This code draws the overbought/oversold lines on the price. You can change the default values (70 and 30) with the one you like the most and you can also add a EMA[26](close) that represent perfectly the RSI-50 line.
Blue skies
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// oversold-overbought RSI band on price RSIsuplimit=70 RSIinflimit=30 a=rsi[14](close) up=max(close-close[1],0) down=max(0,close[1]-close) avgUPieri=wilderaverage[14](up[1]) avgDOWNieri=wilderaverage[14](down[1]) //calcolo fasci superiore if a[1]<=RSIsuplimit then RAPPsuplimit=RSIsuplimit/(100-RSIsuplimit) avgUPoggiRSIsuplimit=avgDOWNieri*RAPPsuplimit upSUPlimit=(avgUPoggiRSIsuplimit*14)-(avgUPieri*13) else RAPPsuplimit=RSIsuplimit/(100-RSIsuplimit) avgDOWNoggiRSIsuplimit=avgUPieri/RAPPsuplimit downSUPlimit=(avgDOWNoggiRSIsuplimit*14)-(avgDOWNieri*13) endif if a<=RSIsuplimit then sup=close[1]+upSUPlimit else sup=close[1]-downSUPlimit endif //calcolo fascia inferiore if a[1]<=RSIinflimit then RAPPinflimit=RSIinflimit/(100-RSIinflimit) avgUPoggiRSIinflimit=avgDOWNieri*RAPPinflimit upINFlimit=(avgUPoggiRSIinflimit*14)-(avgUPieri*13) else RAPPinflimit=RSIinflimit/(100-RSIinflimit) avgDOWNoggiRSIinflimit=avgUPieri/RAPPinflimit downINFlimit=(avgDOWNoggiRSIinflimit*14)-(avgDOWNieri*13) endif if a<=RSIsuplimit then sup=close[1]+upSUPlimit else sup=close[1]-downSUPlimit endif if a<=RSIinflimit then inf=close[1]+upINFlimit else inf=close[1]-downINFlimit endif return sup as "RSI overbought", inf as "RSI oversold" |
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Another fine piece of code gabri! Excellent work again. Thanks a lot for your precious contribution.
Thanks Nicolas!!
bravo, molto intelligente.
this did not add to price window, but was added to seperate indicator window at bottom.
how to add it to price directly as shown in the above picture ?
Add it on the price, by using the wrench on the left upper side of the price chart.
Hi, nice indicator, it´s possible to include a middle line with 50 value? ty!
Hi, EMA26 approximate almost exactly the 50% line
Wilder MA is exactly the 50% line