Multi‑Timeframe RSIOMA Dashboard
is open source and now available for free
https://www.tradingview.com/script/YYAh ... Dashboard/
Multi-Timeframe RSIOMA Dashboard User Guide
The Multi-Timeframe RSIOMA Dashboard, a tool designed to give you a clear, at-a-glance view of market momentum across different symbols and timeframes. Whether you’re trading forex, crypto, or stocks, this dashboard is here to help you make sense of the markets with ease. Let’s break it down in a way that feels approachable and actionable.
What You’re Seeing on the Chart
The dashboard is a table that pops up on the top-right corner of your TradingView chart. It’s a snapshot of the RSIOMA (Relative Strength Index Over Moving Average) values for up to 10 symbols across multiple timeframes. Here’s what each part means:
Rows: Each row represents a symbol (e.g., EURUSD, BTCUSD, or AAPL). You can customize which symbols appear, and there’s an option to always include the current chart’s symbol.
Columns: Each column corresponds to a timeframe, like M1 (1-minute), H1 (1-hour), or D1 (daily). You can pick up to seven timeframes to display.
Cells: Each cell shows the RSIOMA value for a specific symbol and timeframe. The value is a number between 0 and 100, and it’s color-coded:
Green: Bullish (value > 50), suggesting upward momentum
Red: Bearish (value < 50), indicating downward momentum.
Gray: Neutral (value around 50), showing no strong trend.
Bright green: Bullish (value > 70), indicating strong upward momentum.
Bright red: Bearish (value < 30), indicating strong downward momentum.
The background of each cell also shifts in intensity based on how far the RSIOMA is from 50—stronger colors mean stronger momentum.
Header: The top row shows the market type (e.g., FOREX, CRYPTO) and the timeframes. The first column lists the symbols.
If a cell says “No Data” in red, it means the data for that symbol/timeframe isn’t available—possibly due to an invalid symbol or timeframe mismatch.
How RSIOMA Values Are Calculated
The RSIOMA is a smoothed version of the traditional Relative Strength Index (RSI), designed to give you a clearer picture of momentum. Here’s the step-by-step:
Start with an EMA: We take the closing price of a symbol and apply an Exponential Moving Average (EMA) with a period you set (default is 10). This smooths out price fluctuations.
Calculate RSI: We then apply the RSI formula to this EMA, again using the same period (default 10). RSI measures the speed and change of price movements, giving a value between 0 and 100.
Smooth It (Optional): If you’ve enabled MA Smoothing (on by default), we take the RSI value and apply another EMA (default period of 7) to it. This reduces noise and makes trends easier to spot. If smoothing is off, you get the raw RSI value.
The result is a number that tells you whether the market is overbought (>70), oversold (<30), or somewhere in between. Values above 50 lean bullish, while those below 50 lean bearish.
How to Use the Dashboard
This dashboard is your co-pilot, not a crystal ball. It’s great for spotting trends, confirming signals, and avoiding bad trades. Here’s how to make it work for you:
1. Set It Up
Choose Your Market: Select the market type (FOREX, CRYPTO, STOCKS, etc.) to match what you’re trading. If you’re working with something unique, pick “CUSTOM” and input your symbols manually.
Pick Symbols: Add up to 10 symbols (e.g., EURUSD, BTCUSD). If you want the current chart’s symbol included, keep the “Always Include Current Symbol” box checked.
Select Timeframes: Choose up to seven timeframes, from M1 (1-minute) to MN1 (monthly). Shorter timeframes are great for day trading, while longer ones suit swing or position trading.
Tweak Settings: Adjust the RSIOMA period (default 10) and MA smoothing period (default 7) to make the indicator more or less sensitive. You can also change colors and text size to suit your style.
2. Read the Dashboard
Spot Trends: Look for symbols where multiple timeframes show the same color. For example, if EURUSD is green across M15, H1, and H4, it’s likely in a strong uptrend.
Check Momentum Strength: The farther a value is from 50, the stronger the momentum. A value of 75 is more bullish than 55, and a value of 25 is more bearish than 45.
Watch for Divergences: If shorter timeframes (e.g., M5) are bullish but longer ones (e.g., D1) are bearish, the trend might be weakening. This can signal a reversal or consolidation.
Avoid Overbought/Oversold Traps: Values above 70 or below 30 can indicate overbought or oversold conditions, but don’t blindly trade them. Wait for confirmation, like a price reversal or a shift in RSIOMA direction.
3. Make Trading Decisions
Trend Following: Use the dashboard to confirm trends before entering trades. For example, if you’re eyeing a long position on BTCUSD and the H1, H4, and D1 are all green, it’s a stronger case for going long.
Scalping or Day Trading: Focus on shorter timeframes (M1 to M30) for quick trades, using the dashboard to avoid trading against the broader trend (check H1 or H4).
Swing Trading: Lean on longer timeframes (H4 to W1) to identify entries and exits in multi-day or multi-week trends.
Risk Management: Always pair the dashboard with other tools (like support/resistance levels or candlestick patterns) and proper risk management. No indicator is foolproof!
4. Pro Tips
Cross-Check Timeframes: If you’re trading on H1, glance at M15 for early signals and D1 for the bigger picture. Alignment across timeframes boosts confidence.
Customize for Clarity: If the dashboard feels cluttered, reduce the number of symbols or timeframes. You can also adjust text size or colors to make it easier on the eyes.
Test First: Before using it in live trading, backtest the dashboard on your favorite symbols and timeframes. See how RSIOMA behaves in different market conditions.
Stay Flexible: Markets change, and so should your approach. If a symbol’s RSIOMA values are stuck near 50, it might be ranging—consider switching to a breakout or range-bound strategy.
A Final Word
The MTF RSIOMA Dashboard is like a trusty map for navigating the markets. It helps you see where the momentum is, but you’re still the one driving. Take your time to get comfortable with it, experiment with the settings, and always trade with a clear plan.
Do not show pity: life for life, eye for eye, tooth for tooth, hand for hand, and foot for foot.
Deuteronomy 19:21
