Double Relative Strength Index - DRSI

🎯 Overview
This is the Double Relative Strength Index (DRSI) indicator for TradingView - an advanced momentum oscillator that applies a unique mathematical transformation to traditional RSI, creating amplified signals with reduced lag while maintaining trend awareness ⚡

🧩 Core Components

⚙️ Indicator Settings

🎛️ Input Parameters
A. 🎨 Color Settings:

6 different color themes: 🎨 Classic, ✨ Neon, 🚀 Modern, 💪 Robust, 🌈 Accented, ⚫⚪ Monochrome

Each theme provides distinct bullish/bearish color pairs

B. 📊 DRSI Configuration:

📏 Length: Default 14 periods

📈 Source: Default close price (customizable)

📈 Long Threshold: Default 57 (asymmetric upper level)

📉 Short Threshold: Default 56 (asymmetric lower level)

🧮 Technical Calculations
A. 📈 Double RSI Formula:

DRSI = 2 × RSI - RSI(RSI)

First: Standard RSI calculation

Second: RSI applied to first RSI values

Mathematical transformation amplifies momentum changes

B. 🔄 State Tracking System:

State persists until opposite threshold is crossed

Reduces whipsaws through state memory

C. 🔔 Signal Detection:

🟢 isBull_D_RSI: (bullish condition)

🔴 isBear_D_RSI: (bearish condition)

🟢 Bull_D_RSI: Crossover signal (DRSI crosses above Long Threshold)

🔴 Bear_D_RSI: Crossunder signal (DRSI crosses below Short Threshold)

👁️ Visual Elements
A. 📉 Main Plots:

📊 DRSI Line: Thick line (width 2) colored conditionally based on position relative to thresholds

🎯 Long Threshold Line: Upper boundary with thematic bullish color

🎯 Short Threshold Line: Lower boundary with thematic bearish color

B. 🎨 Fill Areas:

🟢 Overbought Zone: Filled between DRSI and Long Threshold

🔴 Oversold Zone: Filled between DRSI and Short Threshold

🌈 Dynamic Middle Fill: Adaptive area that shifts based on market state

C. 📊 Enhanced Visualization:

🎨 Colored Candles: Price bars colored based on DRSI signal state

🔺 Signal Markers: Triangle indicators above/below bars for entry signals

📝 Current Value Label: Real-time DRSI value displayed on last bar

D. 📋 Table Display:

Shows "⬆️ Bullish", "⬇️ Bearish", or "🔀 Reversion" with appropriate coloring

🔔 Alert System
🟢 LONG Alert: Triggers when DRSI crosses above Long Threshold

🔴 SHORT Alert: Triggers when DRSI crosses below Short Threshold

Includes ticker symbol in alert message

🏁 Trading Logic
🎯 Primary Signals:
🟢 Bullish Setup:

📈 DRSI crosses above Long Threshold (57)

📊 Bullish state persists while DRSI > Short Threshold

🎨 Visual: Theme bull colors, bullish fills, up triangles

🔴 Bearish Setup:

📉 DRSI crosses below Short Threshold (56)

📊 Bearish state persists while DRSI < Long Threshold

🎨 Visual: Theme bear colors, bearish fills, down triangles

✨ Key Features:
⚡ Amplified Momentum: Double calculation provides faster response than standard RSI

🛡️ State Persistence: Reduces whipsaws by maintaining signal until opposite threshold crossed

🎯 Asymmetric Thresholds: 57/56 levels account for market bias vs traditional 70/30

👁️ Multi-Layer Visualization: Candles, fills, markers, and table provide comprehensive view

🛠️ Customizability: Six color themes adapt to different preferences and trading styles

💻 Code Structure
The script is well-organized with clear sections:

⚙️ Input settings

🧮 DRSI calculations

🔄 State tracking logic

🎨 Color definitions

📊 Multi-layer plotting

📋 Table display

🔔 Alert conditions

🎯 Best Use Cases
📈 Momentum Trading: Detects accelerating/decelerating momentum with reduced lag

🔄 Swing Trading: Asymmetric thresholds work well for swing entry/exit points

⚡ Responsive Signals: Faster than traditional RSI for timely entries

📊 Multi-Timeframe Analysis: Works across various timeframes for confirmation

✅ Signal Filtering: State persistence filters out noise and false breakouts

🏆 Unique Advantages
🎯 Mathematical Innovation: DRSI formula transforms traditional oscillator behavior

🛡️ Reduced Whipsaws: State tracking prevents premature signal reversals

👁️ Comprehensive Display: Four visual layers (candles, fills, markers, table) communicate clearly

⚡ Balanced Responsiveness: Faster than traditional RSI but more stable than raw momentum

💼 Professional Presentation: Clean, modern interface suitable for serious trading analysis

Note di rilascio

Resolution of previous problem

Note di rilascio

Resolution Previous Problem

Note di rilascio

Color Mode – Added 'Heat' option ([#ff0000, #87cefb]).

Dynamic Fill Transparency – Calculates Momentum and Norm_Momentum to set a variable transparency (Fill_Transp) for the overbought/oversold fills, replacing the fixed 0/100 values.

Gradient Candle Colors – Computes a normalized and uses color.from_gradient() to color candles with a smooth transition between down and up colors.

Persistent Trend State – Introduces Trend_ (1 for bull, -1 for bear) that holds the trend direction, used in:

The third fill() (now based on Trend_ instead of a direct.

bgcolor() (now uses Trend_ instead of isBull_/isBear_).

The table and label (display and color based on Trend_).

Label Color – Simplified to use Trend_ colors without transparency.

Script open-source

Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.

Tiagorocha1989

Declinazione di responsabilità

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Script open-source

Tiagorocha1989