RSI OS/OB Background Stripes

The "RSI OS/OB Background Stripes" indicator is a simple tool designed to help traders visualize overbought and oversold market conditions using the Relative Strength Index (RSI). It highlights these conditions by displaying colored background stripes directly on your chart, making it easy to spot potential trading opportunities.

How It Works:RSI Calculation: The indicator calculates the RSI, a popular momentum indicator that measures the speed and change of price movements, using a default period of 14 (customizable).

Overbought/Oversold Levels: It marks areas where the RSI is above a user-defined overbought level (default: 70) with red background stripes, and below an oversold level (default: 30) with green background stripes.

Visual Feedback: The colored stripes appear on the chart when the RSI enters overbought (red) or oversold (green) zones, helping you quickly identify market conditions.

Customization: You can adjust the RSI period, overbought/oversold levels, background colors, and transparency. You can also choose to show the RSI line in a separate panel or display RSI values on the chart for debugging.

Alerts: The indicator includes optional alerts that notify you when the RSI crosses into overbought or oversold territory.

Who It’s For: This indicator is perfect for beginner and intermediate traders who want a clear, visual way to track RSI-based overbought and oversold conditions without cluttering their charts.

Key Features:Easy-to-read background stripes for overbought (red) and oversold (green) conditions.

Fully customizable RSI settings, colors, and transparency.
Optional RSI plot and value display for deeper analysis.
Alerts to keep you informed of key RSI level crossings.

This indicator is a straightforward way to monitor market momentum and make informed trading decisions.