RSI Candle

[Apprentice]

In comparison with the classic RSI, gives us insight into the Open, High, Low and Close values of RSI indicator for the period.

RSI Candle.lua

(3.11 KiB) Downloaded 2602 times

Donchian Channel on RSI Candle.lua

(8.31 KiB) Downloaded 690 times

[a135711]

interesting and definitely on the right track. now we need use the RSI calculation for open and solve for solve for a new open price. and then do the same for new high, new close, new low and then use these new OHLC values to construct a a new price candle. we can then take the RSI out of the indicator box, see it as a candle, and compare the rsi candle to the price candle.

thanks

[Apprentice]

Here we are in trouble, how to translate the RSI value of the Price.

I have already worked several of these indicators.
Basically I used the correlation with respect to the initial value,
or relative to the High Low range for that period.

If you have an example which you want to have, the formula, would be of great help.

[zekelogan]

An interesting twist on this indicator would be to create dynamic clouds on the upper chart area which would show where the price becomes OB/OS (>80/<20) according to the RSI. A similar way of seeing what this indicator shows, saving screen space for the chart, with more emphasis on price rather than RSI level.

A new indicator called RSI cloud, maybe ??

[Apprentice]

RSI Overboat/Oversold Levels Price Overlay

RSI OverboatOversold Levels Price Overlay.lua

(3.17 KiB) Downloaded 1469 times

For some reason raw data have excess Volatility, so I applied a smoothing.
I have to fix it.

Warning. This is a in development version.

[zekelogan]

Apprentice..... Very cool

[sedraude]

Hi Apprentice,

Can you make it middle line too (50 value rsi), and also option to display bottom and top rsi.

Thank in advance

[Apprentice]

Done.
But I must emphasize that this is still not completed indicator.
The algorithm is arbitrary.

If someone can help to finish this job I would be grateful.

[sedraude]

Hi Apprentice,

Thank you for your nice indi

[alepan72]

RSI Candle.png

In comparison with the classic RSI, gives us insight into the Open, High, Low and Close values of RSI indicator for the period.

RSI Candle.lua

Updated.

It 's a usefull indicator!!! Nice work!
Is there the possibilityto ad an option that user can change manual the overbaught - oversold levels?
Thanks in advance!
Kisses from Greece!