OPEN-SOURCE SCRIPT
Updated prime rsi
The "PRIME RSI" is a custom variation of the traditional RSI (Relative Strength Index) that offers enhanced flexibility and precision. This indicator provides an adaptable approach for tracking market conditions across different timeframes, making it an ideal tool for both short-term and long-term traders.
Key Features:
Custom Timeframe Selection: Users can select any timeframe to calculate the RSI, providing the ability to analyze data beyond the current chart's timeframe.
Smoothing Methods: Choose between Exponential Moving Average (EMA), Simple Moving Average (SMA), or the Relative Moving Average (RMA) for smoother, more accurate RSI values.
Signal Line: The signal line is smoothed using the selected method and visualized with dynamic coloring to indicate bullish (green) or bearish (red) market conditions.
Overbought/Oversold Levels: Clear levels at 70 (overbought) and 30 (oversold), with fill zones to highlight extreme market conditions, helping traders spot potential reversal points.
Midline at 50: The centerline at 50 serves as a neutral zone, allowing traders to identify shifts in market momentum quickly.
Practical Use:
Trend Confirmation: Use the PRIME RSI to confirm the prevailing market trend, with signals above 50 suggesting bullish momentum and signals below 50 indicating bearish trends.
Overbought/Oversold Conditions: The indicator’s overbought and oversold regions help pinpoint potential market reversals, giving traders valuable entry and exit signals.
Ideal For: All types of traders who want a more flexible and customizable RSI for better trend analysis, especially those working with smaller timeframes or seeking a more responsive momentum indicator.
Key Features:
Custom Timeframe Selection: Users can select any timeframe to calculate the RSI, providing the ability to analyze data beyond the current chart's timeframe.
Smoothing Methods: Choose between Exponential Moving Average (EMA), Simple Moving Average (SMA), or the Relative Moving Average (RMA) for smoother, more accurate RSI values.
Signal Line: The signal line is smoothed using the selected method and visualized with dynamic coloring to indicate bullish (green) or bearish (red) market conditions.
Overbought/Oversold Levels: Clear levels at 70 (overbought) and 30 (oversold), with fill zones to highlight extreme market conditions, helping traders spot potential reversal points.
Midline at 50: The centerline at 50 serves as a neutral zone, allowing traders to identify shifts in market momentum quickly.
Practical Use:
Trend Confirmation: Use the PRIME RSI to confirm the prevailing market trend, with signals above 50 suggesting bullish momentum and signals below 50 indicating bearish trends.
Overbought/Oversold Conditions: The indicator’s overbought and oversold regions help pinpoint potential market reversals, giving traders valuable entry and exit signals.
Ideal For: All types of traders who want a more flexible and customizable RSI for better trend analysis, especially those working with smaller timeframes or seeking a more responsive momentum indicator.
Release Notes
V1.1 - replacing timeframe and timeframe gaps with standard functionalityRelease Notes
V1.1Adding label and alert for existing extreme zone
Release Notes
V1.1small shapes
one alert
Release Notes
V2- introducing 2nd timeframe selection for another signal line
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.