Ultimate RSI Indicator for ThinkorSwim

[horserider]

@Leo1015 The link to tradingview has manually drawn lines. That might be your best solution. The script you displayed does not draw any divergence lines.

 

[Leo1015]

@horserider , thanks for youor response. Any possibilty of integrating auto lines into your script for normal and hidden divergences? I would prefer without the Bollinger bands

 

[horserider]

@Leo1015 Sorry, I have no interest in doing that project. Maybe someone else wishes to do it.

 

[Leo1015]

@Leo1015 Sorry, I have no interest in doing that project. Maybe someone else wishes

Hi @BenTen , would you be able to help with this request?

 

[CountVlad]

Can someone please convert this script to TOS? Thank you

//@version=3
strategy("Bollinger + RSI, Double Strategy Long-Only (by ChartArt) v1.2", shorttitle="CA_-_RSI_Bol_Strat_1.2", overlay=true)

// ChartArt's RSI + Bollinger Bands, Double Strategy UPDATE: Long-Only
//
// Version 1.2
// Idea by ChartArt on October 4, 2017.
//
// This strategy uses the RSI indicator
// together with the Bollinger Bands
// to buy when the price is below the
// lower Bollinger Band (and to close the
// long trade when this value is above
// the upper Bollinger band).
//
// This simple strategy only longs when
// both the RSI and the Bollinger Bands
// indicators are at the same time in
// a oversold condition.
//
// In this new version 1.2 the strategy was
// simplified by going long-only, which made
// it more successful in backtesting.
//
// List of my work:
// https://www.tradingview.com/u/ChartArt/
//
//  __             __  ___       __  ___
// /  ` |__|  /\  |__)  |   /\  |__)  | 
// \__, |  | /~~\ |  \  |  /~~\ |  \  | 
//
//


///////////// RSI
RSIlength = input(6,title="RSI Period Length")
RSIoverSold = 50
RSIoverBought = 50
price = close
vrsi = rsi(price, RSIlength)


///////////// Bollinger Bands
BBlength = input(200, minval=1,title="Bollinger Period Length")
BBmult = 2 // input(2.0, minval=0.001, maxval=50,title="Bollinger Bands Standard Deviation")
BBbasis = sma(price, BBlength)
BBdev = BBmult * stdev(price, BBlength)
BBupper = BBbasis + BBdev
BBlower = BBbasis - BBdev
source = close
buyEntry = crossover(source, BBlower)
sellEntry = crossunder(source, BBupper)
plot(BBbasis, color=aqua,title="Bollinger Bands SMA Basis Line")
p1 = plot(BBupper, color=silver,title="Bollinger Bands Upper Line")
p2 = plot(BBlower, color=silver,title="Bollinger Bands Lower Line")
fill(p1, p2)


///////////// Colors
switch1=input(true, title="Enable Bar Color?")
switch2=input(true, title="Enable Background Color?")
TrendColor = RSIoverBought and (price[1] > BBupper and price < BBupper) and BBbasis < BBbasis[1] ? red : RSIoverSold and (price[1] < BBlower and price > BBlower) and BBbasis > BBbasis[1] ? green : na
barcolor(switch1?TrendColor:na)
bgcolor(switch2?TrendColor:na,transp=50)


///////////// RSI + Bollinger Bands Strategy
long = (crossover(vrsi, RSIoverSold) and crossover(source, BBlower))
close_long = (crossunder(vrsi, RSIoverBought) and crossunder(source, BBupper))

if (not na(vrsi))

    if long
        strategy.entry("RSI_BB", strategy.long, stop=BBlower, oca_type=strategy.oca.cancel, comment="RSI_BB")
    else
        strategy.cancel(id="RSI_BB")
        
    if close_long
        strategy.close("RSI_BB")


//plot(strategy.equity, title="equity", color=red, linewidth=2, style=areabr)

 

[MerryDay]

@CountVlad Post#1 contains the same data as the TradingView indicator. You can modify the presentation to your needs.

 

[Smith1158]

I'm not sure if it's possible to add some labels, (like the kind that are in the upper left) based on lower indicators, but I was wondering if it's possible. I was looking for something like a label to say "RSI>50" thats green and "RSI<50" Red, then maybe one another color that says rsi1>68 and rsi1<32. Then maybe another that says RSI1> RSI2 green, "RSI1<RSI2" red. then another one that saying RSI1>BBmidline green and RSI1<BBmidline red. maybe another saying BBmidline > or = 68 "reversal" red and BBmidline< or = 32 "reversal" green. I have some basic thinkscript abilities, so I may be able to finish it up if someone were able to point me in the right direction.

 

[MerryDay]

I'm not sure if it's possible to add some labels, (like the kind that are in the upper left) based on lower indicators, but I was wondering if it's possible. I was looking for something like a label to say "RSI>50" thats green and "RSI<50" Red, then maybe one another color that says rsi1>68 and rsi1<32. Then maybe another that says RSI1> RSI2 green, "RSI1<RSI2" red. then another one that saying RSI1>BBmidline green and RSI1<BBmidline red. maybe another saying BBmidline > or = 68 "reversal" red and BBmidline< or = 32 "reversal" green. I have some basic thinkscript abilities, so I may be able to finish it up if someone were able to point me in the right direction.

Add to the bottom of your script:

AddLabel(yes,
if rsi>68  then "rsi1>68" else
if rsi<32 then "rsi1<32" else
if RSI>50 then "RSI1>50"  else
if RSI<50 then "RSI1<50" else  " ",
if rsi>68  then  color.cyan  else
if rsi<32 then   color.magenta else
if RSI>50 then  color.green else
if RSI<50 then  color. Red else color.light_gray);

AddLabel(yes,
if RSI>RSI2 then "RSI1> RSI2" else "RSI1<RSI2",
if RSI>RSI2 then color.green else color.red );

AddLabel(yes,
if RSI>midline then "RSI1>BBmidline"  else "RSI1<BBmidline red",
if RSI>midline then  color.green else color.red) ;

AddLabel(midline>= 68 or midline<= 32,
if midline>= 68 then "OB reversal"  else
if midline<32 then  "OS reversal" else " ",
if midline>= 68 then color.red  else
if midline<32 then color.green else color.light_gray);

 

[GiantBull]

@horserider This thread has been dead for a while but I just wanted to ask if it was possible to have a painting strategy added to the code whenever the rsi changes colors. I basically want the candlesticks to change colors because it would be much easier to interpret the indicator. I tried doing it myself but I think its a little bit more complicated.

assignpriceColor(if MAIN > SIGNAL then color.GREEN else color.current);
assignpriceColor(if MAIN < SIGNAL then color.RED else color.current);

The error i'm getting is MAIN and SIGNAL.

 

[GiantBull]

it only highlights the first color, blue, but doesn't highlight the second color, orange. I think it might be doing that because the RSI2 never goes below RSI. I inputted the midline BB into the code and it started to highlight the colors properly. If anyone wants candlesticks to paint when the RSI is below or above the midline BB then just add this to the bottom of your code:

AssignPriceColor(
if RSI > midline then Color.green else
if RSI2 < midline then Color.red else Color.gray);

 

[ranebshekhar]

A double RSI indicator with standard deviation bands of the RSI. The very important RSI 50 line and coloring of the RSI lines for strength and weakness with a could to show when the two RSI lines separate. This would indicate a stronger move.

The Midline of the RSI bands works the same as the Market Mover with crossover of the RSI and Midline giving the signals.

The bands and 80 / 20 lines will show when RSI is very strong in one direction or the other. It can be traded the same as BBs by trading from top to bottom band and vice versa, that would be for the most adventurous trader.

The cross of the RSI and Midline would be the next step down in risk for a trade, while that same cross along with a cross of the 50 line would be the conservative trade entry or exit.

The RSI is not an oversold/overbought indicator, it is a strength indicator. So when RSI is high it is telling you the trend is strong, low shows trend is weak. So even when high and falling if it does not break the 50 line the up trend is most likely to continue. So always keep in mind the importance of the 50 line.

I will put up two versions one for scalping types which will match Market Mover signals (without scaling problems and zooming) and one for swing trading types.

Any feedback or questions are welcome.

Short term
Long term
Skeleton of RSI and SMA short term

View attachment 4999

Short term
https://tos.mx/N6WBa1

Long term
https://tos.mx/lpvzpv

Can we have BUY/SELL arrow added to this chart? Also do we have a scanner base on those BUY/SELL signals?