wallneradam

Low-High RSI

It is an RSI indicator with 3 lines (or 4 if you enable the original RSI in settings):
  • The lime is calculated from high
  • The fuchsia is calculated from low
  • The orange one is calcuated form both high and low, by calculating RSI's up from high and down from low

You can also select different moving averages for RSI calculation. (The default is the original RMA)

This indicator is useful for e.g. to filter out original RSI's false signals by waiting both low and high lines to confirm. Or you can use it as an earlier exit indicator.
Please write a comment if you find another usage of it.
Versionshinweise: Added RSI HL to the lines
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

Kommentare

Could you include possible buy sell signals please
Antworten
wallneradam AlwyNjOshy
@AlwyNjOshy, No, because it is not a complete trading system, just a "simple" indicator, which is much better than the original RSI though. But you can use it with a lot of different ways and with other indicators.
E.g. I use it to check the order of the lines, and it gives me much better results than simple overbought oversold. And/or you can check if 2 or more lines are above/below a certain level. But if you use other moving averages, it can show you other information. So there are a lot of possibilities...
Antworten
How to trigger this alert ? what are the alert condition for buy and sell?
Antworten
wallneradam vikithekingbros
@vikithekingbros, It is an indicator, you can use if you found it useful. You can set alerts on the top right of your screen by clicking the clock icon if it was your question...
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vikithekingbros wallneradam
@wallneradam, Thanks for your response, i knew the option to create alert in trading view but based on your indictor what will be the buy signal or sell signal ?, when i create alert with this indicator i can see option as "plot plot plot " so no idea what will be buy signal or sell signal? i am confused
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