OPEN-SOURCE SCRIPT
RSI with Keltner Channel (+EMA Ribbon)
Note that the EMA Ribbon is not embedded into the custom RSI with KC. In the future I plan to embed it. The EMA Ribbon I use is the following:
![EMA Ribbon [Krypt]](https://s3.tradingview.com/t/T0Pdlvtu_mid.png)
This is my very first attempt at modifying an indicator. I basically attempted to add a Keltner Channel around RSI.
This was used as an alternative channel to the standard Bollinger Band. KC goes hand-in-hand with the EMA Ribbon. KC also helps to better pinpoint relative-overbought/oversold conditions.
In my belief, the 20-80 levels don't behave as overbought/oversold levels. An exponential chart would always be overbought. So a Keltner Channel could in theory (and in practice) give us greater understanding on chart analysis.
This custom indicator is a bodge. It has lots of extra calculations that can be removed. I post this rough indicator for the community to give feedback on how I can improve it, or perhaps give an idea to some of you. Please don't judge me, I wouldn't post it but lately some have asked me about it.
In the future I would like to embed an EMA ribbon in this RSI indicator, just like I did in the following idea.
During this period, I don't really have the time to fix this indicator to my standards. So I will leave it as is for the foreseeable future.
If you have the will and knowledge however, feel free to built upon this indicator and share it!
Tread lightly, for this is hallowed ground.
-Father Grigori
PS. In this indicator, I would replace all the moving averages with an EMA Ribbon "average".
This is my very first attempt at modifying an indicator. I basically attempted to add a Keltner Channel around RSI.
This was used as an alternative channel to the standard Bollinger Band. KC goes hand-in-hand with the EMA Ribbon. KC also helps to better pinpoint relative-overbought/oversold conditions.
In my belief, the 20-80 levels don't behave as overbought/oversold levels. An exponential chart would always be overbought. So a Keltner Channel could in theory (and in practice) give us greater understanding on chart analysis.
This custom indicator is a bodge. It has lots of extra calculations that can be removed. I post this rough indicator for the community to give feedback on how I can improve it, or perhaps give an idea to some of you. Please don't judge me, I wouldn't post it but lately some have asked me about it.
In the future I would like to embed an EMA ribbon in this RSI indicator, just like I did in the following idea.
During this period, I don't really have the time to fix this indicator to my standards. So I will leave it as is for the foreseeable future.
If you have the will and knowledge however, feel free to built upon this indicator and share it!
Tread lightly, for this is hallowed ground.
-Father Grigori
PS. In this indicator, I would replace all the moving averages with an EMA Ribbon "average".
Skrypt open-source
W zgodzie z duchem TradingView twórca tego skryptu udostępnił go jako open-source, aby użytkownicy mogli przejrzeć i zweryfikować jego działanie. Ukłony dla autora. Korzystanie jest bezpłatne, jednak ponowna publikacja kodu podlega naszym Zasadom serwisu.
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.
Skrypt open-source
W zgodzie z duchem TradingView twórca tego skryptu udostępnił go jako open-source, aby użytkownicy mogli przejrzeć i zweryfikować jego działanie. Ukłony dla autora. Korzystanie jest bezpłatne, jednak ponowna publikacja kodu podlega naszym Zasadom serwisu.
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.