This is a very simple but useful indicator that draws visual RSI signals to your chart. You can also use it to set RSI alerts whenever a market enters an extreme RSI condition.

How It Works

Whenever the RSI is above the given Overbought threshold the script will draw red arrows above the candles.

Whenever the RSI is below the given Oversold threshold the script will draw green arrows below the candles.

I personally use this on my spare chart monitors that track various market indexes. It is very useful for reducing chart indicator clutter while also being able to tell at a glance if RSI is overbought or oversold.

Settings

RSI Length:
This sets the calculation period for the RSI.

RSI Overbought:
This sets the overbought threshold.

RSI Oversold:
This sets the oversold threshold.

Draw On Candles Yet to Close:
If disabled then the script will not draw signals on the current candle until the candle closes.

Source Code

// Created by Matthew J. Slabosz
// www.zenandtheartoftrading.com
// @version=3
study(title="MJS - RSI+ (Overbought/Oversold Indicator)", shorttitle="RSI+", overlay=true)

// Get user input
rsiLength = input(14, title="RSI Length:", type=integer, minval=1)
rsiOverbought = input(70, title="RSI Overbought:", type=integer, minval=1)
rsiOversold = input(30, title="RSI Oversold:", type=integer, minval=1)
drawOnRT = input(title="Draw On Candles Yet To Close:", type=bool, defval=true)

// Check to see if RSI has crossed our threshold
rsi = rsi(close, rsiLength)
rsiOB = rsi >= rsiOverbought
rsiOS = rsi <= rsiOversold

// Plot signals and trigger any alerts
plotshape(rsiOS and (barstate.ishistory or drawOnRT), title= "Oversold", location=location.belowbar, color=green, transp=0, style=shape.triangleup, text="")
plotshape(rsiOB and (barstate.ishistory or drawOnRT),  title= "Overbought", color=red, transp=0, style=shape.triangledown, text="")
alertcondition(rsiOB or rsiOS, title="RSI+ Alert!", message="RSI Alert for ")

Last Updated: 21st March, 2019

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