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RSI

This document is a Pine Script code for a custom Relative Strength Index (RSI) indicator. It allows users to configure the RSI length, source, moving average type, and Bollinger Bands settings. The script plots the RSI, its moving average, and optional Bollinger Bands on a chart, providing visual indicators for overbought and oversold conditions.

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The Famous Trader nifty banknifty
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4 views

RSI

This document is a Pine Script code for a custom Relative Strength Index (RSI) indicator. It allows users to configure the RSI length, source, moving average type, and Bollinger Bands settings. The script plots the RSI, its moving average, and optional Bollinger Bands on a chart, providing visual indicators for overbought and oversold conditions.

Uploaded by

The Famous Trader nifty banknifty
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
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//@version=5

indicator(title="My Relative Strength Index", shorttitle="RSI",


format=format.price, precision=2, timeframe="", timeframe_gaps=true)

ma(source, length, type) =>


switch type
"SMA" => ta.sma(source, length)
"Bollinger Bands" => ta.sma(source, length)
"EMA" => ta.ema(source, length)
"SMMA (RMA)" => ta.rma(source, length)
"WMA" => ta.wma(source, length)
"VWMA" => ta.vwma(source, length)

rsiLengthInput = input.int(14, minval=1, title="RSI Length", group="RSI Settings")


rsiSourceInput = input.source(close, "Source", group="RSI Settings")
maTypeInput = input.string("SMA", title="MA Type", options=["SMA", "Bollinger
Bands", "EMA", "SMMA (RMA)", "WMA", "VWMA"], group="MA Settings")
maLengthInput = input.int(50, title="MA Length", group="MA Settings")
bbMultInput = input.float(1.5, minval=0.001, maxval=50, title="BB StdDev",
group="MA Settings")

up = ta.rma(math.max(ta.change(rsiSourceInput), 0), rsiLengthInput)


down = ta.rma(-math.min(ta.change(rsiSourceInput), 0), rsiLengthInput)
rsi = down == 0 ? 100 : up == 0 ? 0 : 100 - (100 / (1 + up / down))
rsiMA = ma(rsi, maLengthInput, maTypeInput)
isBB = maTypeInput == "Bollinger Bands"

plot(rsi, "RSI", color=#7E57C2)


plot(rsiMA, "RSI-based MA", color=color.orange)
rsiUpperBand = hline(70, "RSI Upper Band1", color=#787B86)
rsiUpperBand1 = hline(60, "RSI Upper Band", color=#4d3aae)
hline(50, "RSI Middle Band", color=color.new(#787B86, 50))
rsiLowerBand = hline(30, "RSI Lower Band1", color=#787B86)
rsiLowerBand1 = hline(40, "RSI Lower Band", color=#9c4a52)
fill(rsiUpperBand1, rsiLowerBand1, color=color.rgb(126, 87, 194, 90), title="RSI
Background Fill")
bbUpperBand = plot(isBB ? rsiMA + ta.stdev(rsi, maLengthInput) * bbMultInput : na,
title = "Upper Bollinger Band", color=color.green)
bbLowerBand = plot(isBB ? rsiMA - ta.stdev(rsi, maLengthInput) * bbMultInput : na,
title = "Lower Bollinger Band", color=color.green)
fill(bbUpperBand, bbLowerBand, color= isBB ? color.new(color.green, 90) : na,
title="Bollinger Bands Background Fill")

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