I found yet another RSI indicator:
https://www.tradingview.com/script/BKy9 ... edK-VARSI/
I tried to whip up an MT5 version of it, but instead of getting a single indicator output, I ended up with two separate ones. (I’m a "vibe coder").
EDIT: Or I could have had them function as a single indicator, but then the AI started doing its own thing, so I ended up with this solution instead.
"█ RedK_VARSI — Release Notes
The idea behind RedK Dual Timeframe Volume-Accelerated RSI (RedK_VARSI) is to enable traders to impose volume impact on the widely used RSI (Relative Strength Index) indicator - for improved "combined price action + volume" analysis - and then to visualize the resulting insight from 2 different timeframes simultaneously; the current (chart's) timeframe, and a higher timeframe (the Context timeframe) of their choice.
This analysis approach enables traders to effectively scan for opportunities, and make trading decisions that are in the direction of the broader market "context", without leaving the chart.
Two quick notes here:
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Dual Timeframe RSI trading strategy is a very common technique among traders - used with various instruments (Futures, crypto, FOREX, stocks...) and various trading styles (scalp, swing, trend...) - What RedK_VARSI does is to provide an effective tool to enable traders to easily work their dual timeframe RSI analysis, in one chart, while also taking volume impact into consideration.
RedK_VARSI is the modern sibling of an indicator I created back in 2020, the RedK Volume-Weighted RSI . The basic concept is the same, but there are features that could only be implemented with the more recent versions of Pine, like pulling true higher (context) timeframe volume-weighted RSI series, adding advanced visualization, dynamically enable and disable settings ...among other features. It's exciting to see what we can now achieve with the advancements in Pine compared to what was possible back then.
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