RSI Candlestick Trend Suite

RSI Candlestick Trend Suite

This indicator presents the Relative Strength Index (RSI) as candlesticks instead of a traditional line, providing a different perspective on momentum behavior and trend development.

The script combines several RSI-based analytical tools into a single oscillator panel:

• RSI Candlestick Visualization

* Displays RSI values as candle structures.
* Highlights momentum expansion and contraction.
* Improves visibility of short-term RSI direction changes.

• Moving Average Overlay

* Supports SMA, EMA, WMA, VWMA, and SMMA (RMA).
* Can be used to identify RSI trend direction and momentum shifts.

• Bollinger Bands on RSI

* Optional Bollinger Bands calculated directly from RSI values.
* Adjustable standard deviation multiplier.
* Optional filled band visualization.

• RSI-Based Supertrend

* Applies a Supertrend calculation to RSI candle data rather than price.
* Helps identify momentum trend changes within the oscillator.
* Customizable ATR length and multiplier settings.

• Buy and Sell Markers

* Optional signals generated when the RSI Supertrend changes direction.

This indicator is designed to assist with momentum analysis, trend identification, and RSI-based market structure observation. It may be used alongside other forms of technical analysis and risk management techniques.

The script is intended for educational and analytical purposes only and should not be considered financial advice.

Short Description
RSI candlestick visualization with moving averages, optional Bollinger Bands, and an RSI-based Supertrend for momentum and trend analysis.

Note di rilascio

### How It Works — Technical Details

**RSI Candlestick Construction**

Standard RSI indicators display a single line representing the current
RSI value. This script constructs full candlestick bodies from RSI data
by computing four distinct values per bar:

— rsiClose: ta.rsi(source, length) on the current bar
— rsiOpen: ta.rsi(source[1], length) — the previous bar's RSI close,
used as the current candle's open
— rsiHigh: math.max(rsiClose, rsiOpen)
— rsiLow: math.min(rsiClose, rsiOpen)

This means each RSI candle body represents the directional movement of
RSI momentum between the current and previous bar, and the wick range
represents the full extent of that movement. Bullish candles (green)
form when RSI closed higher than it opened; bearish candles (red) form
when it closed lower.

**RSI-Based Supertrend**

The Supertrend calculation is applied entirely to RSI candle data rather
than price. A custom True Range is computed from the RSI candle values:

rsiTR = math.max(
rsiHigh − rsiLow,
math.abs(rsiHigh − rsiClose[1]),
math.abs(rsiLow − rsiClose[1])
)

ATR is then derived from this RSI True Range using ta.rma() (Wilder's
smoothing). Upper and lower Supertrend bands are calculated as:

— basicUpper = rsiHL2 + factor × rsiATR
— basicLower = rsiHL2 − factor × rsiATR

Band values are locked using standard Supertrend logic: the upper band
only resets when RSI closes above it; the lower band only resets when
RSI closes below it. Trend direction flips from bullish to bearish when
RSI closes below the locked lower band, and from bearish to bullish when
RSI closes above the locked upper band. Buy and sell signals are
generated only on the bar where the trend direction changes.

**Moving Average and Bollinger Bands**

A unified ma() function handles five smoothing types applied to rsiClose:
— SMA: ta.sma()
— EMA: ta.ema()
— WMA: ta.wma()
— VWMA: ta.vwma()
— SMMA (RMA): ta.rma()

When Bollinger Bands mode is selected, the MA becomes a simple moving
average and upper/lower bands are drawn at ± N standard deviations
(ta.stdev) of the RSI values, making the bands expand during high RSI
volatility and contract during low RSI volatility.

### How To Use

1. RSI Candle Length — standard setting is 14; lower values produce
more sensitive, faster-moving candles; higher values produce
smoother, slower candles
2. RSI Supertrend:
— ATR Length controls how many RSI bars are used to compute
RSI volatility; 10 is the default
— Factor controls band width; higher values produce fewer
signals and wider bands; lower values produce more signals
— Buy (B) labels appear at the bottom when Supertrend flips bullish
— Sell (S) labels appear when Supertrend flips bearish
3. Moving Average on RSI:
— Use EMA or SMMA for smoother RSI trend direction
— Use Bollinger Bands to identify RSI compression and expansion
periods; narrow bands suggest upcoming momentum moves
4. Reference lines at 70 (overbought), 50 (midline), and 30
(oversold) remain visible to preserve standard RSI context
5. This indicator runs in its own oscillator panel — it does not
overlay on the price chart

### Originality

This script is an original work that applies the Supertrend algorithm
to RSI-derived candlestick data rather than price. The core innovation
is the construction of a True Range and ATR entirely from RSI candle
values — rsiHigh, rsiLow, and rsiClose — which allows the Supertrend
band logic to operate on momentum behavior rather than price volatility.
This produces trend direction signals based on RSI structure rather than
price structure, which is a fundamentally different signal source from
standard Supertrend implementations. The combination of RSI candlesticks,
multi-type MA overlay, Bollinger Bands on RSI, and RSI-based Supertrend
within a single oscillator panel represents the author's own original
approach and is not derived from any existing published script.

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.

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Script open-source

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