RSI TREND Filter on Chart RSI scaled to fit on chart instead of oscillator, Trend Analysis is easy and Hidden Divergence is revealed using this indicator. This indicator is an aim to reduce confusing RSI Situations. The Oversold and Overbought lines help to determine the price conditions so its easy to avoid Traps.
Oversold and Overbought conditions are marked on Chart to make it useful to confirm a Buy or Sell Signals. RSI 50 level is plotted with reference to EMA50 and Oversold and Overbought Conditions are calculated accordingly.
Uptrend: RSI Cloud / Candles above RSI 50 Level
Down Trend: RSI Cloud / Candles below RSI 50 Level
Sideways : Candles in the Gray Area above and below RSI 50 Level
Default RSI (14) : is the Candlestick pattern itself
Disclaimer: Use Solely at your own Risk.
Versionshinweise
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Added RSI MA to cross check with regular RSI. This EMA is plotted with length 20 with is equal to EMA 20
Dear Hari, V Good indicator. Now need not to move below over the PC screen for additional RSI. I have few doubts. 1. RSI50 setting - it seems it has slightly +ve offset as compared to EMA(50), when having input of 50. Changing it also changes RSI OB/OS bands position. What is its best value suggested. Default is 100. 2. Again RSIMA is having +ve offset as compared to EMA(20), when having input of 20. Apart from divergence it helps more in deciding the trades in daily time frame. Am I right? 3. I am also using your SSL advanced. Is it not possible to merge it with SSLAdvanced? may be computation limitation of trading view be problem.
traderharikrishna
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@mjaincat, thanks forr your concern. You are absolutely correct. We cannot have a 0/50/100 rsi levels on price chart. So my thought was to take a ema that can decide the trend and then use it as a mid level of RSI. I have used ema 50 and scaled it to match RSI 50 level and there after plotted oversold and overbought values. The price itself acts as RSI14. You can observe it by changing candlestick to line. The ema50 is different because it is rescaled to match rsi50 level.
mjaincat
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@traderharikrishna, Thanks, for your prompt reply. You always take care of your fans.
traderharikrishna
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Use mid line crossover and crossunder as buy sell entry signals. But entry after grey band in the middle saves from pullback or reversal at 50level. Green lowerband is Rsi 0to10 and mid line is Rsi 50 and red band above is Rsi 90to100 levels. This is similar to traditional RSI. But you can judge easily when plotted on price. Usually price reverses or continues in oversold and overbrought bands.
junkie190690
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Thank you for sharing!
splinterhead2009
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Thank you for your hard work! I understand and also am able to find hidden and classic divergences on the traditional lower RSI indicator. I was hoping you would be able to tell me how hidden divergences are revealed through this indicator. Thanks!
traderharikrishna
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@splinterhead2009, the middle line represents the trend. Price above middle line is uptrend and below is downtrend. Crossover of price and moving average are to be taken into account. Only upward crossing in uptrend and downward crossover in downtrend. Hence you can find divergence. Moving Average above the trend line and below the trendline are to be given weightage
1. RSI50 setting - it seems it has slightly +ve offset as compared to EMA(50), when having input of 50. Changing it also changes RSI OB/OS bands position. What is its best value suggested. Default is 100.
2. Again RSIMA is having +ve offset as compared to EMA(20), when having input of 20. Apart from divergence it helps more in deciding the trades in daily time frame. Am I right?
3. I am also using your SSL advanced. Is it not possible to merge it with SSLAdvanced? may be computation limitation of trading view be problem.