Combi RSI
Combi RSI (CRSI): A Comprehensive Multi-Timeframe Indicator
Combi RSI (CRSI) is a powerful indicator that combines the Relative Strength Index (RSI) across multiple timeframes. The purpose of CRSI is to provide a holistic view of the RSI, as it often happens that the RSI reaches its minimum or maximum value while the price continues to move in the same direction.
Seamless Integration of Timeframes for Enhanced Analysis
By incorporating RSI readings from different timeframes, CRSI eliminates the need for constantly switching between charts. You can keep a lower timeframe chart open while simultaneously benefiting from the insights provided by CRSI based on a higher timeframe.
Flexible Settings to Tailor the Indicator
CRSI offers customizable settings to suit your trading preferences. You can choose three timeframes of your choice and assign weights to each timeframe. If you prefer to work with only two timeframes, you have the option to assign a weight of 0 to the third timeframe.
Weighting Factor: Determining Importance
The assigned weight for each timeframe is crucial in determining its significance in the CRSI calculation. While the weight can be any non-negative number, it is the relative weights that matter the most. A higher weight value indicates a greater importance placed on that specific timeframe in the CRSI analysis.
Utilizing CRSI as an Effective Tool
While CRSI can be used as a regular RSI indicator, such as identifying buying opportunities in the oversold range or selling opportunities in the overbought range, it is essential to note that CRSI is not intended to be used as a standalone indicator. To make informed trading decisions, it is highly recommended to seek confluence with other indicators and analyze the overall market context.
Combi RSI (CRSI) is a powerful indicator that combines the Relative Strength Index (RSI) across multiple timeframes. The purpose of CRSI is to provide a holistic view of the RSI, as it often happens that the RSI reaches its minimum or maximum value while the price continues to move in the same direction.
Seamless Integration of Timeframes for Enhanced Analysis
By incorporating RSI readings from different timeframes, CRSI eliminates the need for constantly switching between charts. You can keep a lower timeframe chart open while simultaneously benefiting from the insights provided by CRSI based on a higher timeframe.
Flexible Settings to Tailor the Indicator
CRSI offers customizable settings to suit your trading preferences. You can choose three timeframes of your choice and assign weights to each timeframe. If you prefer to work with only two timeframes, you have the option to assign a weight of 0 to the third timeframe.
Weighting Factor: Determining Importance
The assigned weight for each timeframe is crucial in determining its significance in the CRSI calculation. While the weight can be any non-negative number, it is the relative weights that matter the most. A higher weight value indicates a greater importance placed on that specific timeframe in the CRSI analysis.
Utilizing CRSI as an Effective Tool
While CRSI can be used as a regular RSI indicator, such as identifying buying opportunities in the oversold range or selling opportunities in the overbought range, it is essential to note that CRSI is not intended to be used as a standalone indicator. To make informed trading decisions, it is highly recommended to seek confluence with other indicators and analyze the overall market context.
Versionsinformation:
- Fixed 1D range default value.
- Added regular and hidden divergences to easily spot possible trend reversals on the chart.
Versionsinformation:
- Added technical analysis over CRSI
- You can choose from EMA, SMA and Bollinger Bands
- If you want to keep the indecator without TA, you can choose option "None"
- SMA, EMA and BB can be further controled by Length parameter
- BB can be also adjusted by the Standard Deviation of the bands (BB StdDev)
- This gives you and additional layer over the CRSI indicator that you can use to indicate where the indicator is likely to continue
Versionsinformation:
- SMA, EMA or BB middle line is now colorized depending whether it acts as a support (green) or resistance (red)
Versionsinformation:
- Updated default weights - less emphasis on lower timeframe
Versionsinformation:
- Divergence repaint is now opt-in. Unless allowed, it will use data only from closed candles.