RSI & BB QQE Mod (highlight)

26 paź 2022

This script is a combination of the RSI, QQE and BB

Here is an explanation on how I combined them, and how they are used:
- RSI (Relative Strength Index)
- Display a smoothed version of the RSI to identify "oversold" and "overbought" market phases
- Used to calculate a QQE
- QQE (Quantitative Qualitative Estimation)
- Used to identify trend direction and trend strength
- Used to set a basis for the BB
- BB (Bollinger Bands)
- Used with QQE as a basis to determine a relative definition of "high RSI" and "low RSI"
- Used with QQE as a basis to determine the volatility of the RSI at a given moment
- Used to predict pivot points

Here are the main signals:
- When "RSI Smoothed" line above the Upper BB then "RSI Smoothed" line turns green
- Also, display green background color highlight
- Also, and if "RSI Smoothed" is above the overbought line then display a second green background color highlight
- When "RSI Smoothed" line bellow the Lower BB then "RSI Smoothed" line turns red
- Also, display red background color highlight
- Also, and if "RSI Smoothed" is bellow the oversold line then display a second red background color highlight

A tool codded to be aesthetically pleasing and VERY customisable:
- Designed for both light theme and dark theme users
- Value can be easily modified in the settings
- Colors can be easily swapped in the settings
- Opacity of "fill" & "bgcolor" regrouped as a single input

A tool codded to be easy to read and to learn from:
- Sources and inspirations all listed within the script
- Structure easily identifiable (to understand with little to no effort how the script works)

Notes :
- This script is lagging, because of that I do recommend using it on relatively large timeframe
- This script is OpenSource, feel free to reuse it, but if so please remember to include a link to my script in your sources
- This script is not a magical tool, use at your own risk