OPEN-SOURCE SCRIPT
RSI Tunnels
An experimental RSI Tunnels indicator that plots RSI inside RSI High/Low tunnels and shows the breakouts of the tunnel.
The tunnels are made by fetching the RSI previous highest high and previous lowest low.
==Explanation==
If current RSI CROSS OVER the higher band and above zero line, we have a bullish signal.
If current RSI CROSS UNDER the lower band and below zero line, we have a bearish signal.
==Colors==
The colors define the trend strength and define if current RSI is below zero line or above zero line.
GREEN: Strong up trend.
LIGHT GREEN: Weakening up trend. (Might indicate an up reversal)
RED: Strong down trend.
Light Red: Weakening down trend. (Might indicate a down reversal)
The Trick is that trend continues until the other way signal triggers, than we change color.
==Notes==
Bars are not colored by default.
From a few tests it seems to work better on higher time frames - 1 hour and above.
Each asset can have its own rhythm, adjust 'Tunnels look back' period in settings to meet the asset rhythm.
Quote which i like: “Minimizing downside risk while maximizing the upside is a powerful concept.” – Mohnish Pabrai
Enjoy and like if you like. :)
Follow for up coming indicators: tradingview.com/u/dman103/
The tunnels are made by fetching the RSI previous highest high and previous lowest low.
==Explanation==
If current RSI CROSS OVER the higher band and above zero line, we have a bullish signal.
If current RSI CROSS UNDER the lower band and below zero line, we have a bearish signal.
==Colors==
The colors define the trend strength and define if current RSI is below zero line or above zero line.
GREEN: Strong up trend.
LIGHT GREEN: Weakening up trend. (Might indicate an up reversal)
RED: Strong down trend.
Light Red: Weakening down trend. (Might indicate a down reversal)
The Trick is that trend continues until the other way signal triggers, than we change color.
==Notes==
Bars are not colored by default.
From a few tests it seems to work better on higher time frames - 1 hour and above.
Each asset can have its own rhythm, adjust 'Tunnels look back' period in settings to meet the asset rhythm.
Quote which i like: “Minimizing downside risk while maximizing the upside is a powerful concept.” – Mohnish Pabrai
Enjoy and like if you like. :)
Follow for up coming indicators: tradingview.com/u/dman103/
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Appreciation of my work: paypal.me/dman103
All Premium indicators: algo.win
LIVE Stream - Pivot Points Algo: youtube.com/channel/UCFyqab-i0xb2jf-c18ufH0A/live
All Premium indicators: algo.win
LIVE Stream - Pivot Points Algo: youtube.com/channel/UCFyqab-i0xb2jf-c18ufH0A/live
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Appreciation of my work: paypal.me/dman103
All Premium indicators: algo.win
LIVE Stream - Pivot Points Algo: youtube.com/channel/UCFyqab-i0xb2jf-c18ufH0A/live
All Premium indicators: algo.win
LIVE Stream - Pivot Points Algo: youtube.com/channel/UCFyqab-i0xb2jf-c18ufH0A/live
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.