RSI+ by Wilson (alt)

2 wrz 2022

Extension of the excellent RSI+ script by Wilsonlibero. I tweaked the parameters to better fit crypto markets, and I added a few more visuals, such as midline, overbought/oversold threshold lines and areas, background coloration depending on RSI trend above or below midline, and a few other tweaks especially colors (fixed the transp parameter deprecation for example). The color theme is by default more optimized for dark mode charts, but all colors can be configured, and all drawings can be enabled/disabled/tweaked in the parameters.

I'm just giving back to the community since I could modify this script only because it was open-source. If you like this script, please don't give me any credit, but please show some love to the original author Wilsonlibero:

2 wrz 2022

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just to show a more complete example of what the indicator can show

2 wrz 2022

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Named all colors adequately to ease customization

2 wrz 2022

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Converted to pinescript v5

3 wrz 2022

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fix interverted bearish and bullish trends background color names

3 wrz 2022

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improve default colors for background highlight of bearish/bullish trends, especially for colorblinds / filtered screens.

8 wrz 2022

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Update:
* Add possibility to assign a specific timeframe
* Moved RSI status bar below volume and resized to reduce space used on-screen
* Added simple stochastic RSI, by default rescaled between overbought and oversold thresholds to minimize space used on-screen
* Enabled RSI status bar and stochastic RSI by default

10 wrz 2022

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Rework parameters screen, by thematically grouping parameters and adding more tooltips to explain what a few atypical parameters do.

21 wrz 2022

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add RSI Cloud, which shows the max and min values attained during a candle, instead of only at close.

2 paź 2022

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Small optimization for the cloud calculation (deduplicated calculations)

2 paź 2022

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Rename RSI Cloud to RSI Shadow (more accurate) + clarify in tooltip what it reflects

3 paź 2022

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New features:
* Update calculation of RSI Shadow to be accurate.
* Add RSI Shadow Sentiment as a bar instead of a background highlight, so that this visualization can be stacked below the RSI Status bar. Also, instead of having a black background for uncertain sentiment, these parts are colored in yellow, similarly to the RSI Status bar.

Both of these features were extracted from this other indicator I made:

6 paź 2022

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* Display RSI Shadow Sentiment incongruent bars in gray instead of yellow, so as to differentiate between incongruent bars (gray) and undecided trends bars due to the distance between the two bounds being below the margin (yellow). Essentially, incongruent bars should be discounted, hence the gray color, whereas undecided bars may indicate an upcoming reversal, or at least reflect that the current market's sentiment is undecided.
* Set default RSI Shadow Sentiment Margin to 1 instead of 0.

6 paź 2022

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Change RSI Shadow Sentiment Margin default value to 2 from 1 (empirical tests suggest this is a good middle ground between sensitivity and false positives rate). How to use: compare the colors of both RSI Status and RSI Shadow Sentiment bars, when they are in agreement, especially for longer strings, the sentiment is stronger than if sentiment is only indicated by either bar alone. RSI Shadow Sentiment bar can also sometimes show a trend reversal earlier, although it is unreliable (it is highly sensitive to market participants emotions), hence using it as a reversal tool should always be combined with other indicators/readings from RSI (e.g. , RSI MA cloud, RSI midline sentiment with background highlight, etc...).

6 paź 2022

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Add comment

19 paź 2022

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Update:
* Very minor change, fix name of one hidden line (Shadow Sentiment Bar bottom line)

26 lut 2023

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Changelog:
* Slightly increase intensity of background highlight of RSI trend around midline, to better display on lower intensity screens, and with a different value for blue and red to compensate the psychovisual difference between these colors to the human eye (ie, blue appears less bright than red, for the same intensity).

2 maj

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Update:

• Avoid overshadowing the native function type() (renamed type to matype and matype2)
  
• The 2nd moving average never used the user defined matype2, it always used matype (so the same type as the first MA) (:facepalm:). This is now fixed, the top sentiment/status bar is much more accurate as a result (because it now uses ALMA for the second MA by default, which was the intended default).