OPEN-SOURCE SCRIPT
RSI Custom Levels
RSI Custom Levels is a "one stop shop" for a complete strategy based on RSI.
AS per principal: RSI oscillates between 0-100 and therefore the indicator is build around various parameters of RSI. It comprises of 4 different levels of RSI and therefore highlights the candles accordingly.
Understanding each LEVEL:
Level 1 (Highlight): Highlights candles that have an RSI value (closing basis) less than Level 1 specified value (default 20)
Level 2 (Highlight): Highlights candles that have an RSI value (closing basis) greater than Level 1 specified value (default 20) and less than Level 2 specified value (default 45)
Level 4 (Highlight): Highlights candles that have an RSI value (closing basis) greater than Level 4 specified value (default 80)
Level 3 (Highlight): Highlights candles that have an RSI value (closing basis) greater than Level 3 specified value (default 55) and less than Level 4 specified value (default 80)
The most efficient way to trade is as follows:
TRENDING SETUPS:
Uptrend Setups: When RSI enters Level 3 with exit at Level 4
Downtrend Setups: When RSI enters Level 2 with exit at Level 1
SIDEWAYS APPLICATION:
When RSI is in between Level 2 and 3 that area has no highlights as the system considers it to be FLAT and non oscillating.
OVERSTRETCHED APPLICATIONS:
Downtrend Reversal: When RSI enters Level 2 from Level 1 that is a sign for a downtrend reversal.
Uptrend Reversal: When RSI enters Level 3 from Level 2 that is a sign for a uptrend reversal.
Moreover the most ideal scenario is to convert the colour of all candles into white (in dark theme) or black(in light theme) for best performance.
AS per principal: RSI oscillates between 0-100 and therefore the indicator is build around various parameters of RSI. It comprises of 4 different levels of RSI and therefore highlights the candles accordingly.
Understanding each LEVEL:
Level 1 (Highlight): Highlights candles that have an RSI value (closing basis) less than Level 1 specified value (default 20)
Level 2 (Highlight): Highlights candles that have an RSI value (closing basis) greater than Level 1 specified value (default 20) and less than Level 2 specified value (default 45)
Level 4 (Highlight): Highlights candles that have an RSI value (closing basis) greater than Level 4 specified value (default 80)
Level 3 (Highlight): Highlights candles that have an RSI value (closing basis) greater than Level 3 specified value (default 55) and less than Level 4 specified value (default 80)
The most efficient way to trade is as follows:
TRENDING SETUPS:
Uptrend Setups: When RSI enters Level 3 with exit at Level 4
Downtrend Setups: When RSI enters Level 2 with exit at Level 1
SIDEWAYS APPLICATION:
When RSI is in between Level 2 and 3 that area has no highlights as the system considers it to be FLAT and non oscillating.
OVERSTRETCHED APPLICATIONS:
Downtrend Reversal: When RSI enters Level 2 from Level 1 that is a sign for a downtrend reversal.
Uptrend Reversal: When RSI enters Level 3 from Level 2 that is a sign for a uptrend reversal.
Moreover the most ideal scenario is to convert the colour of all candles into white (in dark theme) or black(in light theme) for best performance.
Skrip open-source
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