RSI That Plots One Color for Uptick and another for Downtick

maxreturn

New member
Hi All

I am new here and joined because I'm not very proficient at all with thinkscript. I am hoping someone would be willing to share the script for an RSI which plots a different colors for upticks vs downticks. Perhaps it already exists.

Thanks in advance for any help!

Max
 

rad14733

Well-known member
VIP
@maxreturn You are looking for an acrylic or trend indicating RSI... Adding that functionality would be a good entry-level exercise in Thinkscript... We have many indicators that change plot colors based on directional changes and it usually only requires a single line of code to be modified... I have posted several alternative RSI indicators here if you'd like to search for them... And several other indicators with acrylic trend change code...

Which version of the RSI indicator are you using...???
 

maxreturn

New member
@maxreturn You are looking for an acrylic or trend indicating RSI... Adding that functionality would be a good entry-level exercise in Thinkscript... We have many indicators that change plot colors based on directional changes and it usually only requires a single line of code to be modified... I have posted several alternative RSI indicators here if you'd like to search for them... And several other indicators with acrylic trend change code...

Which version of the RSI indicator are you using...???
Thanks Rad. I have been using the RSI native to TOS...the one that plots a color when OB and a color when it's OS.
 

maxreturn

New member
Anyone willing to throw a bone?

I have taken a look at the code for the RSI that is native to TOS but knowing exactly what to do is a bit confusing. I have experience changing the color of a moving average but not with another indicator plot. Also, I'm not quite sure what do to with the code where it colors the plot based on OB/OS.

Thanks for your consideration.
 

rad14733

Well-known member
VIP
@maxreturn Here is an example of how easy it can be to modify existing code...

Ruby:
# Acrylic_RSI
# Displays RSI trend
# Modified by rad14733 for usethinkscript.com - requested by maxreturn
# v1.0 : 2021-06-10 : Initial Modified Release
#
# Based on standard RSI : TD Ameritrade IP Company, Inc. (c) 2007-2021
#

declare lower;

input length = 14;
input over_Bought = 70;
input over_Sold = 30;
input price = close;
input averageType = AverageType.WILDERS;
input showBreakoutSignals = no;

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 UpSignal = if RSI crosses above OverSold then OverSold else Double.NaN;
plot DownSignal = if RSI crosses below OverBought then OverBought else Double.NaN;

UpSignal.SetHiding(!showBreakoutSignals);
DownSignal.SetHiding(!showBreakoutSignals);

RSI.DefineColor("OverBought", GetColor(5));
RSI.DefineColor("Normal", GetColor(7));
RSI.DefineColor("OverSold", GetColor(1));
#RSI.AssignValueColor(if RSI > over_Bought then RSI.color("OverBought") else if RSI < over_Sold then RSI.color("OverSold") else RSI.color("Normal"));
OverSold.SetDefaultColor(GetColor(8));
OverBought.SetDefaultColor(GetColor(8));
UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignal.SetDefaultColor(Color.DOWNTICK);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);

# "Acrylic" trend indicating RSI colors
RSI.AssignValueColor(if RSI > RSI[1] then RSI.color("OverBought") else if RSI <  RSI[1] then RSI.color("OverSold") else RSI.color("Normal"));
 

MerryDay

Well-known member
VIP
@maxreturn Try this:
https://usethinkscript.com/threads/adding-color-to-plots-and-labels.6845/
HKzCEeY.png
 

maxreturn

New member
@maxreturn Here is an example of how easy it can be to modify existing code...

Ruby:
# Acrylic_RSI
# Displays RSI trend
# Modified by rad14733 for usethinkscript.com - requested by maxreturn
# v1.0 : 2021-06-10 : Initial Modified Release
#
# Based on standard RSI : TD Ameritrade IP Company, Inc. (c) 2007-2021
#

declare lower;

input length = 14;
input over_Bought = 70;
input over_Sold = 30;
input price = close;
input averageType = AverageType.WILDERS;
input showBreakoutSignals = no;

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 UpSignal = if RSI crosses above OverSold then OverSold else Double.NaN;
plot DownSignal = if RSI crosses below OverBought then OverBought else Double.NaN;

UpSignal.SetHiding(!showBreakoutSignals);
DownSignal.SetHiding(!showBreakoutSignals);

RSI.DefineColor("OverBought", GetColor(5));
RSI.DefineColor("Normal", GetColor(7));
RSI.DefineColor("OverSold", GetColor(1));
#RSI.AssignValueColor(if RSI > over_Bought then RSI.color("OverBought") else if RSI < over_Sold then RSI.color("OverSold") else RSI.color("Normal"));
OverSold.SetDefaultColor(GetColor(8));
OverBought.SetDefaultColor(GetColor(8));
UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignal.SetDefaultColor(Color.DOWNTICK);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);

# "Acrylic" trend indicating RSI colors
RSI.AssignValueColor(if RSI > RSI[1] then RSI.color("OverBought") else if RSI <  RSI[1] then RSI.color("OverSold") else RSI.color("Normal"));
Many thanks
@maxreturn Here is an example of how easy it can be to modify existing code...

Ruby:
# Acrylic_RSI
# Displays RSI trend
# Modified by rad14733 for usethinkscript.com - requested by maxreturn
# v1.0 : 2021-06-10 : Initial Modified Release
#
# Based on standard RSI : TD Ameritrade IP Company, Inc. (c) 2007-2021
#

declare lower;

input length = 14;
input over_Bought = 70;
input over_Sold = 30;
input price = close;
input averageType = AverageType.WILDERS;
input showBreakoutSignals = no;

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 UpSignal = if RSI crosses above OverSold then OverSold else Double.NaN;
plot DownSignal = if RSI crosses below OverBought then OverBought else Double.NaN;

UpSignal.SetHiding(!showBreakoutSignals);
DownSignal.SetHiding(!showBreakoutSignals);

RSI.DefineColor("OverBought", GetColor(5));
RSI.DefineColor("Normal", GetColor(7));
RSI.DefineColor("OverSold", GetColor(1));
#RSI.AssignValueColor(if RSI > over_Bought then RSI.color("OverBought") else if RSI < over_Sold then RSI.color("OverSold") else RSI.color("Normal"));
OverSold.SetDefaultColor(GetColor(8));
OverBought.SetDefaultColor(GetColor(8));
UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignal.SetDefaultColor(Color.DOWNTICK);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);

# "Acrylic" trend indicating RSI colors
RSI.AssignValueColor(if RSI > RSI[1] then RSI.color("OverBought") else if RSI <  RSI[1] then RSI.color("OverSold") else RSI.color("Normal"));
Thanks Rad. I'll take a look see when I get home. Have a blessed day.
 

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