RSI Colored Candles Upgraded For ThinkOrSwim

Mightymorphinchris

Mightymorphinchris

Active member
I wanted to create an upgraded version of the Colored Candles RSI study (Original).

Recent Updates:
10/12/2021 - Corrected else if statement for painting bars with "Single" timeSpan input selected so that it doesn't matter if the rsiPaintType is set to Simple or Weighted.

Overview:
The study has multiple modes as such:

time span: Single/Multi - Single time frame (the one your chart is set to) or Multiple time frames (5 additional time frames that are greater than the one your chart is set to).

rsi paint type: Simple/Weighted - Only matters if time span is set to Multi and if so, it will either weight all time frames the same or the greater time frames will have an exponential weight

time mode: Normal/Shorter - Some of the shorter time frames (like 1m) have shorter options for the greater time frames (ex. Shorter: 1m/2m/4m/5m/10m/15m or Normal: 1m/2m/4m/5m/15m/20m)

Code:
Ruby: 
################################################################
##########                 Input                       #########
################################################################
input paintBars = {OFF, default ON};
input timeSpan = {Single, default Multi};
input rsiPaintType = {Simple, default Weighted};
input timeMode = { "Shorter", default "Normal"};

# RSI
input rsiLength = 16;
input rsiAverageType = AverageType.WILDERS;

################################################################
##########                 TIME                        #########
################################################################
def timeFrame = GetAggregationPeriod();
def lowestAggregation;
def middleAggregation;
def highestAggregation;
def extraHighAggregation;
def xxlAggregation;
def xxxlAggregation;
if timeFrame == AggregationPeriod.MIN and timeMode == timeMode.Shorter {
    lowestAggregation = AggregationPeriod.MIN;
    middleAggregation = AggregationPeriod.TWO_MIN;
    highestAggregation = AggregationPeriod.FOUR_MIN;
    extraHighAggregation = AggregationPeriod.FIVE_MIN;
    xxlAggregation = AggregationPeriod.TEN_MIN;
    xxxlAggregation = AggregationPeriod.FIFTEEN_MIN;
} else if timeFrame == AggregationPeriod.MIN {
    lowestAggregation = AggregationPeriod.MIN;
    middleAggregation = AggregationPeriod.TWO_MIN;
    highestAggregation = AggregationPeriod.FOUR_MIN;
    extraHighAggregation = AggregationPeriod.FIVE_MIN;
    xxlAggregation = AggregationPeriod.FIFTEEN_MIN;
    xxxlAggregation = AggregationPeriod.TWENTY_MIN;
} else if timeFrame == AggregationPeriod.TWO_MIN and timeMode == timeMode.Shorter {
    lowestAggregation = AggregationPeriod.TWO_MIN;
    middleAggregation = AggregationPeriod.FOUR_MIN;
    highestAggregation = AggregationPeriod.FIVE_MIN;
    extraHighAggregation = AggregationPeriod.TEN_MIN;
    xxlAggregation = AggregationPeriod.FIFTEEN_MIN;
    xxxlAggregation = AggregationPeriod.THIRTY_MIN;
} else if timeFrame == AggregationPeriod.TWO_MIN and timeMode == timeMode.Shorter {
    lowestAggregation = AggregationPeriod.TWO_MIN;
    middleAggregation = AggregationPeriod.FOUR_MIN;
    highestAggregation = AggregationPeriod.FIVE_MIN;
    extraHighAggregation = AggregationPeriod.TEN_MIN;
    xxlAggregation = AggregationPeriod.FIFTEEN_MIN;
    xxxlAggregation = AggregationPeriod.THIRTY_MIN;
} else if timeFrame == AggregationPeriod.TWO_MIN {
    lowestAggregation = AggregationPeriod.TWO_MIN;
    middleAggregation = AggregationPeriod.FIVE_MIN;
    highestAggregation = AggregationPeriod.TEN_MIN;
    extraHighAggregation = AggregationPeriod.FIFTEEN_MIN;
    xxlAggregation = AggregationPeriod.THIRTY_MIN;
    xxxlAggregation = AggregationPeriod.HOUR;
} else if timeFrame == AggregationPeriod.THREE_MIN and timeMode == timeMode.Shorter {
    lowestAggregation = AggregationPeriod.THREE_MIN;
    middleAggregation = AggregationPeriod.FOUR_MIN;
    highestAggregation = AggregationPeriod.FIVE_MIN;
    extraHighAggregation = AggregationPeriod.TEN_MIN;
    xxlAggregation = AggregationPeriod.FIFTEEN_MIN;
    xxxlAggregation = AggregationPeriod.THIRTY_MIN;
} else if timeFrame == AggregationPeriod.THREE_MIN {
    lowestAggregation = AggregationPeriod.THREE_MIN;
    middleAggregation = AggregationPeriod.FIVE_MIN;
    highestAggregation = AggregationPeriod.TEN_MIN;
    extraHighAggregation = AggregationPeriod.FIFTEEN_MIN;
    xxlAggregation = AggregationPeriod.THIRTY_MIN;
    xxxlAggregation = AggregationPeriod.HOUR;
} else if timeFrame == AggregationPeriod.FOUR_MIN and timeMode == timeMode.Shorter {
    lowestAggregation = AggregationPeriod.FOUR_MIN;
    middleAggregation = AggregationPeriod.FIVE_MIN;
    highestAggregation = AggregationPeriod.TEN_MIN;
    extraHighAggregation = AggregationPeriod.FIFTEEN_MIN;
    xxlAggregation = AggregationPeriod.TWENTY_MIN;
    xxxlAggregation = AggregationPeriod.THIRTY_MIN;
} else if timeFrame == AggregationPeriod.FOUR_MIN {
    lowestAggregation = AggregationPeriod.FOUR_MIN;
    middleAggregation = AggregationPeriod.FIVE_MIN;
    highestAggregation = AggregationPeriod.TEN_MIN;
    extraHighAggregation = AggregationPeriod.FIFTEEN_MIN;
    xxlAggregation = AggregationPeriod.THIRTY_MIN;
    xxxlAggregation = AggregationPeriod.HOUR;
} else if timeFrame == AggregationPeriod.FIVE_MIN {
    lowestAggregation = AggregationPeriod.FIVE_MIN;
    middleAggregation = AggregationPeriod.TEN_MIN;
    highestAggregation = AggregationPeriod.FIFTEEN_MIN;
    extraHighAggregation = AggregationPeriod.THIRTY_MIN;
    xxlAggregation = AggregationPeriod.HOUR;
    xxxlAggregation = AggregationPeriod.TWO_HOURS;
} else if timeFrame == AggregationPeriod.TEN_MIN {
    lowestAggregation = AggregationPeriod.TEN_MIN;
    middleAggregation = AggregationPeriod.FIFTEEN_MIN;
    highestAggregation = AggregationPeriod.THIRTY_MIN;
    extraHighAggregation = AggregationPeriod.HOUR;
    xxlAggregation = AggregationPeriod.TWO_HOURS;
    xxxlAggregation = AggregationPeriod.FOUR_HOURS;
} else if timeFrame == AggregationPeriod.FIFTEEN_MIN {
    lowestAggregation = AggregationPeriod.FIFTEEN_MIN;
    middleAggregation = AggregationPeriod.THIRTY_MIN;
    highestAggregation = AggregationPeriod.HOUR;
    extraHighAggregation = AggregationPeriod.TWO_HOURS;
    xxlAggregation = AggregationPeriod.FOUR_HOURS;
    xxxlAggregation = AggregationPeriod.DAY;
} else if timeFrame == AggregationPeriod.THIRTY_MIN {
    lowestAggregation = AggregationPeriod.THIRTY_MIN;
    middleAggregation = AggregationPeriod.HOUR;
    highestAggregation = AggregationPeriod.TWO_HOURS;
    extraHighAggregation = AggregationPeriod.FOUR_HOURS;
    xxlAggregation = AggregationPeriod.DAY;
    xxxlAggregation = AggregationPeriod.TWO_DAYS;
} else if timeFrame == AggregationPeriod.HOUR {
    lowestAggregation = AggregationPeriod.HOUR;
    middleAggregation = AggregationPeriod.TWO_HOURS;
    highestAggregation = AggregationPeriod.FOUR_HOURS;
    extraHighAggregation = AggregationPeriod.DAY;
    xxlAggregation = AggregationPeriod.TWO_DAYS;
    xxxlAggregation = AggregationPeriod.FOUR_DAYS;
} else if timeFrame == AggregationPeriod.TWO_HOURS {
    lowestAggregation = AggregationPeriod.TWO_HOURS;
    middleAggregation = AggregationPeriod.FOUR_HOURS;
    highestAggregation = AggregationPeriod.DAY;
    extraHighAggregation = AggregationPeriod.TWO_DAYS;
    xxlAggregation = AggregationPeriod.FOUR_DAYS;
    xxxlAggregation = AggregationPeriod.WEEK;
} else if timeFrame == AggregationPeriod.FOUR_HOURS {
    lowestAggregation = AggregationPeriod.FOUR_HOURS;
    middleAggregation = AggregationPeriod.DAY;
    highestAggregation = AggregationPeriod.TWO_DAYS;
    extraHighAggregation = AggregationPeriod.FOUR_DAYS;
    xxlAggregation = AggregationPeriod.WEEK;
    xxxlAggregation = AggregationPeriod.MONTH;
} else if timeFrame == AggregationPeriod.DAY {
    lowestAggregation = AggregationPeriod.DAY;
    middleAggregation = AggregationPeriod.TWO_DAYS;
    highestAggregation = AggregationPeriod.FOUR_DAYS;
    extraHighAggregation = AggregationPeriod.WEEK;
    xxlAggregation = AggregationPeriod.MONTH;
    xxxlAggregation = AggregationPeriod.QUARTER;
} else {
    lowestAggregation = AggregationPeriod.TWO_DAYS;
    middleAggregation = AggregationPeriod.FOUR_DAYS;
    highestAggregation = AggregationPeriod.WEEK;
    extraHighAggregation = AggregationPeriod.MONTH;
    xxlAggregation = AggregationPeriod.QUARTER;
    xxxlAggregation = AggregationPeriod.YEAR;
}

################################################################
##########                 Calc                        #########
################################################################
# Low
def rsiClose = close;
def NetChgAvg = MovingAverage(rsiAverageType, rsiClose - rsiClose[1], rsiLength);
def TotChgAvg = MovingAverage(rsiAverageType, AbsValue(rsiClose - rsiClose[1]), rsiLength);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;
def RSI = 50 * (ChgRatio + 1);

# Middle
def rsiClose_m = close(period = middleAggregation);
def NetChgAvg_m = MovingAverage(rsiAverageType, rsiClose_m - rsiClose_m[1], rsiLength);
def TotChgAvg_m = MovingAverage(rsiAverageType, AbsValue(rsiClose_m - rsiClose_m[1]), rsiLength);
def ChgRatio_m = if TotChgAvg_m != 0 then NetChgAvg_m / TotChgAvg_m else 0;
def RSI_m = 50 * (ChgRatio_m + 1);

# High
def rsiClose_h = close(period = highestAggregation);
def NetChgAvg_h = MovingAverage(rsiAverageType, rsiClose_h - rsiClose_h[1], rsiLength);
def TotChgAvg_h = MovingAverage(rsiAverageType, AbsValue(rsiClose_h - rsiClose_h[1]), rsiLength);
def ChgRatio_h = if TotChgAvg_h != 0 then NetChgAvg_h / TotChgAvg_h else 0;
def RSI_h = 50 * (ChgRatio_h + 1);

#  Extra High
def rsiClose_xh = close(period = extraHighAggregation);
def NetChgAvg_xh = MovingAverage(rsiAverageType, rsiClose_xh - rsiClose_xh[1], rsiLength);
def TotChgAvg_xh = MovingAverage(rsiAverageType, AbsValue(rsiClose_xh - rsiClose_xh[1]), rsiLength);
def ChgRatio_xh = if TotChgAvg_xh != 0 then NetChgAvg_xh / TotChgAvg_xh else 0;
def RSI_xh = 50 * (ChgRatio_xh + 1);

#  XXL
def rsiClose_xxl = close(period = xxlAggregation);
def NetChgAvg_xxl = MovingAverage(rsiAverageType, rsiClose_xxl - rsiClose_xxl[1], rsiLength);
def TotChgAvg_xxl = MovingAverage(rsiAverageType, AbsValue(rsiClose_xxl - rsiClose_xxl[1]), rsiLength);
def ChgRatio_xxl = if TotChgAvg_xxl != 0 then NetChgAvg_xxl / TotChgAvg_xxl else 0;
def RSI_xxl = 50 * (ChgRatio_xxl + 1);

#  XXXL
def rsiClose_xxxl = close(period = xxxlAggregation);
def NetChgAvg_xxxl = MovingAverage(rsiAverageType, rsiClose_xxxl - rsiClose_xxxl[1], rsiLength);
def TotChgAvg_xxxl = MovingAverage(rsiAverageType, AbsValue(rsiClose_xxxl - rsiClose_xxxl[1]), rsiLength);
def ChgRatio_xxxl = if TotChgAvg_xxxl != 0 then NetChgAvg_xxxl / TotChgAvg_xxxl else 0;
def RSI_xxxl = 50 * (ChgRatio_xxxl + 1);

# Sum Total
def RSITotal;
if RSIPaintType == RSIPaintType.Weighted {
    RSITotal = RSI + (RSI_m * 2) + (RSI_h * 4) + (RSI_xh * 8) + (RSI_xxl * 16) + (RSI_xxxl * 32);
} else {
    RSITotal = RSI + RSI_m + RSI_h + RSI_xh + RSI_xxl + RSI_xxxl;
}

AssignPriceColor(if !paintBars then Color.CURRENT
else if RSIPaintType == RSIPaintType.Weighted and timeSpan == timeSpan.Multi then
    if RSITotal < 1750 then
        CreateColor(0, 0, 255)
    else if RSITotal > 1750 and RSITotal < 2500 then
        CreateColor(0, 255, 255)
    else if RSITotal > 2500 and RSITotal < 3250 then
        CreateColor(0, 255, 0)
    else if RSITotal > 3250 and RSITotal < 4000 then
        CreateColor(255, 255, 0)
    else if RSITotal > 4000 and RSITotal < 4750 then
        CreateColor(255, 128, 0)
    else
        CreateColor(255, 0, 0)
else if RSIPaintType == RSIPaintType.Simple and timeSpan == timeSpan.Multi then
    if RSITotal < 175 then
        CreateColor(0, 0, 255)
    else if RSITotal > 175 and RSITotal < 250 then
        CreateColor(0, 255, 255)
    else if RSITotal > 250 and RSITotal < 325 then
        CreateColor(0, 255, 0)
    else if RSITotal > 325 and RSITotal < 400 then
        CreateColor(255, 255, 0)
    else if RSITotal > 400 and RSITotal < 475 then
        CreateColor(255, 153, 51)
    else
        CreateColor(255, 0, 0)
else if (RSIPaintType == RSIPaintType.Simple or  RSIPaintType == RSIPaintType.Weighted) and timeSpan == timeSpan.Single then
    if RSI < 25 then
        CreateColor(0, 0, 255)
    else if RSI > 25 and RSI < 35 then
        CreateColor(0, 255, 255)
    else if RSI > 35 and RSI < 50 then
        CreateColor(0, 255, 0)
    else if RSI > 50 and RSI < 65 then
        CreateColor(255, 255, 0)
    else if RSI > 65 and RSI < 75 then
        CreateColor(255, 153, 51)
    else
        CreateColor(255, 0, 0)
else Color.GRAY);

Share Link:
http://tos.mx/z17RBQ8

Screenshot:
Pe7SPBo.png
 
Last edited:

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@Mightymorphinchris
You did a great work here. I was wondering if the issues ever solved and the code is good to use? Because when I pit it on 2M chart coloring are opposite of direction! It’s red for going up and green for going down.
I love the coloring and I am hoping to have it on the chart for /ES (S&P 500 E-Mini Futures)
Thank you in advance
 
Mightymorphinchris said:
It should be updated now @SuryaKiranC @mikson

I also modified the color ranges after making the time correction. Thanks again!
Click to expand...
Thank you for your response. Can you please check my set up and chart in the picture? Is this the way it should be on 2M chart?
https://imgur.com/a/Ff0vOG7


I added pictures for Hull and Wilders set up. I have a filling the colors for Hull should be opposite.
I am sorry to bother you. This is a great tool and I would love tp use it.
https://imgur.com/a/Ff0vOG7
 
Last edited by a moderator:
mikson said:
Thank you for your response. Can you please check my set up and chart in the picture? Is this the way it should be on 2M chart?

I added pictures for Hull and Wilders set up. I have a filling the colors for Hull should be opposite.
I am sorry to bother you. This is a great tool and I would love tp use it.
Click to expand...
RSI works on all timeframes. The colors in this script are correct.

No one can tell you how it will work with your strategy.
Recommend you put it on your chart. Nothing beats personal experience ;) The only way you will know what works best for you is to play with the settings and see how the indicator line up w/ your strategy and with your other indicators. To determine if this indicator brings value, analyze it over different timeframes, across history and with multiple instruments.
 
MerryDay said:
RSI works on all timeframes. The colors in this script are correct.

No one can tell you how it will work with your strategy.
Recommend you put it on your chart. Nothing beats personal experience ;) The only way you will know what works best for you is to play with the settings and see how the indicator line up w/ your strategy and with your other indicators. To determine if this indicator brings value, analyze it over different timeframes, across history and with multiple instruments.
Click to expand...
I appreciate your comment and understand your point. But my questions is more about the coding and color sequence, it's not about strategy.
 
mikson said:
I appreciate your comment and understand your point. But my questions is more about the coding and color sequence, it's not about strategy.
Click to expand...
In regards to your question about the timeframe and the candle color, it's irrelevant what timeframe you're on. Remember though this is taking mtiple time frames and aggregating the RSI data. The timeframes used are dependent on the normal/shorter setting for each individual time frame and the rsi can simply be an avg of the various time frames or weighted.

In the end though, I personally like this Multi TimeFrame RSI Strategy & Indicator For ThinkOrSwim version of the code better but, as @MerryDay stated, you should test these with your personal strategy and do what works for you. If you find something that works really well, please come back amd share it with us and the community.
 
Mightymorphinchris said:
In regards to your question about the timeframe and the candle color, it's irrelevant what timeframe you're on. Remember though this is taking mtiple time frames and aggregating the RSI data. The timeframes used are dependent on the normal/shorter setting for each individual time frame and the rsi can simply be an avg of the various time frames or weighted.

In the end though, I personally like this Multi TimeFrame RSI Strategy & Indicator For ThinkOrSwim version of the code better but, as @MerryDay stated, you should test these with your personal strategy and do what works for you. If you find something that works really well, please come back amd share it with us and the community.
Click to expand...
Thank you so much for your response and thank you very much for sharing that version. I really like it. Great work
 
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