This indicator gives a histogram of RSI in relation to an ema of the RSI. The histogram is then smoothed to reduce false signals. The actualiteit RSI line with overbought/overvols signals can be added or omitted as preferred. The background can be color coded if the RSI is above or below 50.
Version 2. Added support for MTF. Longer timesframes (1h-3h) tend to give better entry results.
As an example the indicator was added two times, one for the current timeframe and one for a longer timeframe.
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This indicator is designed to show give early entry signals as well as to follow trend moves, according to different settings.
The indicator shows a histogram of the RSI in relation to an ema of the RSI. The histogram is then smoothed to give early reversal/entry signals. The actual RSI line with oversold/overbought indication can be displayed or omitted, as preferred. in addition to the RSI line or as an alternative to it, the background colour can be set to change folowing the RSI signals. The timeframe can be chosen. Higher timeframes (eg. 3h) tend to give less false signals.
version 4. added support for custom Multiple Time Frame selection.
added option for price bar coloring according to the indicator. (deselecting "borders" in the "style" tab is recommended) price bar coloring can be adjusted for different strategies: 1. following the slope of the histogram (for faster entry/exit signals) 2. according to positive or negative histogram (for longer moves) 3. according to pos. or neg. RSI (for longer term trend holds) 4. uptrend: biased towards faster buy signals and slower sell signals to stay in the uptrend 5. downtrend: biased towards faster sell signals and slower buy signals to stay in the downtrend
A longer timeframe (eg. 3x) is recommended for following trend moves.
JD.
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version 5.
Added option for choice of RSI or MFI as base indicator.
Try different strategies to see what works best for RSI or MFI.
THE LATEST VERSION CAN BE FOUND AT THIS LINK:
tradingview.com/script/z06vv97o-RSI-MFI-MTF-Entry-signals-Trend-colored-bars-JD/