This an experiment to visualise the famous RSI indicator within a Histogram. Opposed to regular RSI this RSI is plotted into a Histogram and uses different scales (100 to -100), in addition it has the ability to smooth the RSI with various moving averages like HMA, JMA and KAMA.
About RSI: The RSI measures recent performance of a given stock against its own price history performance, by combining the average gain or loss a particular security owns over a predetermined time period.
Bars can be colored in Settings (Disabled by default)
Hi! What’s the alert setting for the oscillator crosses the zero line from red to green?
mdragon1988
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hi. how do i get the value of the bar.I want to cut sell if the value of the green bar of histogram >50 (the uptrend is strong). Can you guide me. thanks
SurenderSwami
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Hlo sir, how to use this plzz reply
RNavega
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@SwamiG, You are supposed to buy whenever the oscillator crosses the zero line (the center line). When it crosses that center line and from red turns to green, that point is when you buy (if your OTHER indicators also agree with it). This indicator looks better for buys only, not sells. This is not financial advice.
DRAGONSTONECAPITAL
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This is amazing! Could you add the OB/OS lines for the RSI as well in line mode?
Skipper86
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Thanks. I added this to my favorite scripts and will try using it to spot divergences. Is that its primary purpose or is there more to it than that?
dman103
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@Skipper86, Hey, Yes, you can use it to spot divergences, it's basically an RSI plotted as an histogram with different scales including the ability to smooth the result with a Moving average.