RSI XTR with selective candle color by Edwin K

This tradingView indicator named "RSI XTR with selective candle color", which modifies the candle colors on the chart based on RSI (Relative Strength Index) conditions. Here's how it works:

- rsiPeriod: Defines the RSI calculation period (default = 5).
- rsiOverbought: RSI level considered overbought (default = 70).
- rsiOversold: RSI level considered oversold (default = 30).
- These values can be modified by the user in the settings.

RSI Calculation
- Computes the RSI value using the ta.rsi() function on the closing price (close).
- The RSI is a momentum indicator that measures the magnitude of recent price changes.

Conditions for Candle Coloring
- when the RSI is above the overbought level.
- when the RSI is below the oversold level.

How It Works in Practice
- When the RSI is above 70 (overbought) → Candles turn red.
- When the RSI is below 30 (oversold) → Candles turn green.
- If the RSI is between 30 and 70, the candle keeps its default color.

This helps traders quickly spot potential reversal zones based on RSI momentum.