Here I have an improved version of the that is similar to my "+ %B" indicator (that, an improved version of the %B).
This version of the includes candle coloring for or bias (is the above or below its median line?), as well as candle coloring for overbought and oversold areas. Additionally, there is an option for coloring candles based on the crossing up or down its moving average.
So, that takes us on to the moving average. You have a selection of these, namely: , , , , , JMA , , MF, (the default), TMA, VAMA , and . These are all very different, so play around and choose one that fits your trading style, or whatever it is you're looking for (or even turn it off if you like!).
I've added alerts, so you can be alerted based on wherever the goes. Is it oversold? Did it just cross the median? Did it cross up or down its MA?
I hope you enjoy it!
Additions simply include:
1) two more levels--median high and median low-- between overbought/oversold levels and the median level, if you find that useful.
2) alerts for overbought and oversold conditions, median crosses, and MA crosses.
3) multi-timeframe because why not.
Also, please note that I have an identical indicator called +TrueRSI that I really do mean is identical. Tradingview confuses me. I thought that for some reason my script wasn't accepted because it didn't past muster or something, but in reality a weird thing happens where if you favorite the script you are working on, then publish it, the script you saved IS NOT the published one, and you actually have to search for it. So I was like, "oh, they didn't accept it for some reason?" because it wasn't showing my name (therefore not able to be found by anyone) in my favorites section. So, before bothering to search (because why would I think that!?) I made another one and published that. So now there are two of the same indicator under slightly different names. And that's my story. It's stupid, but what can ya do? I also can't delete it, and they probably won't, because they say that goes against there policy, so I probably will have two of the same indicator up here for all eternity. :)
Also, a minor update to the candles: I added a "neutral" color to them based on the RSI's relation to the median and the moving average. Basically if the RSI is below the moving average but above the median line, or above the moving average and below the median line, it is considered neutral. I like it as a way of highlighting indecision, consolidation, or potential reversal points.
Oh, and lastly, you can turn off candle coloring on the inputs screen, so you don't have to individually unclick each box under "style."
Hope you like these updates.
This is mainly as a result of a question I received from a user about the use of the secondary DPO in my + DPO indicator (check it out, btw, it's a highly underrated oscillator, imo). And, while understanding the use myself, I realized that my implementation of DPO+DPO crosses was WRONG for the intended use of the second DPO. This realization has carried over into this script (and my Accumulation/Distribution Percentage script, and my implementation of indications around how the second RSI should be used in conjunction with the first, and with all other parts of the indicator. If you want to read why I changed what I did I would suggest checking the update on my +DPO indicator because I don't feel like typing it out again; the reasoning is the same.
With the change in how I've approached the momentum issue between the two different RSI's and the median, I've actually changed certain default settings of this indicator, while also adding background coloring as an indication for what I would call momentum shifts (or possible momentum shifts). The secondary RSI is on by default and set to a length of 55. You can use this as a filter if you like, in the same way one might use a baseline moving average on a price chart for taking directional trades (that being trading with the dominant momentum).
Added bollinger bands, because I utilize it in most of my other indicators, so why not? If you don't want it just turn it off. :)
Eliminated the background shading.
Cleaned up a bunch of the code. Made the inputs side of things prettier.
That's all! Thanks! And happy trading!
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.