OPEN-SOURCE SCRIPT
RSI Overpowered [Cartel Console]
# RSI Overpowered [Cartel Console]
RSI Overpowered [Cartel Console] is a momentum and volume-pressure analysis tool designed to provide a broader view of market strength by combining multiple volume-based market internals into a single composite oscillator framework.
Instead of relying solely on traditional price-based RSI calculations, this indicator incorporates Relative Strength Index calculations derived from Positive Volume Index (PVI), Negative Volume Index (NVI), and On-Balance Volume (OBV). These components are blended into a Composite RSI that aims to highlight shifts in participation, accumulation, distribution, and momentum conditions.
The indicator includes multiple layers of analysis:
• Composite RSI built from PVI, NVI, and OBV RSI values
• Smoothed signal line for trend and momentum comparison
• Secondary RSI oscillator derived from the composite calculation
• Configurable overbought and oversold zones
• Trend filtering using Supertrend methodology
• Bullish and bearish momentum signals with trend confirmation
• Divergence detection between price and the Composite RSI
• Dynamic area fills and visual momentum shading
• Built-in alert conditions for key events
### How It Works
The script first calculates three independent volume-based indexes:
• Positive Volume Index (PVI)
• Negative Volume Index (NVI)
• On-Balance Volume (OBV)
An RSI is then calculated for each component. The average of these values forms the Composite RSI, which is subsequently smoothed to reduce noise and improve readability.
A secondary RSI oscillator is generated from the Composite RSI itself, creating an additional layer of momentum analysis that can help identify shifts in directional strength.
### Trend Confirmation
To reduce counter-trend signals, the indicator incorporates a Supertrend-based trend filter.
Bullish momentum signals are generated only when the trend filter indicates a bullish environment.
Bearish momentum signals are generated only when the trend filter indicates a bearish environment.
This approach helps align momentum events with broader directional market conditions.
### Divergence Detection
The indicator automatically searches for potential divergences between price action and the Composite RSI.
Bullish divergence may occur when price forms a lower low while the Composite RSI forms a higher low.
Bearish divergence may occur when price forms a higher high while the Composite RSI forms a lower high.
Divergence signals are visualized directly on the oscillator using pivot-based detection logic.
### Visualization Features
• Composite RSI line
• Smoothed signal line
• Dynamic momentum fills
• Overbought and oversold markers
• Trend-filtered signal circles
• Divergence labels and connecting lines
• Momentum gradient visualization
### Alerts Included
• Bullish Momentum Signal
• Bearish Momentum Signal
• Overbought Event
• Oversold Event
### Notes
This indicator is intended for market analysis and educational purposes only. Signals, divergences, trend filters, and oscillator conditions should be used alongside a complete trading plan and appropriate risk management techniques.
No indicator can guarantee future market outcomes, and all market decisions remain the responsibility of the user.
RSI Overpowered [Cartel Console] is a momentum and volume-pressure analysis tool designed to provide a broader view of market strength by combining multiple volume-based market internals into a single composite oscillator framework.
Instead of relying solely on traditional price-based RSI calculations, this indicator incorporates Relative Strength Index calculations derived from Positive Volume Index (PVI), Negative Volume Index (NVI), and On-Balance Volume (OBV). These components are blended into a Composite RSI that aims to highlight shifts in participation, accumulation, distribution, and momentum conditions.
The indicator includes multiple layers of analysis:
• Composite RSI built from PVI, NVI, and OBV RSI values
• Smoothed signal line for trend and momentum comparison
• Secondary RSI oscillator derived from the composite calculation
• Configurable overbought and oversold zones
• Trend filtering using Supertrend methodology
• Bullish and bearish momentum signals with trend confirmation
• Divergence detection between price and the Composite RSI
• Dynamic area fills and visual momentum shading
• Built-in alert conditions for key events
### How It Works
The script first calculates three independent volume-based indexes:
• Positive Volume Index (PVI)
• Negative Volume Index (NVI)
• On-Balance Volume (OBV)
An RSI is then calculated for each component. The average of these values forms the Composite RSI, which is subsequently smoothed to reduce noise and improve readability.
A secondary RSI oscillator is generated from the Composite RSI itself, creating an additional layer of momentum analysis that can help identify shifts in directional strength.
### Trend Confirmation
To reduce counter-trend signals, the indicator incorporates a Supertrend-based trend filter.
Bullish momentum signals are generated only when the trend filter indicates a bullish environment.
Bearish momentum signals are generated only when the trend filter indicates a bearish environment.
This approach helps align momentum events with broader directional market conditions.
### Divergence Detection
The indicator automatically searches for potential divergences between price action and the Composite RSI.
Bullish divergence may occur when price forms a lower low while the Composite RSI forms a higher low.
Bearish divergence may occur when price forms a higher high while the Composite RSI forms a lower high.
Divergence signals are visualized directly on the oscillator using pivot-based detection logic.
### Visualization Features
• Composite RSI line
• Smoothed signal line
• Dynamic momentum fills
• Overbought and oversold markers
• Trend-filtered signal circles
• Divergence labels and connecting lines
• Momentum gradient visualization
### Alerts Included
• Bullish Momentum Signal
• Bearish Momentum Signal
• Overbought Event
• Oversold Event
### Notes
This indicator is intended for market analysis and educational purposes only. Signals, divergences, trend filters, and oscillator conditions should be used alongside a complete trading plan and appropriate risk management techniques.
No indicator can guarantee future market outcomes, and all market decisions remain the responsibility of the user.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.