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RSI Histogram with 50 as Zero (EMA x1)

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RSI Histogram with 50 as Zero (EMA x1)

This indicator is a simplified RSI (Relative Strength Index) momentum tool designed to make market strength and weakness easier to visualize.

Instead of displaying RSI on its traditional 0–100 scale, the indicator centers RSI around the 50 level, treating it as the zero line. This allows traders to quickly identify bullish and bearish market conditions.

Features

RSI Histogram

The histogram displays RSI values relative to the 50 level.

* Above 0 → Bullish momentum
* Below 0 → Bearish momentum

This provides a clear view of market strength and momentum shifts.

Smoothed RSI EMA

An Exponential Moving Average (EMA) is applied to the RSI to help identify the underlying momentum trend.

* EMA above 0 → Bullish bias
* EMA below 0 → Bearish bias

Color-Coded Momentum

Histogram colors change based on the relationship between RSI and its EMA.

* RSI > EMA → Bright Green
* RSI < EMA → Dark Green

This helps visualize momentum acceleration and deceleration.

Possible Uses

* Trend confirmation
* Momentum analysis
* Pullback and continuation setups
* Divergence analysis
* Confirmation alongside other technical indicators

Notes

This indicator is not intended to generate direct buy or sell signals.

It is designed as a momentum and market-strength visualization tool and works best when combined with price action, volume analysis, trend analysis, and other technical tools.
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Release Notes

・Changed the default EMA Length from 10 to 14.
・Changed the EMA Length input step from 5 to 1 for finer adjustment.
・Changed the RSI Histogram style from histogram to columns.
・Reduced the histogram line width from 2 to 1 for a cleaner display.
・Reduced the RSI EMA line width from 2 to 1.
・Renamed the RSI EMA plot title for simpler labeling.
・Minor code cleanup and comment updates.

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