This simple indicator gives you a bias on the market that can be used as a filter, an entry indicator for pullbacks,...
added RSX and reverse RSI options as well.
CODE:
CSS:
#// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
#// © Duyck
#https://www.tradingview.com/v/H0ysE9Xz/
#// This simple indicator gives you a bias on the market that can be used as a filter, an entry indicator for pullbacks,...
#NotTradingAdvice
#indicator('RSI direction bias - JD')
# Converted and mod by Sam4Cok@Samer800 - 03/2023
declare lower;
input color_bars = no; # 'color bars?'
input source = close; # 'source'
input AllowRepainting = yes;
input ReverseRSI = yes;
input rsi_type = {default "Regular RSI", "Future Smoothed RSI", "Jurik's RSX"}; #'rsi type'
input SignalType = {default "Background", "Bias Line", "None"};
input rsiLength = 14; # 'rsi length'
input topLevel = 60; # ' top level'
input bottomLevel = 40; # 'bottom level'
def na = Double.NaN;
def rep = if AllowRepainting then 0 else 1;
#def rep0 = if AllowRepainting then 0 else 1;
def last = IsNaN(close);
def top_level = topLevel;
def bottom_level = bottomLevel;
def src = if AllowRepainting then source else if !last then source[1] else source;
def haclose = if AllowRepainting then ohlc4 else if !last then ohlc4[1] else ohlc4;
def pos = Double.POSITIVE_INFINITY;
def neg = Double.NEGATIVE_INFINITY;
def bg = SignalType == SignalType."Background";
def Nan = SignalType == SignalType."None";
def Reg = rsi_type == rsi_type."Regular RSI";
def Jur = rsi_type == rsi_type."Jurik's RSX";
def rsiLevel = (topLevel + bottomLevel) / 2;
script nz {
input data = close;
input repl = 0;
def ret_val = if isNaN(data) then repl else data;
plot return = ret_val;
}
script rsx {
input src = close;
input rsxLength = 7;
def f8 = 100 * src;
def f10 = nz(f8[1],f8);
def v8 = f8 - f10;
def f18 = 3 / (rsxLength + 2);
def f20 = 1 - f18;
def f28 = f20 * nz(f28[1]) + f18 * v8;
def f30 = f18 * f28 + f20 * nz(f30[1]);
def vC = f28 * 1.5 - f30 * 0.5;
def f38 = f20 * nz(f38[1]) + f18 * vC;
def f40 = f18 * f38 + f20 * nz(f40[1]);
def v10 = f38 * 1.5 - f40 * 0.5;
def f48 = f20 * nz(f48[1]) + f18 * v10;
def f50 = f18 * f48 + f20 * nz(f50[1]);
def v14 = f48 * 1.5 - f50 * 0.5;
def f58 = f20 * nz(f58[1]) + f18 * AbsValue(v8);
def f60 = f18 * f58 + f20 * nz(f60[1]);
def v18 = f58 * 1.5 - f60 * 0.5;
def f68 = f20 * nz(f68[1]) + f18 * v18;
def f70 = f18 * f68 + f20 * nz(f70[1]);
def v1C = f68 * 1.5 - f70 * 0.5;
def f78 = f20 * nz(f78[1]) + f18 * v1C;
def f80 = f18 * f78 + f20 * nz(f80[1]);
def v20 = f78 * 1.5 - f80 * 0.5;
def f88;
def f90_ = if nz(f90_[1]) == 0 then 1 else
if nz(f88[1]) <= nz(f90_[1]) then nz(f88[1]) + 1 else nz(f90_[1]) + 1;
f88 = if nz(f90_[1]) == 0 and (rsxLength - 1 >= 5) then rsxLength - 1 else 5;
def f0 = if f88 >= f90_ and f8 != f10 then 1 else 0;
def f90 = if f88 == f90_ and f0 == 0 then 0 else f90_;
def v4_ = if f88 < f90 and v20 > 0 then (v14 / v20 + 1) * 50 else 50;
def rsx = if v4_ > 100 then 100 else if v4_ < 0 then 0 else v4_;
plot return = rsx;
}
#reRSI(RSILen, Length) =>
script reRSI {
input src = close;
input RSILen = 14;
input Length = 50;
def ExpPer = 2 * RSILen - 1;
def K = 2 / (ExpPer + 1);
def AUC;
def ADC;# = 0.0# = 0.0
AUC = If(src > src[1], K * (src - src[1]) + (1 - K) * nz(AUC[1], 1), (1 - K) * nz(AUC[1], 1));
ADC = If(src > src[1], (1 - K) * nz(ADC[1], 1), K * (src[1] - src) + (1 - K) * nz(ADC[1], 1));
def nVal = (RSILen - 1) * (ADC * Length / (100 - Length) - AUC);
def nRes = If(nVal >= 0, src + nVal, src + nVal * (100 - Length) / Length);
plot out = nRes;
}
#// Main
def rsi = RSI(PRICE = src, LENGTH = rsiLength);
def RSX = rsx(src,rsiLength);
def ha_Close = haclose;
def ha_Open = CompoundValue(1, (ha_Open[1] + ha_Close[1]) / 2, ha_Close);
def next_ha_open = (ha_Open + ha_Close) / 2;
def fut_smo_rsi = RSI(PRICE = next_ha_open, LENGTH = rsiLength);
def rsiSrc = if reg then rsi else if jur then rsx else fut_smo_rsi;
def revRsi = reRSI(rsiSrc, rsiLength, rsiLevel);
def rsi_val = if ReverseRSI then revRsi else rsiSrc;
def bias1;# = 1
if !ReverseRSI {
if Crosses(rsi_val, top_level, CrossingDirection.ABOVE) {
bias1 = 1;
} else
if Crosses(rsi_val, bottom_level, CrossingDirection.BELOW) {
bias1 = -1;
} else {
bias1 = bias1[1];
}
} else
if Crosses(rsi_val, rsiLevel, CrossingDirection.ABOVE) {
bias1 = 1;
} else
if Crosses(rsi_val, rsiLevel, CrossingDirection.BELOW) {
bias1 = -1;
} else {
bias1 = bias1[1];
}
#// Plots
def bias = if bias1 then bias1 else 1;
def bias_line = if bias == 1 then bottom_level else top_level;
def col = bias == 1;
plot BiasLine = if !rsi_val then na else bias_line;#, color = bias_color)
BiasLine.AssignValueColor(if col then Color.DARK_GREEN else Color.DARK_RED);
plot RsiLine = rsi_val;#, color = bias_color)
RsiLine.AssignValueColor(if col then Color.GREEN else Color.RED);
RsiLine.SetLineWeight(2);
plot TopLine = if bias == 1 and rsi_val <= top_level then top_level else na;
TopLine.SetDefaultColor(CreateColor(177, 177, 0));
plot BotLine = if bias == -1 and rsi_val >= bottom_level then bottom_level else na;
BotLine.SetDefaultColor(CreateColor(177, 177, 0));
plot Zero = if !rsi_val then na else rsiLevel;
Zero.SetDefaultColor(Color.DARK_GRAY);
Zero.SetStyle(Curve.SHORT_DASH);
AddCloud(RsiLine, BiasLine, Color.DARK_GREEN, Color.DARK_RED);
AddCloud(TopLine, RsiLine, CreateColor(108, 0, 0));
AddCloud(RsiLine, BotLine, CreateColor(0, 61, 0));
def bcol = if bias == 1 then if rsi_val <= top_level then 1 else 2 else
if rsi_val >= bottom_level then -1 else -2;
AssignPriceColor(if !color_bars then Color.CURRENT else
if bcol == 1 then Color.DARK_GREEN else
if bcol == 2 then Color.GREEN else
if bcol == -1 then Color.DARK_RED else
if bcol == -2 then Color.RED else Color.GRAY);
#/ Alerts
def long_switch = bias == 1 and bias[1] == -1;
def short_switch = bias == -1 and bias[1] == 1;
def State = if long_switch then 1 else if short_switch then -1 else State[1];
plot BiasState = if bg or Nan or !rsi_val then na else if State then 75 else na;
BiasState.SetPaintingStrategy(PaintingStrategy.SQUARES);
BiasState.AssignValueColor(if col then Color.GREEN else Color.RED);
def stateBg = if !bg or Nan then na else State;
AddCloud(if !rsi_val then na else if stateBg > 0 then pos else neg, if stateBg > 0 then neg else pos, CreateColor(0, 61, 0), CreateColor(108, 0, 0));
#--- END CODE--
