RSI Support & Resistance by DGT

8 de mar. de 2021

RSI Sᴜᴘᴘᴏʀᴛ & Rᴇꜱɪꜱᴛᴀɴᴄᴇ ʙʏ DGT

This experimental study attempts to translate Relative Strength Index (RSI) threshold levels of oversold/overbought and bull/bear zones as probable Price Support and Resistance levels

█ OPTIONS

• Support & Resistance Levels, the main aim of the study. Level calculations are based on Relative Strength Index (RSI) threshold levels of oversold/overbought and bull/bear zones, where all threshold values are customizable through the user dialog box. Background of the levels can be colored optionally
• RSI Weighted Colored Bars and/or Mark Overbought/Oversold Bars , [optional] Bar colors can be painted to better emphasis RSI values. Darker colors when the oscillator is in oversold/overbought zones, light colors when oscillator readings are below/above the bull/bear zone respectively, and remain unchanged otherwise. Besides the colors, with “Display RSI Overbought/Oversold Price Bars” option little triangle shapes can be plotted on top or bottom of the bars when RSI is in oversold/overbought zones

Example usage of the study with explanations



█ OTHERS

More regarding Support & Resistance concept (definition, identifying levels, trading S&R, etc) you are kindly invited to check my previous publication
Price Action - Support & Resistance by DGT

More regarding Relative Strength Index (RSI) and Relative Strength of Volume Indicators, please check Relative Strength of Volume Indicators by DGT


Disclaimer:
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely

The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script

12 de mar. de 2021

Notas de Lançamento

Minor Update

* Organized Script Inputs in Sections

* Added Alerts

* Changed study code to look programmatically nicer (no functionality change)

22 de mar. de 2021

Notas de Lançamento

Now available with On Balance Volume (OBV) option as RSI Source

8 de mar. de 2022

Notas de Lançamento

major update - added ability to display RSI Oscillator on top of price chart (overlay), aplicable for both log and linear scale on all timeframes

2 de fev.

Notas de Lançamento

What’s New

⯌ Pine Script v6 Upgrade

The script has been fully migrated to Pine Script v6, ensuring improved execution efficiency, cleaner internal logic, and long-term compatibility with TradingView’s latest features.

⯌ Enhanced Tooltips & Wording

Input descriptions and tooltips have been rewritten to clearly explain each option’s purpose, calculation logic, and practical impact. This helps users better understand RSI zones, thresholds, and overlay behavior without referring to external documentation.

5 de abr.

Notas de Lançamento

RSI Support & Resistance — Update

Reverse RSI Price Levels - New

The most significant addition to this script. Rather than only showing where RSI has been, the indicator now answers a forward-looking question: what price does the market need to reach on the current bar to push RSI to each threshold level?
Five levels are calculated simultaneously — Overbought, Bull Zone, Midline (50), Bear Zone, and Oversold — and displayed as labels at the right edge of the chart. Each label shows the required price, distance from current price in both absolute and percentage terms, and the current RSI value for quick context. When a target RSI level is already met, the label displays a ✓ confirmation rather than disappearing, so all five levels remain visible at all times.
This bridges the gap between oscillator analysis and price action — RSI conditions are expressed directly as price targets traders can act on.

Reverse RSI Price Bands - New

An optional continuous band display plots the required price levels across historical bars, showing how each RSI target has evolved over time. Useful for spotting whether a target level is converging toward or diverging from current price. The bullish and bearish zones between OB/Bull and Bear/OS are filled for visual clarity, consistent with the existing S&R zone presentation.

RSI S&R Zone toggle

The historical S&R zone plots can now be disabled independently. Traders who want to use the script purely for Reverse RSI levels and the RSI overlay — without the historical crossover zones — can now do so cleanly without removing the indicator.

User-configurable colors

Bullish, Bearish, and Neutral colors are now fully configurable and propagate consistently across all components — S&R zones, overlay reference lines, fills, and Reverse RSI labels.

18 de jul.

Notas de Lançamento

RSI Support & Resistance — Reverse RSI Fix

What Changed

Reverse RSI labels (OB, Bull Zone, Midline, Bear Zone, OS) previously determined direction using a fixed 50-level rule instead of the current RSI value. This caused the Midline (RSI 50) to freeze during bullish trends and could affect other labels in strong market conditions.

The logic now compares each target directly to the live RSI value, ensuring labels correctly indicate whether price must rise or fall to reach the target in both bullish and bearish markets.

Credit

Thanks to the RENDI_R who reported that the Midline failed to pull back during bullish trends