Enhanced Relative Strength Index (RSI)
By member request I have provided this enhanced relative strength index (RSI), free to use for all, far surpassing the built-in RSI capabilities. The features list includes enable/disable dark background for enhanced visibility, dashed line zero mean of 50, adjustable RSI period, upper threshold adjustment, lower threshold adjustment, area highlighting of the exceeded threshold levels, and a red/green secondary range that adjusts +/- from the upper/lower thresholds. If you have any comments regarding this indicator, I will consider your thoughts and ideas presented below.
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- Added olive adjustable cautionary zone, new improved visibility centered mean line
- Added titles and cleaned up the "Style" panel in "Format" avoiding insignificant color changes most members I suspect will not have use for
- Added integer stepping to secondary threshold ranges providing better user efficiency while adjusting
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Toned down the red and green brightness a notch, seemed a little too intense and distracting with the fuchsia RSI
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Added selectable Rapid RSI option in "Format" panel
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Terminology clarifications to titles in "Format" panel
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Added "Source" input() and a few insignificant code tweaks
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So, there's been some changes to TV color recently and I needed to apply some revisioning to accommodate those changes. Furthermore I updated to a newer color style for the levels/thresholds that I now prefer, with the intention of functionality on both Light and Dark charts equally. Surely let me know if it does not meet your expectations. Additionaly, I added plot from "barindex==0" technology for all you IPO(Initial Public Offering) traders, a possible historical first. This will allow suitable plotting from day one, minute one of IPO, remedying visually delayed signal trading. If you don't know what this is, most people don't, go back to the VERY beginning of any stock on the "All" chart and compare it to other RSIs. You will most likely not see any reliable RSI plot for the first 14 bars, give or take, on other RSI indicators. In addition to that, I would like to add that this RSI accepts a floating point number for the "RSI Period" adjustment, enabling the possibility of finer tuning. This won't have any effect on the "Rapid RSI", but it will on the "Standard RSI". I will try to employ this technology on 100% of my indicators into the future. Lastly, I did some minor refactoring and removed irrelevant code. I would consider this a major revisioning, and I hope everyone enjoys the new version.
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Updated to PSv4.0 and... per request from another member with a superb idea, this is now a Relative Strength Index multicator having selectable tandem RSIs as you see above. RSI accepts a float, yep sure does! Rapid RSI will not accept a float though, sorry. "Period" controls for RSIs are independent. You may display both RSIs or either one alone. I also added a "Line Width" control. I think this is nearing the end of the line for a 'typical' RSI indicator's evolutionary path. This is surpassed by my "Gain Controlled Polychromatic Ultimate RSI", but that one is not free.