RSI Convergence Indicator For ThinkOrSwim

Monster Calls

New member
Looking for an indicator that basically is giving me buy and sell signals with the RSI. 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, is a buy signal, viceversa was a sell.
 
Last edited by a moderator:

horserider

Well-known member
VIP
Maybe??
Code:
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);
 

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