Dual Strength RSI

Dual Strength RSI Indicator

Republished: The original script violated house rules by including an external link to Backtest Rookies.

Background

This is a simple indicator was designed as part of a tutorial on the Backtest-Rookies website.

Logic

The indicator will plot RSI values from 2 timeframes. The first plotted line will be the current timeframe and the second line will be a user selected timeframe. The theory is that if the instrument is overbought / oversold on two timeframes at the same time, it might be more likely to reverse or revert to the mean.

As with most oscillating indicators, this will likely be most suitable for ranging market conditions.

Examples