OPEN-SOURCE SCRIPT
Updated Adaptive RSI | Lyro RS
The Adaptive RSI | ๐๐๐ป๐ธ ๐ก๐ข indicator enhances the traditional Relative Strength Index (RSI) by integrating adaptive smoothing techniques and dynamic bands. This design aims to provide traders with a nuanced view of market momentum, highlighting potential trend shifts and overbought or oversold conditions.
Key Features
Customizable Color Schemes: Offers multiple predefined color palettes, including "Classic," "Mystic," "Accented," and "Royal," with an option for users to define custom colors for bullish and bearish signals.
How It Works
How to Use
Customization Options
โ ๏ธ DISCLAIMER โ ๏ธ: This indicator alone is not reliable and should be combined with other indicator(s) for a stronger signal.
Key Features
- Adaptive RSI Calculation: Combines fast and slow Exponential Moving Averages (EMAs) of the RSI to capture momentum shifts effectively.
- Dynamic Bands: Utilizes a smoothed standard deviation approach to create upper and lower bands around the adaptive RSI, aiding in identifying extreme market conditions.
- Signal Line: An additional EMA of the adaptive RSI serves as a signal line, assisting in confirming trend directions.
Customizable Color Schemes: Offers multiple predefined color palettes, including "Classic," "Mystic," "Accented," and "Royal," with an option for users to define custom colors for bullish and bearish signals.
How It Works
- Adaptive RSI Computation: Calculates the difference between fast and slow EMAs of the RSI, producing a responsive oscillator that adapts to market momentum.
- Band Formation: Applies a smoothing factor to the standard deviation of the adaptive RSI, generating dynamic upper and lower bands that adjust to market volatility.
- Signal Line Generation: Computes an EMA of the adaptive RSI to act as a signal line, providing additional confirmation for potential entries or exits.
- Visualization: Plots the adaptive RSI as color-coded columns, with colors indicating bullish or bearish momentum. The dynamic bands are filled to visually represent overbought and oversold zones.
How to Use
- Identify Momentum Shifts: Observe crossovers between the adaptive RSI and the signal line to detect potential changes in trend direction.
- Spot Overbought/Oversold Conditions: Monitor when the adaptive RSI approaches or breaches the dynamic bands, signaling possible market extremes.
- Customize Visuals: Select from predefined color palettes or define custom colors to align the indicator's appearance with personal preferences or chart themes.
Customization Options
- RSI and EMA Lengths: Adjust the lengths of the RSI, fast EMA, slow EMA, and signal EMA to fine-tune the indicator's sensitivity.
- Band Settings: Modify the band length, multiplier, and smoothing factor to control the responsiveness and width of the dynamic bands.
- Color Schemes: Choose from predefined color modes or enable custom color settings to personalize the indicator's appearance.
โ ๏ธ DISCLAIMER โ ๏ธ: This indicator alone is not reliable and should be combined with other indicator(s) for a stronger signal.
Release Notes
Calculation Update, input updates & more!Release Notes
Bug Fixes.Release Notes
String Option added: Rotate between old and new calculation methods, and old and new stdev bands calculations!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.
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.
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.