Extension of the excellent RSI+ script by Wilsonlibero. I tweaked the parameters to better fit crypto markets, and I added a few more visuals, such as midline, overbought/oversold threshold lines and areas, background coloration depending on RSI trend above or below midline, and a few other tweaks especially colors (fixed the transp parameter deprecation for example). The color theme is by default more optimized for dark mode charts, but all colors can be configured, and all drawings can be enabled/disabled/tweaked in the parameters.
I'm just giving back to the community since I could modify this script only because it was open-source. If you like this script, please don't give me any credit, but please show some love to the original author Wilsonlibero: tradingview.com/script/P2cWqFjD-RSI-by-Wilson/
Phát hành các Ghi chú
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just to show a more complete example of what the indicator can show
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Named all colors adequately to ease customization
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Converted to pinescript v5
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fix interverted bearish and bullish trends background color names
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improve default colors for background highlight of bearish/bullish trends, especially for colorblinds / filtered screens.
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Update: * Add possibility to assign a specific timeframe * Moved RSI status bar below volume and resized to reduce space used on-screen * Added simple stochastic RSI, by default rescaled between overbought and oversold thresholds to minimize space used on-screen * Enabled RSI status bar and stochastic RSI by default
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Rework parameters screen, by thematically grouping parameters and adding more tooltips to explain what a few atypical parameters do.
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add RSI Cloud, which shows the max and min values attained during a candle, instead of only at close.
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Small optimization for the cloud calculation (deduplicated calculations)
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Rename RSI Cloud to RSI Shadow (more accurate) + clarify in tooltip what it reflects
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New features: * Update calculation of RSI Shadow to be accurate. * Add RSI Shadow Sentiment as a bar instead of a background highlight, so that this visualization can be stacked below the RSI Status bar. Also, instead of having a black background for uncertain sentiment, these parts are colored in yellow, similarly to the RSI Status bar.
* Display RSI Shadow Sentiment incongruent bars in gray instead of yellow, so as to differentiate between incongruent bars (gray) and undecided trends bars due to the distance between the two bounds being below the margin (yellow). Essentially, incongruent bars should be discounted, hence the gray color, whereas undecided bars may indicate an upcoming reversal, or at least reflect that the current market's sentiment is undecided. * Set default RSI Shadow Sentiment Margin to 1 instead of 0.
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Change RSI Shadow Sentiment Margin default value to 2 from 1 (empirical tests suggest this is a good middle ground between sensitivity and false positives rate). How to use: compare the colors of both RSI Status and RSI Shadow Sentiment bars, when they are in agreement, especially for longer strings, the sentiment is stronger than if sentiment is only indicated by either bar alone. RSI Shadow Sentiment bar can also sometimes show a trend reversal earlier, although it is unreliable (it is highly sensitive to market participants emotions), hence using it as a reversal tool should always be combined with other indicators/readings from RSI (e.g. , RSI MA cloud, RSI midline sentiment with background highlight, etc...).
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Add comment
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Update: * Very minor change, fix name of one hidden line (Shadow Sentiment Bar bottom line)
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Changelog: * Slightly increase intensity of background highlight of RSI trend around midline, to better display on lower intensity screens, and with a different value for blue and red to compensate the psychovisual difference between these colors to the human eye (ie, blue appears less bright than red, for the same intensity).
Thanks sir for amazing script.. One request please add mtf panel for rsi sentiments. Its very useful.. bcoz without switching to different time frame we can confirm trend and strength with this tool. Suppose we are in 15min time and want to know 30 and 60 min rsi sentiments then.. mtf panel can do its easily. Again thanks for millions time for this script. 🙏
tartigradia
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I highly recommend combining my script above with RSI Trend Line by chrism665, as it allows to see the RSI midline and overbought/oversold thresholds directly on the price chart, hence it allows to predict price targets more accurately than by just using a separate RSI chart: tradingview.com/script/6pr1kBeS-RSI-Trend-Line/
However note that it is not a replacement to having a separate RSI chart, as the latter allows for a much easier reading of trends. Both tools are hence complementary: I use my script to identify current market trends, and RSI Trend Line to pinpoint price targets.
There are other projections of RSI on price chart indicators, such as LazyBear's RSI Bands, but I found chrism665 to be the most accurate one, whereas others usually have huge variability when price is far off RSI extremums, so they are difficult to use to predict price targets accurately. Just set chrism665's script's smoothing factor to 1 instead of 3 for the overbought/oversold to be more accurately reflected even when price is far away.
tartigradia
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PS: All my indicators are tested both on computer screens and on mobile screens (portrait orientation), so they are designed to be readable even on small screens. Tip: if you enable "Show RSI Positional Status", you can set "Status Line Bottom" to 80 and "Status Line Top" to 85 in the Style tab, this will lower the positional status bar so that the main RSI line is bigger on-screen, the risk is that it may overlap with the positional status rarely when RSI gets above 80, but there is background highlighting anyway so you'll know that the value is above 80%.
One request please add mtf panel for rsi sentiments.
Its very useful.. bcoz without switching to different time frame we can confirm trend and strength with this tool.
Suppose we are in 15min time and want to know 30 and 60 min rsi sentiments then.. mtf panel can do its easily.
Again thanks for millions time for this script. 🙏