The RSI with Reverse RSI indicator is a powerful tool designed for traders who want an enhanced view of market momentum using two complementary RSI calculations: 1. Standard RSI: The classic Relative Strength Index (RSI) to measure overbought and oversold conditions. 2. Reverse RSI: A flipped version of RSI, offering an inverted perspective to provide additional context for decision-making.
Features: • Dynamic Colors: • Green indicates the RSI is above the upper threshold. • Red indicates the RSI is below the lower threshold. • Customizable Levels: Set your preferred overbought/oversold levels for both RSI calculations. • Alerts: Optional real-time alerts notify you when the RSI crosses the 50-level midpoint. • Visual Simplicity: Both RSIs are plotted as lines with changing colors, making it easier to interpret.
Use Cases: • Spot potential reversals with overbought/oversold levels. • Monitor momentum shifts when crossing the 50-level midpoint. • Combine insights from standard and reversed RSIs for better entry/exit strategies.
Customization Options: • Periods for both RSIs. • Levels for determining overbought/oversold conditions. • Enable/disable alerts for RSI midpoint crossings.
Whether you’re a beginner or an experienced trader, this indicator simplifies the RSI analysis by combining the standard and flipped RSI in one chart.