In simple terms, RERSI plots lines on the price chart that reflect levels of the RSI . E.g. if you set up a RERSI line at a level of 50, then price will touch that line when the standard RSI indicator reads 50. Hopefully that makes sense, but compare the two if it doesn't.
Why is the RERSI useful if it's just plotting RSI values? Well, it simplifies things, and enables you to get a clearer picture of trend direction, RSI support and resistance levels, RSI trading signals, and it keeps your chart window uncluttered.
I've set up 5 RERSI lines to be plotted: Overbought and Oversold Levels, a Middle Level (generally leave this at 50), and then Down/Up Trend Lines. The latter two are loosely based on the work of Constance Brown (and they in turn were influenced by Andrew Brown), who posited that RSI doesn't breach certain levels during trends (e.g. 40-50 is often a support level during an uptrend).
Play around with the levels, and the RSI Length, to see how your particular market reacts, and where key levels may lie. Remember, this isn't meant as a stand-alone system (although I think there's potential to use it as such, especially with price action trading - which I guess wouldn't make it stand-alone then!!), and works best with confirmation from other sources.
Oh, and there's MTF capability, because I think that's useful for all indicators.
Any queries, please let me know.
Cheers, RJR
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v 1.1 - Update so script works with crypto markets (huge thanks to @NeoButane for pointing this out and providing the fix!)
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Update to add a Zero Lag Moving Average to smooth the lines. This should make the signals much clearer.
Here's a couple of ways that you can stack different methods of support/resistance to develop stronger levels to trade (these are Monthly/Yearly Camarilla Pivots). Everything is easier in hindsight, but that's how we learn... Train yourself on setups that have worked, and look at how they would have developed in real-time. Then start applying those to the markets.
UnknownUnicorn21483368
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thanks. it is super
ilesanmipepsi
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I think this script is best used with pivot point techniques. Thanks for sharing.
ilesanmipepsi
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@ilesanmipepsi, I have just falling in love with this script! Thanks for sharing it, once again!
kiero
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Hello and thank you for a nice and clean indicator! I think it should get more likes compared to other reverse engineered indicators. The MTF functions is very useful. I would like to ask you if it's possible to automate it a bit. Like, e.g., to have the opportunity to show the midline of an RSI 36 times higher than current TF. Or a fixed setting: for m1-m5 --> a 3h midline; for m6-m10 --> a 6h midline; for 15m - 8h; for 40m - 1D; for 4h - W etc.
kiero
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@kiero, I can't edit it. Just a quick note, that I don't really think my request is worth the while. It won't give one an edge on many assets. (Although I'd enjoy having that automatic MTF functionality on some indicators).
RolandJ22
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Thanks for the great script with MTF capabilities! Question: Instead of using ZEMA, would it be possible to enrich the script with the following plotting logic: If the prior close is smaller or equal the prior 70-level (ie nL1 in script is calculated for 70 RSI), than plot the minimum out of "the current calculated 70-level and the last plotted x70", otherwise plot the maximum out of "the current calculated 70-level and the last plotted x70". x70 is the last plotted value based on above condition. The result as an example would look like on this chart (Upper levels are RSI 70, lower levels are RSI 30): s3.tradingview.com/snapshots/w/W61dzY2c.png Script is implemented with a varip (don't know if right approach) for x70 but can't get it to work properly on MTF.
justicesieglinger
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Awesome script, I was playing around with the RSI Candle indicator a while back to create a strategy but this is ultimately what I was envisioning to do with it. Thanks for your time and effort