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
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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
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
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Minor Update
* Organized Script Inputs in Sections
* Added Alerts
* Changed study code to look programmatically nicer (no functionality change)
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Now available with On Balance Volume (OBV) option as RSI Source
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major update - added ability to display RSI Oscillator on top of price chart (overlay), aplicable for both log and linear scale on all timeframes