Vision Essentials - RSI
Vision Essentials - RSI is the first indicator from our essentials pack we have planned. It's our twist on the highly popular RSI (Relative Strength Index) Oscillator.
What makes this indicator different?
How do I use this indicator?
To start using this indicator simply apply it to your chart. We use pre-defined values matching the most common RSI configuration however, you're encouraged to view the settings to fully understand how to adjust the various settings as well as learn how the indicator changes under each individual setting.
What makes this indicator different?
- Based on community feedback we provided users with a visual + adjustable oversold and overbought range to avoid having to redraw boxes during session. Adjusting the settings will update the box positioning on the chart to match.
- We utilize custom inputs to allow users to select HA based open, high, low, and close as well as the usual open, high, low, close, hl2, hlc3, and ohlc4 inputs (more coming soon)
- The indicator will track the values of the recent high & low points of the RSI based on the distance setting. These values are displayed as text floating at the end of the pane, as well as plotted lines for a visual of the past and current high/low points
- The user has complete customization of the color schemes used by: The oversold box, the overbought box, the RSI lower color, the RSI higher color, the recent low color, the recent high color, and the text color. The user can also control the distance that is utilized for finding the recent High & Low points.
How do I use this indicator?
To start using this indicator simply apply it to your chart. We use pre-defined values matching the most common RSI configuration however, you're encouraged to view the settings to fully understand how to adjust the various settings as well as learn how the indicator changes under each individual setting.
- RSI Source - This is the input source the RSI calculation is based on. Close is the most common, and default which utilizes the closing price of candles
- RSI Length - This setting provides the indicator the length (distance) you want the RSI outlook to be based on. The most common is a 14-day timeframe, but keep in mind that the value of 14 on a 15min chart isn't the same as the value of 14 on a 1day chart. The simple way to view this setting is to consider how many candles back you want the calculation to be based on
- RSI Oversold - This setting is considered the "low" level of the RSI. 30 is the most common setting. The lower the RSI, the more momentum that is considered to be in place
- RSI Overbought - This setting is considered the "high" level of the RSI. 70 is the most common setting. The higher the RSI, the more momentum that is considered to be in place
- High/Low Distance - This setting defines the number of candles back that the indicator will look to determine the recent high/low values
- Visual Style - Gradient provides you with a gradient fill between 2 RSI lines. The first is the root RSI based on your RSI settings, and the second is a doubled value which creates the fill gap. Gradient + Highlight is the same as Gradient, but enables coloring on the root RSI edge of the gradient. Highlight Only provides you with a single line based on your RSI settings
- Highlight Color - This setting controls the color of your root RSI plot when using one of the highlight based Visual Styles
- RSI Lower - This setting controls the color used by the indicator when the RSI value is on the lower end of the spectrum
- RSI Higher - This setting controls the color used by the indicator when the RSI value is on the higher end of the spectrum
- Recent Low Color - This setting controls the color used by the indicator for plotting the recent low line
- Recent High Color - This setting controls the color used by the indicator for plotting the recent high line
- Text Color - This setting controls the text color used for the recent high low values at the end of the pane
Notas de Lançamento:
Welcome Alerts! You can now create the following alerts from the indicator:
Changes
How to create alerts
The quickest route for indicator specific alert creation is to hover over the indicator title on your chart "Vision Essentials - RSI" and click the 3 dots at the end. Select the first menu option "Add Alert on Vision Essentials - RSI" and this will bring up the alert creation dialog while also presetting the condition field to the correct indicator.
- RSI - Oversold: This alert triggers if the RSI reaches or drops below your oversold value in the settings.
- RSI - Overbought: This alert triggers if the RSI reaches or exceeds your overbought value in settings.
- RSI - Recent High Change: This alert triggers if the recent high changes (could be higher or lower). The recent high is checking against your distance setting.
- RSI - Recent Low Change: This alert triggers if the recent low changes (could be higher or lower). The recent low is checking against your distance setting.
- RSI - At Recent High: This alert triggers if the current RSI touches the current Recent High Level.
- RSI - At Recent Low: This alert triggers if the current RSI touches the current Recent Low Level.
Changes
- Updated to pine v5
- Replaced custom source selection to built-in to avoid use of security() function
- Added alerts for RSI Oversold, RSI Overbought, RSI Recent High Change, RSI Recent Low Change, RSI At Recent High, and RSI At Recent Low.
How to create alerts
The quickest route for indicator specific alert creation is to hover over the indicator title on your chart "Vision Essentials - RSI" and click the 3 dots at the end. Select the first menu option "Add Alert on Vision Essentials - RSI" and this will bring up the alert creation dialog while also presetting the condition field to the correct indicator.