RSI con/div a new indicator to confirm buy and sell signals

[Monster Calls]

Hi Peeps, my name is Monster Calls on Twitter and i'm back to trading.
In the past i created an indicator that basically was giving me buy and sell signals with the RSI and i called it RSI Convergence/Divergence. Is basically two RSI, one is an avg between the daily and the weekly(fast line) and the other is the weekly RSI. Both where plotted on the same area and when the fast RSI line was crossing above the Slow RSI line, i was getting a buy signal, viceversa was a sell.

I would like to have an help from you if is possible, to recreate the indicator and i'm happy to share it with all of you.

Could you be so gentle to help me?

Thanks

 

[NathanJames]

Monster Calls,

I believe @BenTen Ben coded a RSI Divergence a months ago and i'm not sure if this is the one you are looking for. check this link https://usethinkscript.com/threads/rsi-divergence-indicator-with-scanner-for-thinkorswim.136/

 

[Monster Calls]

Nathan,

Not really the one i'm looking for.

I don't know how to post a photo here while should be linked to an URL, but what i mean is an RSI with two lines, one is the normal RSI and the other one is the average RSI with daily+weekly

Basically will be similar to an MACD but with the RSI line that cross against eachothers

 

[horserider]

@Monster Calls Take a look at Ultimate RSI multi time frame. Should be on here somewhere I think.
Your description is a bit confusing. Make it clearer and maybe a study can be coded.

 

[TrueDepth]

What RSI setting for all three RSIs? The default 14?

 

[TrueDepth]

Also you said " one is an avg between the daily and the weekly(fast line) ". However, the MACD line is the difference of two moving averages. So which is it, an average or a difference?

 

[Billionaire Chimp]

Hi Peeps, my name is Monster Calls on Twitter and i'm back to trading.
In the past i created an indicator that basically was giving me buy and sell signals with the RSI and i called it RSI Convergence/Divergence. Is basically two RSI, one is an avg between the daily and the weekly(fast line) and the other is the weekly RSI. Both where plotted on the same area and when the fast RSI line was crossing above the Slow RSI line, i was getting a buy signal, viceversa was a sell.

I would like to have an help from you if is possible, to recreate the indicator and i'm happy to share it with all of you.

Could you be so gentle to help me?

Thanks

Permission to post your code from discord?

 

[horserider]

Maybe??

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.AssignValueColor(if RSI >= 50 then Color.GREEN else Color.RED);
#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 Week

input averageType3 = AverageType.WILDERS;
input agg3 = AggregationPeriod.WEEK;

def c3 = close(period = agg3);

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

def RSIW = 50 * (ChgRatio3 + 1);

def DWAVGRSI = (RSI + RSIW) /2 ;
plot DWAVGRSIP = DWAVGRSI ;
DWAVGRSIP.AssignValueColor( Color.CYAN);

addCloud(RSI, DWAVGRSI, color.RED, color.GREEN);

 

[mansor]

Permission to post your code from discord?

Any advise on how to obtain his rsi script/indicator?

 

[Billionaire Chimp]

Any advise on how to obtain his rsi script/indicator?

King Street discord. Won't post because I dm'd that Monster Calls and he says it's not him, despite being interested in the same subject matter.

 

[mansor]

I was able to get this from discord but it's not for tos, its for tv.

//@version=4
study("MonsterCalls RSI")
len = input(14, title = 'Length')
src = input(close, 'Source', type = input.source)
ob = input(70, 'Overbought')
os = input(30, 'Oversold')
timeframe = input('D', title = 'Timeframe', options = ['1', '3', '5', '10', '15', '30', '60', '120', '240', 'D', 'W', 'M'])

rsi = rsi(src, len)
rsi_htf = security(syminfo.tickerid, timeframe, rsi(src,len))
rsi_casabene = (rsi + rsi_htf) / 2

h1 = hline(ob, 'OB', color.gray)
h2 = hline(os, 'OS', color.gray)

plot(rsi, 'RSI', color.green)
plot(rsi_casabene, 'RSI Casabene', color.red)
fill(h1, h2, color.purple)

 

[horserider]

Did any of you wanting this study bother to try the one in post # 8. I am not a TV converter but did that study from the description in post #1. Take a look. If not correct maybe someone will convert the one just mentioned.

 

[mansor]

Did any of you wanting this study bother to try the one in post # 8. I am not a TV converter but did that study from the description in post #1. Take a look. If not correct maybe someone will convert the one just mentioned.

Trying it out today, thanks Champ!

 

[mansor]

@horserider

I am using this indicator script as a scan:
HorseRiderrsi()."RSI" crosses above HorseRiderrsi()."DWAVGRSIP" -

But I can't seem to click "okay" afterwords. What parameter needs to be switched it out? Please advise when you get a chance

I was trying to get weekly rsi crosses above monthly dwavgrsip, later changed it to weekly bases & it didn't work.