RSI enclosed on Bollinger Bands. Dynamic oversold/overbought levels!
// // @author WebAction // RSI on Bollinger Bands // study(title = "RSI on Bollinger Bands", shorttitle="RSI+BB") source = close RSI_length = input(14, minval=1) BB_length = input(50, minval=40, maxval=50) BB_stdDev = input(2.1, minval=2.0, maxval=2.1) HighlightBreaches=input(true, title="Highlight Oversold/Overbought?", type=bool) rsi_s = rsi(source, RSI_length) plot(rsi_s, color=black, linewidth=2) bb_s = rsi_s basis = sma(bb_s, BB_length) dev = BB_stdDev * stdev(bb_s, BB_length) upper = basis + dev lower = basis - dev plot(basis, color=red) p1 = plot(upper, color=blue) p2 = plot(lower, color=blue) fill(p1,p2, blue) b_color = (bb_s > upper) ? red : (bb_s < lower) ? green : na bgcolor(HighlightBreaches ? b_color : na)