TWYS wrote: Sun Jun 02, 2024 11:09 pm
Hi Mr. Tool,
I am new here and I need your help with RSI Signal Indicator. Please help to fix some error with Arrow Setting, the arrow still show on the main chart when I disable in the setting. Anyway this is my first post since I also just registered here and please accept my apology if my first post not meet any rule here.
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Thank in advance for you help
TWYS
RSI Signal with 3 RSI Lines & working Alerts
In 2008, Dean Feng created a distinctive RSI that utilized three RSI's in its calculation and displayed similarly to a MACD. It was called the RSI Signal "New".
What's notable about this RSI is that it has a wide range of flexibility, looks good plus comes with unique options. It was specifically designed with trend trading in focus but could replace your traditional RSI as well.
The earlier versions of this indicator didn't quite meet expectations and lacked functional Alerts. Traders highly appreciated this RSI for its exceptional accuracy when used with RangeBar charts.
A feature overview of this indicator has now been included in this post:
Features
- Displays 3 RSI lines of different periods and the MA of the first RSI line (smoothed RSI).
- Displays the MA of the smoothed RSI. The crosses of smoothed RSI and its MA can be used as the signals.
- Displays histogram for RSI or its Moving Average.
- Colored level lines.
- Two color MA lines.
- Four color histogram.
- Color filling between overbought and oversell levels (background).
- Users can turn off/on most of the features mentioned above.
About RSI value of this indicator
- The RSI value of this indicator = original RSI value -
50
- The overbought/oversell level = original overbought/oversell level -
50
This is to make RSI changes around
0 (not
50), which is convenient to draw histograms.
Users enter original overbought/oversell levels (
70/
30, or any other values), this indicator will change (subtract 50) automatically.
Parameters
- RSI 1 Period - Period of RSI #1. If input is less than
2 or larger than 100, indicator will use default (14) instead.
- RSI 2 Period - Period of RSI #2. If input is less than
2 or larger than 100, indicator will use default (21) instead.
- RSI 3 Period - Period of RSI #3. If input is less than
2 or larger than 100, indicator will use default (7) instead.
- Price Apply To - RSI price apply to
- Overbought Level - Overbought level (
70, or any other levels you need)
- Oversell Level - Oversell level (
30, or any other levels you need)
- Smooth Period - Enter the MA period for smoothing RSI #1
- Smooth Method - Choose MA method for smoothing RSI #1
- MA Period - Period of second MA (MA of smoothed RSI #1)
- MA Method - Method of second MA
- Enable RSI 1 Line - Turn on/off RSI #1 line
- Enable RSI 2 Line - Turn on/off RSI #2 line
- Enable RSI 3 Line - Turn on/off RSI #3 line
- Enable Smoothed RSI 1 - Turn on/off Smoothed RSI #1 line
- Enable MA of Smoothed RSI 1 - Turn on/off second MA (the MA of smoothed RSI #1)
- Choose How to Draw Histogram - Three options to draw histograms:
- Draw Histogram for RSI 1:
- Draw Histogram for Smoothed RSI 1
- Disable Histogram
- Choose How to Change Histogram Color - Two options about how the histogram colors change:
- As Per Smoothed RSI #1 Direction
- As Per RSI #1 and Smoothed RSI #1
Option 2 means: when RSI #1 crosses above the smoothed RSI, histogram will be green, which indicates a possible uptrend; when it crosses down smoothed RSI, histogram color will be red, which indicates a possible downtrend.
- Enable Background - If this option is enabled, indicator will draw histograms between Overbought level and Oversell level, as the background of "normal area".
- Background for Whole Indicator Window - If this option is enabled, the background histograms will be drawn from the top to bottom of the whole indicator window. This is available only if "Enable Background" option is turned on.
Try...
