This is a modified version of LazyBear's RSI
Bands script. I added the possibility to display multiple RSI
bands, so you can see the zones, where it is viable to enter a long or a short. You can also use different time frames, so you can visually see where any specific value of RSI
is for your given time frame. This gives you a lot of possibilities. Default settings use 1h time frame and the most common reversal areas for RSI
. Feel free to change the settings as you see fit. If the script makes your candles too small, you can go to style and turn off individual RSI
bands. After that you will still be able to see the zones, but the scale of your chart won't be affected.
It also displays the middle line, which shows you the current trend and can prevent you from entering a long, when RSI
is oversold during a strong downtrend or a short, when RSI
is overbought during a strong uptrend.
Do not forget to use a proper stop loss and risk management.
Here you can see it in action in different markets:
BTC - BitMex
NASDAQ Composite - Stocks
EUR / USD - Forex