RSI Oversold/Overbought Exit Signals

🍀Overview

This script is built on top of TradingView’s original Relative Strength Index (RSI) indicator. It preserves the original RSI calculation, visualization, smoothing options, Bollinger Band option, and regular bullish/bearish divergence functionality, while adding customizable overbought/oversold exit signals directly on the main price chart.

🍀Features

Standard RSI calculation with configurable length and source.
Configurable overbought and oversold levels, used for both the RSI bands and signal logic.
Long-bias markers appear when RSI crosses back above the oversold level.
Short-bias markers appear when RSI crosses back below the overbought level.
Optional bar-close confirmation helps prevent signals from appearing before the current candle has closed.
Signals are displayed on the main chart while RSI remains in its own pane.
Includes the original RSI smoothing choices: SMA, EMA, SMMA/RMA, WMA, VWMA, and SMA with Bollinger Bands.
Includes optional regular bullish and bearish divergence detection and alerts inherited from the original TradingView RSI script.
Different from the original RSI script, a single configured “Any alert() function call” alert can trigger for both RSI oversold-exit and overbought-exit signals. The alert message identifies whether RSI crossed above the oversold level or below the overbought level.

🍀Inputs

RSI Length: Number of bars used in the RSI calculation. Default: 14.
Source: Price source used to calculate RSI. Default: close.
Calculate Divergence: Enables regular bullish and bearish RSI divergence detection.
Show Overbought/Oversold Exit Signals: Shows or hides the Long bias and Short bias markers on the price chart.
Oversold: RSI level used to define the oversold zone and the oversold-exit signal. Default: 30.
Overbought: RSI level used to define the overbought zone and the overbought-exit signal. Default: 70.
Confirm Signals On Bar Close: When enabled, a signal is confirmed only after the candle closes.

🍀Usage

A Long bias marker is generated when RSI crosses above the selected oversold level, indicating that RSI has exited the oversold zone.
A Short bias marker is generated when RSI crosses below the selected overbought level, indicating that RSI has exited the overbought zone.
For example, with the default settings, a Long bias marker appears when RSI crosses above 30, while a Short bias marker appears when RSI crosses below 70.
These signals are intended as momentum and condition-change references, not standalone entry or exit instructions. Consider confirming them with trend direction, market structure, support and resistance, volume, or other analysis tools.

🍀Disclaimer

This script is built on top of TradingView’s original RSI indicator and adds custom signal functionality. It is provided for informational and educational purposes only and does not constitute financial, investment, or trading advice.
RSI levels, crossovers, and divergences do not guarantee future price direction or performance. Long bias and Short bias markers are not buy or sell recommendations. Always perform independent analysis and use appropriate risk management before making trading decisions.

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