RSI Format, Label, Watchlist, Scan For ThinkOrSwim

[MerryDay]

#Basic RSI Indicator With Arrows, Label, & Alerts

Shared Link: http://tos.mx/vYwKbJ5
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#Basic RSI Indicator w/ arrows, label, & alerts
input OB = 70;
input OS = 30;
input rsi_length = 14 ;
input showLabel = yes ;

def rsi = reference RSI("length" = 14)."RSI" ;

plot UpArrow = if  rsi crosses above OS  then low else double.NaN ;
UpArrow .SetPaintingStrategy(PaintingStrategy.ARROW_up);
UpArrow .SetLineWeight(1);
UpArrow .SetDefaultColor(color.blue) ;

plot DownArrow = if  rsi crosses below OB then high else double.NaN ;
DownArrow  .SetPaintingStrategy(PaintingStrategy.ARROW_down);
DownArrow  .SetLineWeight(1);
DownArrow  .SetDefaultColor(color.magenta) ;

AddLabel(showLabel,
      if rsi crosses above OS then "Buy"  else
      if rsi crosses below OB then "Sell" else "RSI: " +round(rsi,1),
      if rsi crosses above OS then color.green else
      if rsi crosses below OB then color.red   else color.gray);

Alert( rsi crosses above OS, "Buy" , Alert.Bar, Sound.Bell);
Alert( rsi crosses below OB , "Sell" , Alert.Bar, Sound.Bell);

 

[MerryDay]

Adding Color to Plots and Labels
A frequent request is for coloring plots, labels, watch lists: green for upticks, red for down.
This example can be applied to a plot of any type of oscillator.

# TOS RSI
declare lower ;
input show_label = yes ;
input price = close ;
input OB = 75 ;
input OS = 35 ;
input rsi_length = 14 ;
# ########################################################
#Using GlobalColors makes the colors modifiable
DefineGlobalColor("maxxed", CreateColor(50, 200, 255)) ;
DefineGlobalColor("rising",  CreateColor(0, 165, 0)) ;
DefineGlobalColor("bear",  CreateColor(225, 0, 0)) ;
DefineGlobalColor("pretrend", CreateColor (200, 125, 255)) ;
# ########################################################

Plot RSI = reference RSI("price" = PRICE, "length" = rsi_length);
# ########################################################
#RSI> RSI[1] this statement is saying if the current candle is greater than the previous candle
#that is what [1] denotes. Thus defining uptick. The same is then done for downticks.
RSI.AssignValueColor(
if RSI> OB then GlobalColor("maxxed") else
if RSI< OS then GlobalColor("pretrend") else
if RSI> RSI[1] then GlobalColor("rising")
     else GlobalColor("bear"));
RSI.SetLineWeight(3);
# ########################################################

plot OverBought = OB;
plot OverSold = OS;
plot UpArrow = if RSI crosses above OverSold then OverSold else Double.NaN;
plot DownArrow = if RSI crosses below OverBought then OverBought else Double.NaN;

DefineGlobalColor("OBcolor", CreateColor(171, 171, 225)) ;
DefineGlobalColor("OScolor", CreateColor(220, 220, 128)) ;
OverBought.SetDefaultColor(GlobalColor("OBcolor"));
OverSold.SetDefaultColor(GlobalColor("OScolor"));
UpArrow.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownArrow.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
UpArrow.SetDefaultColor(color.dark_green);
DownArrow.SetDefaultColor(color.dark_red);
# ########################################################
# The same logic that was used in coloring the plot can be used in labels
AddLabel(show_label,
         if RSI> OB then "RSI maxxed" else
         if RSI< OS then "RSI pre-trend" else
         if RSI> RSI[1] then "RSI Trending " +round(RSI,2)
              else "RSI Bear " +round(RSI,2) ,
         if RSI> OB then GlobalColor("maxxed") else
         if RSI< OS and RSI>RSI[1] then GlobalColor("pretrend") else
         if RSI> RSI[1] then GlobalColor("rising")
              else GlobalColor("bear"));
AddCloud(if RSI >= OB then RSI else Double.NaN, OB,
GlobalColor("maxxed"), GlobalColor("maxxed"));
AddCloud(if RSI <= OS then OS else Double.NaN, RSI,
GlobalColor("pretrend"), GlobalColor("pretrend"));
# ########################################################

 

[Azzy19]

Hi, I'm struggling to find and create an alert for RSI crossing 30 (Oversold), and 70(Overbought). Is their a way to set an alert for a security when it's RSI behaves like this?

Thanks!

 

[theelderwand]

Navigate to Marketwatch -> Alerts

Type the security you are interested in and click on Study Alert.

Go to thinkscript editor and enter the following

RSI() crosses above 30 or RSI() crosses below 70

You can edit it as you need it. There should be an RSI Crossover as well.
Below screenshot.

 

[TradeUp]

Can anyone create an indicator that chimes an alert when RSI becomes oversold or overbought? I would appreciate it.

 

[BenTen]

Check out the tutorial in this post by @theelderwand

 

[TradeUp]

Thank you Ben! I'll check it out.

 

[theelderwand]

@TradeUp You can do cool things with TOS. You can automatically setup a scan and make it into a watchlist an get alerts when symbols come in or go out of the list as well. Let me know if you are interested, I can share it out.

 

[Steve2286]

Hi does anyone know how to add a watchlist column to ThinkorSwim that just show the current RSI value on a 5 min chart?

# RSI Watchlist Column
# Mobius

def c = if isNaN(close) then c[1] else close;
def NetChgAvg = Average(c - c[1], 14);
def TotChgAvg = Average(AbsValue(c - c[1]), 14);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;
plot RSI = 50 * (ChgRatio + 1);

 

[BenTen]

@Steve2286 That's already built into ToS. You just have to add it to your watchlist. By default it will show RSI on the daily chart. Be sure to change it if you can to use other timeframe.

 

[Steve2286]

Thanks Ben How do I change timeframe It won't let me edit the formula?
tks

 

[BenTen]

@Steve2286 I see. You can add a new Custom Quote, add a new condition > pick RSI as value and then select your timeframe.

 

[Steve2286]

Thanks Appreciate it

 

[Miket]

Does anyone have a RSI badge that you could put in your chart? thx

 

[BenTen]

Give this a try:

def rsi = RSIWilder("over bought" = 95, "over sold" = 5, price = close(period = AggregationPeriod.FOUR_DAYS));
AddLabel(yes, rsi, if rsi >= 95 or rsi <= 5 then Color.RED else Color.WHITE);

Source

 

[Miket]

Just a small black box. not sure how to fix it

# beginning of code ———————- –
# current ADX as a label at top of the chart
#
# Label color changes according to value of ADX:
# . Green if >25
# . Gray if 20 to 25
# . Red if < 20
# . Red if < 20 # input length = 14; plot currentADX = ADX(length); currentADX.hide();
input length = 14;
plot currentADX = ADX(length);
currentADX.hide();
DefineGlobalColor(“ADXHigh”, CreateColor(50, 205, 50));

DefineGlobalColor(“ADXLow”, Color.RED);
DefineGlobalColor(“ADXMid”, Color.GRAY);
AddLabel (yes, (Concat(“ADX = “, Round(currentADX,1))),if currentADX > 25 then GlobalColor(“ADXHigh”) else if currentADX < 20 then GlobalColor("ADXLow") else GlobalColor("ADXMid")); # end of code ——————————-

 

[BenTen]

Works fine for me.

 

[Miket]

I tried converting this this adx badge to rsi and failed. not sure if this would help

 

[BenTen]

That code you sent is ADX. Your original question is for RSI.

 

[horserider]

# SimpleMovingAvg RSI label by Horsrider 10/10/2019

input length = 14;
input over_Bought = 70;
input over_Sold = 30;
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);

AddLabel(yes, rsi, if rsi >= over_Bought  or rsi <= over_Sold then Color.RED else Color.GREEN);