OPEN-SOURCE SCRIPT
RSI + MA Modified
The original indicator has been modified to speed up the sensitivity of the RSI (new default is 9 SMA periods) and to use a 19 EMA as the trigger line. Background fill has been added to highlight when the RSI is greater than the trigger (green fill), and when the RSI is less than its trigger (red fill). The changes modify the focus of the indicator, typically used as an 'Overbought' / "Oversold' indicator when the RSI is above 70 or below 30, to a focus on when the RSI has changed its Trend by going above or below 50.
Much as the Bolliinger Bands use 20 as the Basis for recognizing the change in direction of a trend, this modified RSI + MA indicator uses the 9 SMA changing from below to above 50, or above to below 50 as the identification of Trend direction changing.
Much as the Bolliinger Bands use 20 as the Basis for recognizing the change in direction of a trend, this modified RSI + MA indicator uses the 9 SMA changing from below to above 50, or above to below 50 as the identification of Trend direction changing.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.