RSI Extreme Retest [josseliani]RSI Extreme Retest identifies a two-stage momentum reversal structure inside the RSI oscillator.
The first stage begins when RSI reaches an upper or lower extreme. This initial entry into the overbought or oversold zone is not treated as a reversal signal.
After the first extreme, RSI must cool down to a configurable level. The indicator then waits for RSI to return to the corresponding retest zone without significantly breaking the first RSI peak or bottom.
A confirmed second signal appears after RSI begins moving away from the retest area in the opposite direction.
If RSI reaches the opposite extreme zone before the retest is completed, the previous setup is cancelled.
Users can choose to display either the first extreme signal or only the second confirmed retest signal.
The indicator can be used on any timeframe, and alerts can be created for both the initial and confirmed signals.
Confirmed second signals can also be displayed as arrows directly on the price chart.
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