I wanted to create an indicator which resembles price movement, aside to volume movement.

MARSI (= MA RSI (close)) = "yellow-blue" line which is the MA(5) of the RSI (9) of closing price.
VRSI (= MA RSI ( Volume )) = "orange" line which is the MA(5) of the RSI (9) of Volume .

(Default plot of RSI and VRSI is not visible but can be made visible ("Settings" > "Style" > set "Opacity" of "RSI & VRSI"))

Because it still is a RSI indicator, the midline (50), and Oversold/Overbought area's (20-30 & 70-80) are important to watch, especially the MARSI!

Comparing the price movement with the "orange" Volume VRSI line helps to spot a possible trend change,
for example when price goes up and an ascending Volume VRSI line starts to flatten or starts descending,
this could be a sign that the Bullish trend is weakening, predicting a possible trend change.
Or, when for example a downwards price movement is accompanied with a rising Volume VRSI line, this can be a sign of large Bearish power.

This study comes with Bollinger Bands as an assisting tool, it is default made not visible but can be made visible
("settings" > "style" > Set "Opacity" of "basis, upper & lower")
You can see where the MARSI ("yellow-blue" line) crosses the "basis", or bounces off the bands, ...

All this is seen in "VRSI-MARSI B"

"VRSI-MARSI A" contains the alerts:

1) Long/Short = "Triangle UP/DOWN", color: lime/red
Condition: Movement of MA(5) of RSI (9) of price (close )
2) Long2/Short2 = ">", color: lime/red
Condition: Long/Short condition is true for 2 or more bars (= continuation)
3) Long3/Short3 = "•", color: lime/red
Condition: MA RSI (Close) crosses MA RSI ( Volume )

1 or more alerts can easily be disabled if desired (settings > inputs)



More information available in the script ;-)
Nov 05
Notas de Lançamento: There are 2 different styles of Plots, just switch the checkbox "Switch_Plot" (settings > inputs) on/of to switch between 2 kind of plots.

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