it.

Svara