here is my new creation of modified RSI Indikator.
In order to the RSIEW Version 1 (look below this text) I build a thermal rainbow chart that shows the spectrum with all overbought and oversell phases. The colour spectrum can be compared with a thermal imaging camera.
In one hand, the hottest candles (going into red) show the extrem points of the chart. In trend direction this is often wave 3 of Elliott Waves theory and in correction phase it show the bounce period.
In other hand, the coldest candles (going into blue) show the weak points of the chart. In trend direction this is often a "cooling down" and in big correction phases it demonstrate frozen prices (really unattractive trading time).
Have fun with this and give me a feedback.
Of course, you are invited to follow me.
KIND REGARDS
NXT2017
Notas de Lançamento
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- add manually color choose functions - fixed bugs on color
Hi,Thanks for this amazing indicator.However when im adding this indicator to my chart,the top indicator in your chart which has red and blue colour rsi is not showing,only the down indicator is showing which is exactly similar to version 1.So do i need to change some settings on this for it to look like the indicator on the top of your chart?Help would be greatly appreciated
Kind regards Dr.Indraniil
tradermonitor2
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Hi. Thank you for writing this indicator. I was wondering if I can get a copy of the source code. I wanted to add an RSI divergence and possibly MACD to it. If I do change it, I will give you the credit for it.
Gibson112
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I put the long to 25. Very useful indicator. The pattern from fat to skinny I can trade just off this and price action.
angelitos
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Great Job!
jb305
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Great indicator!! How can I get access to change color in mainchart view?
NXT2017
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@jb1nvesting30, Hi, I don't support it till now. Maybe in the future! What you imagine to changing by the color. You could send also some examples.
jb305
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@NXT2017, changing the colors on the price action in the main chart space window is what i'm referring to.
NXT2017
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@jb1nvesting30, I update this function at now
jb305
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@NXT2017, Thank you so Much !! mOre Profits and happy TRading!
Kind regards
Dr.Indraniil