The Disparity Index is a well known indicator used to assess overbought and oversold areas. In this code I added some bands to represent the overbought/oversold areas.
Since the Disparity Index is closely related to RSI by using a EMA130 you would have, on a daily timeframe, also a quite accurate weekly RSI at hand.
if dispidx>band then
if dispidx<-band then
return dispidx coloured (r,g,b) as "DI",0,band as "upper limit",-band as "lower limit"
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