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VRSI-MARSI B

I wanted to create an indicator which resembles price movement, aside to volume movement.

MARSI (= MA RSI (close)) = "yellow-blue" line which is the MA(5) of the RSI (9) of closing price.
VRSI (= MA RSI ( Volume )) = "orange" line which is the MA(5) of the RSI (9) of Volume .

(Default plot of RSI and VRSI is not visible but can be made visible ("Settings" > "Style" > set "Opacity" of "RSI & VRSI"))

Because it still is a RSI indicator, the midline (50), and Oversold/Overbought area's (20-30 & 70-80) are important to watch, especially the MARSI!

Comparing the price movement with the "orange" Volume VRSI line helps to spot a possible trend change,
for example when price goes up and an ascending Volume VRSI line starts to flatten or starts descending,
this could be a sign that the Bullish trend is weakening, predicting a possible trend change.
Or, when for example a downwards price movement is accompanied with a rising Volume VRSI line, this can be a sign of large Bearish power.

This study comes with Bollinger Bands as an assisting tool, it is default made not visible but can be made visible
("settings" > "style" > Set "Opacity" of "basis, upper & lower")
You can see where the MARSI ("yellow-blue" line) crosses the "basis", or bounces off the bands, ...

All this is seen in "VRSI-MARSI B"

"VRSI-MARSI A" contains the alerts:

1) Long/Short = "Triangle UP/DOWN", color: lime/red
Condition: Movement of MA(5) of RSI (9) of price (close )
2) Long2/Short2 = ">", color: lime/red
Condition: Long/Short condition is true for 2 or more bars (= continuation)
3) Long3/Short3 = "•", color: lime/red
Condition: MA RSI (Close) crosses MA RSI ( Volume )

1 or more alerts can easily be disabled if desired (settings > inputs)

Thanks!

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More information available in the script ;-)
Nov 05
Sürüm Notları: The Bollinger Bands can now be easily enabled/disabled:
> Settings > Inputs > just switch the "BB_basis" (centre line) checkbox and/or "BB_upper_lower" (upper & lower bands) checkbox on/off

Also, The RSI-VRSI plot can now easily be made visible:
> Settings > Inputs > switch off the "MARSI_MAVRSI" checkbox and you'll see the "RSI-VRSI" plot,
,
switching the "MARSI_MAVRSI" checkbox back on
gives you the "MA RSI(close) - MA RSI(volume)".
Nov 06
Sürüm Notları: Added extra "Traffic Lights", for better visibility (default = off)
(settings > inputs > Checkbox "Traffic_lights" (= on/off)

- Upper "Yellow/Blue" square-band:
- "MA RSI(close)" ascending = "Yellow coloured"
- "MA RSI(close)" descending = "Blue coloured"
- Lower "Lime/Red" square-band:
- "MA RSI(close) > MA RSI(volume) = "Lime coloured"
- "MA RSI(close) < MA RSI(volume) = "Red coloured"


When this plot is switched on, the crossing of "MA RSI(close)" and "MA RSI(volume)" isn't visible between Lines "20-30" and "70-80"
(then they are just plain red & green, otherwise it is 2 times the same thing). If the plot "Traffic_lights" is switched off, the colour fill
between Lines "20-30" and "70-80" will be visible again and will represents the crossing of "MA RSI(close)" and "MA RSI(volume)" once more.
Nov 08
Sürüm Notları: Some changes:

Buttons (Settings > Inputs):

- ON = MARSI/MAVRSI, OFF = RSI/VRSI:
Changes the plot between MARSI/MAVRSI & RSI/VRSI;

Bollinger Bands "BB basis", "BB upper & lower bands" and "Traffic lights" changes together with the plot change (= NEW)!

- Traffic Lights ON/OFF, changes with plot ("MARSI/MAVRSI" or "RSI/VRSI")

- BB basis ON/OFF, changes with plot ("MARSI/MAVRSI" or "RSI/VRSI")
- BB upper & lower bands ON/OFF, changes with plot ("MARSI/MAVRSI" or "RSI/VRSI")
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