This indicator fixes RSI's bullish bias. This asymmetrical bias is illustrated in the chart below (the lower indicator pair).
This chart also shows that TRSI solves this issues (upper indicator pair). So, time to throw away your RSI. It has been fooling you all along.
FYI, this asymmetry is obvious in longer term charts (wide price ranges).
I kept this...
This indicator is based on Volatility and Market Sentiment. When volatility is high, and market sentiment is positive, the indicator is in a low or 'buy state'. When volatility is low and market sentiment is poor, the indicator is high.
The indicator uses the VIX as it's volatility input.
The indicator uses the spread between the Call Volume on SPX/SPY and the...
This Indicator shows you the strength of the Currency in comparison for all other Main Currencys at the timeframe you choose.
The Currencys in this Indicator is: EUR, USD, GBP, CHF, AUD, CAD, JPY
The Base is the RSI (relative strength Indicator) with the following Currency pairs:
eurusd, eurgbp, euraud, eurjpy, eurcad, eurchf
usdeur, usdgbp, usdaud, usdjpy,...
Stochastic Rainbow consists of 8 stochastic oscillators with different speeds. So It has lower noises and better visualization comparing to simple stochastic.
I welcome comments, suggestions.
This script combines the RSI, Stochastic RSI, and Stochastic to all be in one place for ease of use.
Nothing really new, just a script to streamline and create a convenient view of normal indicators
The Script is for use with the strategy of the 4 rules of Daven Icao. It is an RSI (black) with two Emas, 3 (blue) and 10 (red). To buy the RSI is expected to cross with the Emas in oversold zone, which is level 25; level 75 is an overbought area where we expect the RSI to cross with the Emas. If you consider that this script can be used in another strategy, use...
3x stochastic oscillators (K only), set the timeframe you want the stoch to be based off.
Smooth and length is hard-coded to give easy view of the time-frame set in the indicator arguments shown on-chart. Edit these in the Pine Editor as needed.
smooth = 6
length1 = 5
length2 = 8
length3 = 14
Overlaying up to 4 Bollinger Bands over each other.
Individually BBs only show coloring background and the overlaping area where the bot would try to buy is a lime rectangle.
![BLX: True Relative Strength Index (True RSI / TRSI) [cI8DH]](https://s3.tradingview.com/k/kfFjkxCa_mid.png "True Relative Strength Index (True RSI / TRSI) [cI8DH]")
![SPX: @WACC Volatility Weighted PUT/CALL Positions [SPX]](https://s3.tradingview.com/g/GcQQf1gX_mid.png "@WACC Volatility Weighted PUT/CALL Positions [SPX]")
![BTCUSDT: Stochastic Rainbow [SHK]](https://s3.tradingview.com/e/eVYlQl6l_mid.png "Stochastic Rainbow [SHK]")
![BTCUSD: [RS]RSI Divergence V6](https://s3.tradingview.com/e/EvxrInX6_mid.png "[RS]RSI Divergence V6")
