The following indicator aims to return information over RSIs using multiple periods, including the percentage of RSIs of different periods being overbought/oversold, as well as the average between these multiple RSIs.
The percentage of RSIs of different periods being overbought/oversold is additionally used to return adaptive overbought/oversold levels.
Settings
Maximum Length: Maximum period of the RSI used for the indicator calculation
Minimum Length: Minimum period value of the RSI used for the indicator calculation
Overbought: Value of the overbought level
Oversold: Value of the oversold level
Src: Input source of the indicator
Usage
The main element of the indicator is given by the multi-length RSI average, returning an oscillator similar to a fixed-length RSI. Because of its multiple length nature, the indicator can reflect shorter to longer-term price variations depending on the Maximum/Minimum length range defined by the user.
The green area indicates the percentage of RSIs over the user-defined overbought level. The red area indicates the percentage of RSIs under the user-defined oversold level, this percentage is inverted for ease of visualization. Additionally, a dashboard at the top right of the indicator pane indicates these percentages for the most recent bar.
A lower percentage of overbought/oversold RSIs can indicate a potential shorter-term retracement.
These percentages are used to construct adaptive overbought/oversold levels for the average multi-length RSI. The overbought level will be easier to reach if the percentage of overbought RSI's is high, the same logic applies to the adaptive oversold level.
Been with yall for a while now, and love the scripts. Great content. Keep it up.
Haydenslongtermwealth
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Great script and either way consistently good content!
wjdehddndi
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Is it possible to get an alarm??? I think that's a pretty good indicator
just_naba
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its not moving the % ?
lemanhtuan295
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Can you add 1 more rsi of higher time frame to this tool? for example: I'm trading on 1M and I want to follow what is the position of rsi on 15M. Thanks