//@version=3

study(“Better RSI”)

cycler = na

myPeriod = input(defval = 14, type=integer, title=”Period”)

src = input(close, type=source)

showCycler = input(true,’Show cycler?’)

lvl = input(50, ‘Cycler level on plot’)

myRSI = rsi(src, myPeriod)

firstcolor = color(white,10)

secondcolor = color(orange,50)

thirdcolor = gray

h30 = hline(30,color=firstcolor,linestyle=dashed,title=’Low’)

h70 = hline(70,color=firstcolor,linestyle=dashed,title = ‘High’)

h20 = hline(20, color=secondcolor,linestyle = solid,title=’Second low’)

h80 = hline(80, color=secondcolor,linestyle=solid,title=’Second high’)

//h50 = hline(50, color=orange, title= ‘Mid line’)

h40 = hline(40, color = thirdcolor, linestyle = dashed,title = ’40 line’)

h60 = hline(60, color = thirdcolor, linestyle = dashed, title = ’60 line’)

//fill(h30,h20,red,transp=80, title=’Oversold color’)

//fill(h80,h70,red,transp=80, title=’Overbought color’)

fill(h30,h70,fuchsia,transp=90, title= ‘Background color’)

//cond =? red:white

RSIplot = plot(myRSI,color=white,linewidth=2,transp=0,title=”RSI”)

plot(myRSI >= 70 or myRSI<= 30? myRSI:na,style = linebr,linewidth=3,color=red,transp = 0, title = ‘Oversold color’)

//cycler

cycler := if myRSI > 69 or myRSI< 31

a = if myRSI > 69

1 // bullish

else

2 // bearish

a

else

b = if (nz(cycler[1]) == 1 and myRSI < 39) or (nz(cycler[1]) == 2 and myRSI > 61)

0

else

nz(cycler[1])

b

mycolor = if cycler == 0

white

else

c = if cycler == 1

lime

else

red

c

plot(showCycler? lvl:na, style = line, color = mycolor, transp = 30, linewidth=2, title = ‘Cycler colors’)