This RSI can be applied to any Crypto-currency and ANY time-frame! Great for use on alt coins to identify moons. Request use in the comments :)
This RSI is adjusted to give weight to the performance of the 6 largest Cryptocurrencies by market-cap. This is the Crypto-Index that affects the moving average.
Bitcoin Ethereum Bitcoin Cash Ripple Litecoin Nem Coin.
The use of this indicator is to observe divergence between the price of the underlying asset that is the basis of your chart, and the rest of the Crypto-currency market. The black line is the Relative Strength Index performance of the Crypto-Index, and the red and blue clouds, show how far the Crypto-Index sits away from the Relative Strength Index of the observed chart.
If more Crypto-currencies go down while your observed currency goes up, the CARSI will sit lower and a blue pool will become visible showing that that the chart is performing better than the Crypto-Index listed above. If more Crypto-currencies go up while your observed currency goes down, the CARSI will sit higher and a red cloud will form, showing that the chart is performing worse than the Crypto-weighted Index.
The indicator uses only one variable that can be changed.
"RSI_Length" = This is the length of the RSI and is set to 15 by default.
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UPDATED! Now you can adjust the over-bought and over-sold zone levels! This RSI can be applied to any Crypto-currency and ANY time-frame! Great for use on alt coins to identify moons. Request use in the comments :)
This RSI is adjusted to give weight to the performance of the 6 largest Cryptocurrencies by market-cap. This is the Crypto-Index that affects the moving average.
Bitcoin Ethereum Bitcoin Cash Ripple Litecoin Nem Coin.
The use of this indicator is to observe divergence between the performance of the underlying asset that is the basis of your chart, and the rest of the Crypto-currency market. The black line is the Relative Strength Index performance of the Crypto-Index, and the red and blue clouds show how far the Crypto-Index sits away from the Relative Strength Index of the observed chart.
If more Crypto-currencies go down while your observed currency goes up, the CARSI will sit lower and a blue pool will become visible showing that that the chart is performing better than the Crypto-Index listed above. If more Crypto-currencies go up while your observed currency goes down, the CARSI will sit higher and a red cloud will form, showing that the chart is performing worse than the Crypto-weighted Index.
The indicator uses THREE variables that can be changed:
"RSI_Length" = This is the length of the RSI and is set to 15 by default. "OverBought" = This is the level as to which the horizontal red line will sit that identifies an over-bought zone. If either of the RSI's sit above this zone, a steep rally has occurred and is likely exhausted. A bearish retracement down from this zone can be assumed. The OverBought zone is set to 70 by default. "OverSold"= This is the level as to which the horizontal blue line will sit that identifies an over-sold zone. If either of the RSI's sit above this zone, a strong sell-off has occurred and is likely exhausted. A bullish retracement up from this zone can be assumed. The OverSold zone is set to 30 by default.
I completely agree. This indicator is very helpful. How can I unlock this indicator @GrantPeace? I am very new to this site and still learning. Your charts have been helping me understand this world much better! Thank you for sharing with us. Greatly appreciate it!
GrantPeace
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@lilmarshall428, That's ok. Anytime :) I have granted you access now.