Moving Average Crossover RSI Indicator for ThinkorSwim

[BenTen]

This script plot the 5 SMA (Simple Moving Average) of the RSI (Relative Strength Index) inside the default RSI indicator. Inspired by the Thandicator by Thanson Stevens on TradingView.

thinkScript Code

#
# TD Ameritrade IP Company, Inc. (c) 2007-2019
# Tweaked by @korygill
# https://usethinkscript.com/d/185-moving-average-crossover-rsi-indicator-for-thinkorswim

declare lower;

input length = 14;
input over_Bought = 70;
input over_Sold = 30;
input price = close;
input averageType = AverageType.WILDERS;
input showBreakoutSignals = no;
input rsiMALength = 5; #hint rsiMALength: RSI Moving Average Length
input rsiAverageType = AverageType.SIMPLE;

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;

plot RSI = 50 * (ChgRatio + 1);
plot OverSold = over_Sold;
plot OverBought = over_Bought;
plot UpSignal = if RSI crosses above OverSold then OverSold else Double.NaN;
plot DownSignal = if RSI crosses below OverBought then OverBought else Double.NaN;

# plot the RSI Moving Average
def rsiMA = MovingAverage(rsiAverageType, RSI, rsiMALength);
plot prsiMA = rsiMA;

UpSignal.SetHiding(!showBreakoutSignals);
DownSignal.SetHiding(!showBreakoutSignals);

RSI.DefineColor("OverBought", GetColor(5));
RSI.DefineColor("Normal", GetColor(7));
RSI.DefineColor("OverSold", GetColor(1));
RSI.AssignValueColor(if RSI > over_Bought then RSI.color("OverBought") else if RSI < over_Sold then RSI.color("OverSold") else RSI.color("Normal"));
OverSold.SetDefaultColor(GetColor(8));
OverBought.SetDefaultColor(GetColor(8));
UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignal.SetDefaultColor(Color.DOWNTICK);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);

Shareable Link

https://tos.mx/ldVZ7s

Credit:

• @korygill

 

[AGD]

Does this study has scaling issue?

 

[icmoflow]

Are you still planning on releasing the AMM indicator that was available to VIP members prior? Thanks Ben

 

[BenTen]

@icmoflow Yes, it will be released as a standalone product.

 

[Trading51]

Could someone add a second RSI moving average option to this, please? thank you

#
# TD Ameritrade IP Company, Inc. (c) 2007-2019
# Tweaked by [USER=212]@korygill[/USER]
# https://usethinkscript.com/d/185-moving-average-crossover-rsi-indicator-for-thinkorswim

declare lower;

input length = 14;
input over_Bought = 70;
input over_Sold = 30;
input price = close;
input averageType = AverageType.WILDERS;
input showBreakoutSignals = no;
input rsiMALength = 5; #hint rsiMALength: RSI Moving Average Length
input rsiAverageType = AverageType.SIMPLE;

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;

plot RSI = 50 * (ChgRatio + 1);
plot OverSold = over_Sold;
plot OverBought = over_Bought;
plot UpSignal = if RSI crosses above OverSold then OverSold else Double.NaN;
plot DownSignal = if RSI crosses below OverBought then OverBought else Double.NaN;

# plot the RSI Moving Average
def rsiMA = MovingAverage(rsiAverageType, RSI, rsiMALength);
plot prsiMA = rsiMA;

UpSignal.SetHiding(!showBreakoutSignals);
DownSignal.SetHiding(!showBreakoutSignals);

RSI.DefineColor("OverBought", GetColor(5));
RSI.DefineColor("Normal", GetColor(7));
RSI.DefineColor("OverSold", GetColor(1));
RSI.AssignValueColor(if RSI > over_Bought then RSI.color("OverBought") else if RSI < over_Sold then RSI.color("OverSold") else RSI.color("Normal"));
OverSold.SetDefaultColor(GetColor(8));
OverBought.SetDefaultColor(GetColor(8));
UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignal.SetDefaultColor(Color.DOWNTICK);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);

 

[horserider]

Look at Ultimate RSI might fit what you want.

 

[Trading51]

Look at Ultimate RSI might fit what you want.

perfect

 

[manishji]

Is it possible to get scanner for RSI crossing 5 EMA?

 

[markos]

Hi, please use the search function, there are many examples of how to do this. Thanks.

 

[tomsk]

@markos Actually that was a rather odd request if you think about it. RSI is a bounded oscillator with values between -100 and +100. There is really no way to calculate when that would ever cross a moving average. AMZN currently has an RSI of 56 and a EMA(5) of 1789. They won't cross anytime soon

 

[Tostechnical]

@tomsk yes it will. The EMA that is used in this indicator is using RSI as the input instead of close. Your example has close as an input not RSI. If you set EMA's input as RSI it will cross RSI

 

[tomsk]

I was responding to a generic query from @manishji that had no prior reference to any study. Anything's possible I suppose

 

[Tostechnical]

ahhh I was assuming @manishji was referring to the indicator at the top of the thread.

 

[markos]

Yup @tomsk anything is possible. Until I got to this site, I had never considered slowing down that classic indicator JC at simplerstuff must have sold it recently

 

[Jim C]

@korygill What I am trying to do is scan for a number of periods where the prsiMA is above or below the RSI. So in example RsiMA> RSI for 20 days.

Can someone point me in the right direction please?

Thanks in advance!

Jim

 

[CLICKANDGRAB808]

Hello there been trying to get a scanner that can scan the crossover of 14 RSI with 50 SMA i can get results on any time frame if anyone can help would be greatly appreciated

 

[robbydoggy]

I was wondering if anyone had a lower SMA indicator that won't distort when matched with RSI? When looking back at the stock it always shows the perfect sell time for me but the stock moving it becomes distorted . if not what are some good leading indicators to use for the perfect time to sell?

 

[BenTen]

@robbydoggy You can not combine the SMA of the stock price with the RSI indicator. It will not work. An alternative to that would be taking the SMA of the RSI.

 

[Njo]

I tried to combine to create an indicator for when the EMA 9 crosses EMA 20 and the RSI 7 crosses above 60 as a buy signal and the sell is EMA 9 crosses below EMA 20 and RSI crosses below 40. I'm not sure where I am going wrong but it is not plotting anything. Any suggestions?

input price_ema = close;
input length_emafast = 9;
input length_emaslow = 20;
input displace = 0;

def emacondition1 =expAverage(price_ema[-displace], length_emafast) crosses above expaverage(price_ema[-displace], length_emaslow) ;
def emacondition2 =expAverage(price_ema[-displace], length_emafast) crosses below expaverage(price_ema[-displace], length_emaslow) ;

input length = 7;
input over_sold = 40;
input over_bought = 60;
input averagetype = averageType.WILDERS;

def price = close + low + high;
def rsicondition1 = averagetype > over_bought;
def rsicondtion2 = averagetype < over_sold;

plot pUp = rsicondition1 and emacondition1 ;
pUp.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
pUp.SetLineWeight(1);
pUp.AssignValueColor(COLOR.CYAN);

plot pDown = rsicondtion2 and emacondition2;
pDown.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
pDown.SetLineWeight(1);
pDown.AssignValueColor(COLOR.CYAN);

 

[rad14733]

@Njo To be honest, I've never had any luck with backtesting any Moving Average Crossover systems... In fact, just last night I tried recreating a Forex trade system using crossovers, RSI, and Stochastic but it failed miserably... The inherent lag of the moving averages makes profitability difficult... I'll check your code... Mine is shorter because I was just confirming my roof of concept notion that it would perform just as bad as all of my previous attempts... I keep thinking that one will work but none have been profitable... I've even implemented stoploss and limits with little benefit...

Edited to add: Your code does paint down arrows... I used the TOS TEMA Study to plot the 2 EMA's and a 200 SMA... I keep getting interrupted so I may not get much further until later...