The relative strength index (RSI) is a popular momentum oscillator introduced in 1978. The RSI provides technical traders with signals about bullish and bearish price momentum, and it is often plotted beneath the graph of an asset's price. The Relative Strength Index (RSI) is a technical indicator that is used to measure the strength of a trend. It is calculated by taking the average of the asset's gains over a given time period and dividing it by the average of the asset's losses over the same time period. The resulting value is then plotted as a line on a chart with a range from 0 to 100. Traders often use the RSI to identify overbought and oversold conditions, as well as potential trend reversals. A reading above 70 is generally considered to indicate an overbought condition, while a reading below 30 is generally considered to indicate an oversold condition. In addition, a trader might look for divergences between the RSI and the price action as a potential trend reversal signal.  Overall, the RSI is a useful tool for identifying the strength of a trend and can be a helpful addition to a trader's toolkit. The RSI indicator for the Jackrabbit suite and modulus framework supports differential timeframe analysis and confirmational bias. Timeframes supported: 1 Second, 5 Seconds, 15 Seconds, 30 Seconds, 1 Minute, 5 Minutes, 15 Minutes, 30 Minutes, 45 Minutes, 1 Hour, 2 Hours, 3 Hours, 4 Hours, 6 Hours, 8 Hours, 12 Hours, 1 Day, and any custom timeframe TradingView supports. This is an updated view of RSI and supports traditional overbought/sold boundaries and cross over regions. There is also an added smoothing ability to enhanced analysis. The main indicatior and the confirmational indicator can both be
individually tuned for the length and smoothing, with many different moving
average types:
The Jackrabbit modulus framework is a plug in play paradigm built to operate through TradingView's indicator on indicatior (IoI) functionality. As such, this script receives a signal line from the previous script in the IoI chain, and evaluates the buy/sell signals appropriate to the current analysis. The results are either combined with the signal line, or used as confirmation to the signal line. A new signal line is generated for the next script in the link. Buy/Sell alerts are produced, but this script is not designed or meant to function outside my framework. By default, the signal line is visible and the charts are turned off. Signal line visibility is controlled by the Style tab, and the charts display is controlled by the indicator settings tab. This script is part of a subscription along with 20 other scripts that make up Jackrabbit TV. For more information, please visit my patreon site. |
