Volume-Based RSI Color Indicator with MAs

30 thg 12, 2024

This is not a typical RSI indicator; it is a unique variation that integrates volume analysis and moving averages (MAs) for the RSI. Here's how it stands out:

Volume-Based Color Coding: The RSI line changes color based on it's level
(overbought/oversold) and volume conditions. For example:

Red: RSI is overbought, and volume is significantly higher than average.
Green: RSI is oversold, and volume is significantly higher than average.
Blue: Default color for other scenarios.
RSI Moving Averages: it includes long-period (200) and short-period (20) moving averages of
the RSI, calculated using SMA or EMA, based on user preference. this adds a trend-
following component to the RSI analysis.

Customization Options: The script allows users to adjust parameters like RSI length,
overbought/oversold levels, high-volume multiplier, and MA type lengths.

These enhancements make the indicator more dynamic and tailored for traders looking to incorporate both momentum and volume trends into their strategy.