This script was influenced by Scilentor's- "RSI Bar Colors / Scilentor". I improved upon the Idea by adding the ability to change the full range of RSI (Between 0 through 100) to any color you want within 5 point increments. Traditional use of RSI is to use it as an "Overbought" and "Oversold" indicator. A more uncommon/unknown use, especially among new traders, is to use is as a "Momentum" indicator. I personally like to look for stocks where RSI>50 Default settings are set to color all bars red when below 50, and white when above 50, but try for your self setting different colors above 70, and below 30 to better see overbought and oversold conditions. I got a lot of requests for this script and I hope it helps you in your trading journey :-)
I couldnt make it work. The bar colors stays the same as it is. Am I doing something wrong?
ersineser
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I couldnt make it work. The bar colors stays the same as it is.What I doing wrong?
FWill
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Thanks much for this. Looks very interesting. Will try it out.
Fierce_Ninja
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Thank you! Do you think this works for intraday too?
zschonn
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It works, better then other one that has many users. Many thanks
joe888shop
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Good 👍 thank
Rahmandorai
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This is what i am looking for to my 50-50 colored bars RSI but it opens in separate window with bars colored based on break of 50 level . This script provides an excellent feature to color 70 30 levels also .But i had wish it were for window indicator not indicator in chart itself. Can any one help me? and please I dont have any idea how put the script in his place.
Bjorgum
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TKP gotta day you’re unreal, really love the work and unbiased analytics you create and share. Appreciative of everything you do and keep it up. Juicy brain you have. Question though, this script I notice is not changing the outline, but only the body fill colour. Just an aesthetics thing, but is there a work around for this?
bruitdefond
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Awesome script. I've had good success changing the colors on RSI > 80/RSI <20 to look for trend reversals on the daily/hourly. Thanks so much RS!