Do you love RSI Overbought/Oversold signals, but want more space on the screen for the actual price chart? "RSI Overbought/Oversold Overlay" to the rescue! This indicator highlights the chart's background color green when the RSI goes overbought and red when the RSI goes oversold. You can set the RSI length, overbought level, and oversold level in the format box.
Obviously, this is not the indicator to use if you're looking for things like RSI divergence, but if you're only interested in when RSI reaches the extremes of the range, this can save you some screen real estate.
Hey Josh, simple and effective. thanks a lot! Can we add alerts?
josh_kaprun
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@HisNomad, This was written in v3 code, and TradingView won't let me update it. I don't know the v4 or v5 coding language, so, at this time, I can't update the script to include alerts (at least not in a way that I can publish). You could just add a standard RSI indicator, compress it so that it doesn't take up any of your screen space, and use that for the alerts while you use this indicator for the visuals, though.
HisNomad
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Cool, seems it'll work! Thanks a lot for the work around, broda!
thebullshark
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I am a fan of this simple but very useful indicator. Thanks Josh! I prefer to add mine to the lower panel behind other indicators. It would be useful if the panel with the overlay on it could display the RSI value in the status line!
josh_kaprun
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@thebullshark, Thank you for the compliment! I agree that putting an overlay of the RSI value would be cool, but that would require me to learn TradingView's newer programming language as something like that wasn't really possible back in the PineScript v2 and v3 languages. Maybe one day but, as of right now, I just don't have the time to put into it.
Can we add alerts?