Repaints Multiple Time Frame (MTF) RSI Indicator for ThinkorSwim

[horserider]

Chart time frame plus choice of 2 additional time frames RSI. Cloud between chart time frame RSI and next highest time frame RSI. User can input two higher time frames. Make sure higher time frames are higher than chart time frame.

#MTF RSI Three standard ToS RSI studies with a choice of time frame for second and third RSI. Cloud between chart and second RSI.
# RSI with agg periods by Horserider. 5/12/2019

declare lower;
#RSI
input length = 14;
input over_Bought = 80;
input over_Sold = 20;
input price = close;
input averageType = AverageType.WILDERS;



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 lline = 50;


RSI.DefineColor("Positive and Up", Color.GREEN);
RSI.DefineColor("Positive and Down", Color.DARK_GREEN);
RSI.DefineColor("Negative and Down", Color.RED);
RSI.DefineColor("Negative and Up", Color.DARK_RED);
RSI.AssignValueColor(if RSI >= 50 then if RSI > RSI[1] then RSI.Color("Positive and Up") else RSI.Color("Positive and Down") else if RSI < RSI[1] then RSI.Color("Negative and Down") else RSI.Color("Negative and Up"));

OverSold.SetDefaultColor(GetColor(7));
OverBought.SetDefaultColor(GetColor(7));

# RSI 2
input length2 = 14;
input price2 = close;
input averageType2 = AverageType.WILDERS;
input agg = AggregationPeriod.DAY;


def c = close(period = agg);

def NetChgAvg2 = MovingAverage(averageType2, c - c[1], length2);
def TotChgAvg2 = MovingAverage(averageType2, AbsValue(c - c[1]),length2);
def ChgRatio2 = if TotChgAvg2 != 0 then NetChgAvg2 / TotChgAvg2 else 0;

plot RSI2 = 50 * (ChgRatio2 + 1);


RSI2.DefineColor("Positive and Up", Color.GREEN);
RSI2.DefineColor("Positive and Down", Color.DARK_GREEN);
RSI2.DefineColor("Negative and Down", Color.RED);
RSI2.DefineColor("Negative and Up", Color.DARK_RED);
RSI2.AssignValueColor(if RSI2 >= 50 then if RSI2 > RSI2[1] then RSI2.Color("Positive and Up") else RSI2.Color("Positive and Down") else if RSI2 < RSI2[1] then RSI2.Color("Negative and Down") else RSI2.Color("Negative and Up"));
RSI2.setLineWeight(3);

# RSI 3
input length3 = 14;
input price3 = close;
input averageType3 = AverageType.WILDERS;
input agg3 = AggregationPeriod.WEEK;


def c3 = close(period = agg3);

def NetChgAvg3 = MovingAverage(averageType3, c3 - c3[1], length3);
def TotChgAvg3 = MovingAverage(averageType3, AbsValue(c3 - c3[1]),length3);
def ChgRatio3 = if TotChgAvg3 != 0 then NetChgAvg3 / TotChgAvg3 else 0;

plot RSI3 = 50 * (ChgRatio3 + 1);


RSI3.DefineColor("Positive and Up", Color.GREEN);
RSI3.DefineColor("Positive and Down", Color.DARK_GREEN);
RSI3.DefineColor("Negative and Down", Color.RED);
RSI3.DefineColor("Negative and Up", Color.DARK_RED);
RSI3.AssignValueColor(if RSI3 >= 50 then if RSI3 > RSI3[1] then RSI3.Color("Positive and Up") else RSI3.Color("Positive and Down") else if RSI3 < RSI3[1] then RSI3.Color("Negative and Down") else RSI3.Color("Negative and Up"));
RSI3.setLineWeight(5);

#addCloud(RSI, RSI2, color.green, color.red);

 

[SmellyCat]

Very helpful study you posted - Thanks for sharing!!
How have you found it most useful?

 

[horserider]

Updated to make easier to read. Commented out the cloud and made line weights thicker for each higher time agg.

 

[markos]

@horserider Somehow I missed this take on an indicator that's a staple of many traders' toolbox! Excellent, Thanks Markos

 

[roger80k]

If I just want to add the mtf time frame script into existing RSI with divergence would the below code is sufficient or there is more to it?

input agg = AggregationPeriod.DAY;


Thanks

 

[horserider]

Quick code. See if it works.

# RSI_With_Divergence
# Mobius
# V01.01.2013
# 4.15.2019
#hint:<b>RSI with Divergence</b>
# Note: Install this as a new study. Save this study using the name above (the first line of code RSI_With_Divergence).
# To use this study as a scan; DO NOT TRY TO LOAD IT DIRECTLY IN THE SCANNER, IT WILL THROW AN ERROR MESSAGE. Go to the scan tab. Delete any existing scan criteria. Click Add Study Filter. Click the window under Criteria. In that drop down menu click Custom. Delete the existing study. Click Add Condition. Click the down arrow in the Select A Condition window. Click Study. Scroll down the List till you find RSI_With_Divergence and click it. Click on the Plot window and you can choose Dhigh or Dlow in addition to the default plot RSI. If you choose either of the divergence siganls choose is True from the center column. Click on the aggregation period at the top left and set the aggregation period you want scaned. Then click Save and when the popup window shows the warning that this is a custom scan chose OK. Now put the list of stocks you wish to scan in the Scan In box and chose any list you want that to intersect with. If you wish to make this a Dynamic WatchList, save this scan with a name such as RSI_With_Div_WL then in your Gadgets box click the little gear icon, locate the name of the scan you just saved and click it. As equities match the scan criteria they will populate the list.

declare lower;

input n = 14;        #hint nRSI: Periods or length for RSI
input Over_Bought = 70; #hint Over_Bought: Over Bought line
input Over_Sold = 30;   #hint Over_Sold: Over Sold line

def o = open;
def h = high;
def l = low;

def x = BarNumber();


input agg = AggregationPeriod.DAY;
def c = close(period = agg);


def MidLine = 50;
def NetChgAvg = ExpAverage(c - c[1], n);
def TotChgAvg = ExpAverage(AbsValue(c - c[1]), n);
def ChgRatio = if TotChgAvg != 0
                  then NetChgAvg / TotChgAvg
                  else 0;
plot RSI = 50 * (ChgRatio + 1);
RSI.AssignValueColor(if RSI < Over_Sold
                     then color.yellow
                     else if RSI > Over_Bought
                     then color.yellow
                     else createColor(25, 75, 250));
plot OverSold = Over_Sold;
plot OverBought = Over_Bought;
def bar = BarNumber();
def Currh = if RSI > OverBought
                then fold i = 1 to Floor(n / 2)
                with p = 1
                while p
                do RSI > getValue(RSI, -i)
                else 0;
def CurrPivotH = if (bar > n and
                         RSI == highest(RSI, Floor(n/2)) and
                         Currh)
                     then RSI
                     else double.NaN;
def Currl = if RSI < OverSold
                then fold j = 1 to Floor(n / 2)
                with q = 1
                while q
                do RSI < getValue(RSI, -j)
                else 0;
def CurrPivotL = if (bar > n and
                         RSI == lowest(RSI, Floor(n/2)) and
                         Currl)
                     then RSI
                     else double.NaN;
def CurrPHBar = if !isNaN(CurrPivotH)
                then bar
                else CurrPHBar[1];
def CurrPLBar = if !isNaN(CurrPivotL)
                then bar
                else CurrPLBar[1];
def PHpoint = if !isNaN(CurrPivotH)
              then CurrPivotH
              else PHpoint[1];
def priorPHBar = if PHpoint != PHpoint[1]
                 then CurrPHBar[1]
                 else priorPHBar[1];
def PLpoint = if !isNaN(CurrPivotL)
              then CurrPivotL
              else PLpoint[1];
def priorPLBar = if PLpoint != PLpoint[1]
                 then CurrPLBar[1]
                 else priorPLBar[1];
def HighPivots = bar >= highestAll(priorPHBar);
def LowPivots = bar >= highestAll(priorPLBar);
def pivotHigh = if HighPivots
                then CurrPivotH
                else double.NaN;
plot PlotHline = pivotHigh;
    PlotHline.enableApproximation();
    PlotHline.SetDefaultColor(GetColor(7));
    PlotHline.SetStyle(Curve.Short_DASH);
plot pivotLow = if LowPivots
                then CurrPivotL
                else double.NaN;
    pivotLow.enableApproximation();
    pivotLow.SetDefaultColor(GetColor(7));
    pivotLow.SetStyle(Curve.Short_DASH);
plot PivotDot = if !isNaN(pivotHigh)
                then pivotHigh
                else if !isNaN(pivotLow)
                     then pivotLow
                     else double.NaN;
    pivotDot.SetDefaultColor(GetColor(7));
    pivotDot.SetPaintingStrategy(PaintingStrategy.POINTS);
    pivotDot.SetLineWeight(3);

# End Code RSI with Divergence

 

[john3]

Hello,

If you guys have MTF RSI please post it. If not, would somebody please code it?

Thank you.

 

[horserider]

https://usethinkscript.com/threads/...rsi-indicator-for-thinkorswim.616/#post-14209

 

[john3]

@horserider Thank you, but it doesn't seem to be correct. I'm on 8 minutes and selected to plot RSI on 15 minutes. I have a separate 15-min chart with RSI on it, the MTF RSI doesn't match the one on 15 minutes.

 

[horserider]

MTF red/green simple RSI overlay white

 

[john3]

@horserider I've checked it again. It does not seem to match TOS' RSI on the same time frame.

Edit: I've found an issue and fixed it. Mobius' code uses a modified RSI not the original one, that was the issue.

 

[Trading51]

Updated to make easier to read. Commented out the cloud and made line weights thicker for each higher time agg.

could you add colored candles to match the smaller aggregation, to match the cloud?

 

[horserider]

assignPriceColor(if RSI >= 50 then if RSI > RSI[1] then RSI.Color("Positive and Up") else RSI.Color("Positive and Down") else if RSI < RSI[1] then RSI.Color("Negative and Down") else RSI.Color("Negative and Up"));

 

[hectorgasm]

@horserider thank you so much for the indicator, do you have any idea on how to make it MTF for the SLOWRSI? i've seen good results with the following setup. I just don't know how to put an aggregation to the close with the "def ema = ExpAverage(close, emaLength);"

#
# TD Ameritrade IP Company, Inc. (c) 2015-2020
#

declare lower;

input emaLength = 5;
input rsiLength = 10;
input over_bought = 80;
input over_sold = 20;

def ema = ExpAverage(close, emaLength);
def netChgAvg = WildersAverage(close - ema, rsiLength);
def totChgAvg = WildersAverage(AbsValue(close - ema), rsiLength);
def chgRatio = if totChgAvg != 0 then netChgAvg / totChgAvg else 0;

plot SlowRSI = 50 * (chgRatio + 1);
plot OverBought = over_bought;
plot MiddleLine = 50;
plot OverSold = over_sold;

SlowRSI.SetDefaultColor(GetColor(8));
OverBought.SetDefaultColor(GetColor(5));
MiddleLine.SetDefaultColor(GetColor(5));
MiddleLine.SetStyle(Curve.LONG_DASH);
OverSold.SetDefaultColor(GetColor(5));

 

[horserider]

@hectorgasm def emaagg = ExpAverage(close(period = agg), emaLength);

 

[Katsu]

Thanks for the indicator mine does not show the cloud or the green and red line it only shows as a single line.

 

[BenTen]

@Katsu Make sure your current timeframe is not higher than what is being set in the indicator. Ex: If you have the RSI set to 2min chart but you're on the 5min chart, then most likely it will not display properly.

 

[BenTen]

@Katsu Make sure to understand what you are using. This is the MTF version of the RSI indicator. It just allows you to view the RSI from a higher timeframe without changing to that timeframe. Does that make sense?

 

[Katsu]

@Katsu Make sure to understand what you are using. This is the MTF version of the RSI indicator. It just allows you to view the RSI from a higher timeframe without changing to that timeframe. Does that make sense?

yes, thank you

 

[ashfordtrader]

@horserider @BenTen

I would like to see labels for RSI (length 14) for 5, 15, 30, 60, day, wk and Month. Lable color Green > 50 line and Red <50 line. I would like to add this to my price chart. Please help. Thank you.