MTF Smoothable RSI Nexus [DarkWaveAlgo]

12 Jun 2023

🧾 Description:
A nexus is a connection, link, or neuronal junction where signals and information are transmitted between different elements.

The MTF Smoothable RSI Nexus indicator serves as a nexus between smoothable, MTF RSIs by facilitating the visualization and interaction of up to six multi-timeframe RSIs, each with its own customizable timeframe, period, coloring customization, and price source. By combining these various RSIs, it helps you create a comprehensive view of MTF momentum trends and dynamics.

It acts as a control center that brings together multiple MTF RSIs and allows you to visualize the interactions between them with exceptional ease-of-use and customizability, helping to provide you with valuable insights into potential trend reversals, momentum shifts, and trading opportunities.

💡 Originality and Usefulness:
While there are other multi-timeframe RSI indicators available, MTF Smoothable RSI Nexus' global smoothing settings offer a flexible take on the development of price momentum across various timeframes. Its semi-transparent overbought and oversold fill zones create a compounding opaqueness when RSIs from multiple timeframes coalesce - making visual assessment of momentum extremes incredibly easy. We also believe it stands above the rest with its sheer quantity and quality of settings, features, and usability.

✔️ Re-Published to Avoid Misleading Values
This script has been re-published to ensure that it does not use `request.security()` calls using lookahead_on to access future data when referencing RSIs from other timeframes. This decreases the likelihood that the indicator will provide deceiving values. This change has been made in accordance with the PineScript documentation: "Using barmerge.lookahead_on at timeframes higher than the chart's without offsetting the `expression` argument like in `close[[1]]` will introduce future leak in scripts, as the function will then return the `close` price before it is actually known in the current context" and the Publishing Rule: "Do not use `request.security()` calls using lookahead to access future data". Historical and real-time values may differ when referencing timeframes other than the chart's.

💠 Features:

• 6 toggleable MTF Smoothable RSIs with customizable timeframes, periods, and price sources
  
• Compounding overbought/oversold filled areas for easy MTF momentum analysis
  
• Aesthetic and flexible coloring and color theme styling options
  
• End-of chart labels and options for ease-of-use and legibility
  

⚙️ Settings:

• Use a Color Theme: When this setting is enabled, all manual 'Bullish and Bearish Colors' are overridden. All plots will use the colors from your selected Color Theme - excepting those plots set to use the 'Single Color' coloring method.
  
• Color Theme: When 'Use a Color Theme' is enabled, this setting allows you to select the color theme you wish to use.
  
• Hide RSIs on Timeframes Lower Than the Chart: When this setting is enabled, any MTF RSI with a timeframe smaller than that of the chart the indicator is applied to will be hidden from view.
  
• Overbought Level: Set the level value for the overbought line.
  
• Oversold Level: Set the level value for the oversold line.
  
• Overbought Color: When 'Use a Color Theme' is disabled, this will set the color for the Overbought Level line.
  
• Oversold Color: When 'Use a Color Theme' is disabled, this will set the color for the Oversold Level line.
  
• Fill Overbought/Oversold Areas: When enabled, the area between any MTF RSI and the Overbought/Oversold level will be filled with semi-transparent coloring if that RSI is above/below the respective level.
  
• Smooth RSIs: When enabled, all MTF RSIs will be processed through an additional smoothing average calculation.
  
• Smoothing Type: Set the calculation type for the smoothing process. Options include: Exponential, Simple, Weighted, Volume-Weighted, and Hull.
  
• Enable: Show/hide a specific MTF RSI.
  
• Timeframe: Set the timeframe for a specific MTF RSI.
  
• Period: Set the lookback period for a specific MTF RSI.
  
• Source Price: Set the source value used for a specific MTF RSI's calculation.
  
• Coloring Method: Set the coloring method for this specific RSI. The coloring method defines how the RSI should be dynamically colored. Options include: 'Single Color' and 'Increasing/Decreasing'.
  
• Bullish Color: When 'Use a Color Theme' is disabled, this will set the 'bullish color' for this specific MTF RSI.
  
• Bearish Color: When 'Use a Color Theme' is disabled, this will set the 'bearish color' for this specific MTF RSI.
  
• Single Color: When the 'Coloring Method' is set to Single Color for this specific RSI, this color option will set the RSI's color.
  
• Enable Label: When enabled, a label will show at the end of the chart displaying the timeframe, period, smoothing type (if any), and current price value of this specific MTF RSI.
  
• Size: Sets the font size of this specific MTF RSI's label.
  
• Label Offset (in Bars): Sets the distance from the latest bar, in bars, at which this specific MTF RSI's label is displayed.
  
• Show Label Line: When enabled, this specific MTF RSI's label will be accommodated by a dashed line connecting it to its plot.
  

📈 Chart:
The chart shown in this original publication displays the 15 minute chart on ETHUSDT. Displayed on the chart are 4 MTF RSIs: the 15m 14 WMA-Smoothed RSI, 1h 14 WMA-Smoothed RSI, 4h 14 WMA-Smoothed RSI, and the 1D 14 WMA-Smoothed RSI - offering an exemplary view of how you can easily use these MTF RSIs to your advantage in analyzing momentum relationship across multiple timeframes.

12 Jun 2023

Catatan Rilis

Label sizing fix for the 'Small' option.

12 Jun 2023

Catatan Rilis

Lookahead set to off in all request.security() calls.

19 Jun 2023

Catatan Rilis

Plot name improvements!