alphaJohnny Dynamic RSI Indicator

AlphaJohnny Dynamic RSI Indicator (Dyn RSI)

The Dynamic RSI Indicator (Dyn RSI) is a custom Pine Script tool designed for TradingView that aggregates Relative Strength Index (RSI) signals from multiple timeframes to provide a comprehensive view of market momentum. It combines RSI data from Weekly, Daily, 4-hour, 1-hour, and 30-minute intervals, offering traders a flexible and customizable way to analyze trends across different periods.

Key Features:
Multi-Timeframe RSI Aggregation: Combines RSI signals from user-selected timeframes for a holistic momentum assessment.

Dynamic or Equal Weighting: Choose between correlation-based dynamic weights (adjusting based on each timeframe’s correlation with price changes) or equal weights for simplicity.

Smoothed Momentum Line: A visually intuitive line that reflects the strength of the aggregate signal, smoothed for clarity.

Color-Coded Signal Strength:
Dark Green: Strong buy signal

Light Green: Weak buy signal

Yellow: Neutral

Light Red: Weak sell signal

Dark Red: Strong sell signal

Visual Markers: Large green triangles at the bottom for strong buy signals and red triangles at the top for strong sell signals.

How to Use:
Apply to Chart: Add the indicator to your TradingView chart (it will appear in a separate pane).

Customize Settings: Adjust inputs like RSI period, signal thresholds, included timeframes, weighting method, and smoothing period to fit your trading style.

Interpret Signals:
Momentum Line: Watch for color changes to gauge market conditions.

Triangles: Green at the bottom for strong buy opportunities, red at the top for strong sell opportunities.

Notes:
The indicator is designed for a separate pane (overlay=false), with triangles positioned relative to the pane’s range.

Fine-tune thresholds and weights based on your strategy and the asset being analyzed.

The source code is open for modification to suit your needs.

This indicator is ideal for traders seeking a multi-timeframe perspective on RSI to identify potential trend reversals and momentum shifts.