The cleanest, most accurate, easy-to-use RSI out there.
This indicator is an extremely accurate take on the RSI. I will continue to refine the indicator and add more features, but as it is, this is still one you can make a lot of money with.
Most of you are familiar with and use an RSI indicator so I will keep this description as brief as possible: The Relative Strength Index (RSI), developed by the legendary J. Welles Wilder, is a momentum oscillator that measures the speed and change of price movements; it oscillates between 0 - 100, with levels set as Overbought and Oversold. These levels are where a trader make look for a reversal; however, they must keep in mind in an uptrend or bull market, the RSI values tend to remain in the 40 - 90 range; 40 - 50 zone often will act as support. More advanced traders will also look for divergences between the price and the oscillator (i.e. price trending upward while oscillator trending downward). As far as oscillators go, the RSI is one of the most frequently used, by both advanced and beginner traders alike.
How the Awesome RSI+ is different:
• This indicator will act similarly to a regular RSI (Relative Strength Indicator) in that there are both Oversold and Overbought levels, but also volatility bands around it to allow for more accurate signals whilst moving the Oversold (OS) and Overbought (OB) levels further apart (less false OB/OS signals); it's able to detect some pretty big moves with both speed and accuracy.
• Works great on multiple timeframes. It may not catch every rally, but it will catch most --even on smaller timeframes (i.e. 1, 3, 5 minutes, etc).
• As with all of my scripts, fully customizable:
You can change the up and down colors on the RSI ribbons and the color and style (i.e. dotted shown) of Overbought / Oversold lines.
• The alerts include both the super accurate Bullish and Bearish signals shown with the background highlights. They are pre-filled, so it will automatically display the price and time that the alert went off for you.