RSI-EMA Indicator
This indicator calculates and plots 2 separate EMAs of the RSI. The default settings below work great on SPX/SPY daily chart. General rule is if an EMA is above 50, the stock's near term outlook is bullish. If an EMA is below 50, the near term outlook is bearish. Personally, I like to use a fast EMA as a buy signal and a slow EMA as a sell signal.
Default settings:
RSI = 50
EMA1 = 100
EMA2 = 200
Default settings:
RSI = 50
EMA1 = 100
EMA2 = 200
Kory Hoang (stably.io)
study(title="marsi", shorttitle="marsi", overlay=false) basis = rsi(close, input(50)) ma1 = ema(basis, input(100)) ma2 = ema(basis, input(200)) oversold = input(40) overbought = input(60) plot(ma1, title="RSI EMA1", color=blue) plot(ma2, title="RSI EMA2", style=line, color=green) obhist = ma1 >= overbought ? ma1 : overbought oshist = ma1 <= oversold ? ma1 : oversold plot(obhist, title="Overbought Highligth", style=histogram, color=maroon, histbase=overbought) plot(oshist, title="Oversold Highligth", style=histogram, color=green, histbase=oversold) i1 = hline(oversold, title="Oversold Level", color=white) i2 = hline(overbought, title="Overbought Level", color=white) fill(i1, i2, color=olive, transp=100) hline(50, title="50 Level", color=white)
