This is a simple multi-resolution (multi-timeframe) RSI indicator that overlays the current chart to show labels for specified oversold and overbought areas defined with inputs.
Up to 4 different resolutions/timeframes for their respective RSI (1,2,3, or 4). RSI1 is always enabled and can not be disabled.
Red labels with white text represent overbought RSI levels as defined by the user. All enabled RSI will have to qualify as overbought based on settings. Green labels with black test represent oversold RSI levels as defined by the user. All enabled RSI will have to qualify as oversold based on settings.
This RSI overlay help easily call-out overbought and oversold candles on a chart where other RSI values on larger resolutions/timeframes are also oversold/overbought without sacrificing screen space for a traditional RSI indicator that is not overlayed on the chart.
This indicator has alert conditions that will trigger when all enabled RSI indicators are either oversold or overbought respective to your settings.
Note: The best results are to operate your chart as your smallest RSI resolution selected. Personally, I prefer to have my smallest (shortest timeframe) in RSI1, and go larger farther out to RSI4.
Hey BigBits... just looking a the code and shouldn't the rsi values be determined by the close of the ticker based on that specific rsi close + resolution? Something like what is listed below? Not trolling, just truthfully asking as both look correct but for some reason, I think the code below is more accurate. What are your thoughts and thank you for posting your scripts; they are great.
//RSI = rsi(RSISource, RSIPeriod)
RSI1 = rsi(security(syminfo.tickerid, RSI1Resolution, RSI1Source), RSI1Period)
RSI2 = rsi(security(syminfo.tickerid, RSI2Resolution, RSI2Source), RSI2Period)
RSI3 = rsi(security(syminfo.tickerid, RSI3Resolution, RSI3Source), RSI3Period)
RSI4 = rsi(security(syminfo.tickerid, RSI4Resolution, RSI4Source), RSI4Period)