[RS][JR]RSI Momentum V1

relativestrengthindex momentum movingaverage system

RSI Momentum
By Ricardo Santos and JR

This system is a clash of two indicators, Momentum and RSI. Strength of signals are viewed by both height and color. Dark Green or Light Red bars signal strong momentum. Light Red bar signals and Green bar signals reach an apex at the top of the indicator pane.

Open-source script

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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

study(title="[RS][JR]RSI Momentum V1", shorttitle="[RS][JR]RSIM.V1", overlay=false)
//  ||---   Inputs:
base_length = input(1)
scalar_length = input(1)
src = input(hlc3, type=source)

//  ||--------------------------------------------
//  ||---   Functions:
maF(src, base, scalar, multiplier) => ema(src, base_length + scalar_length * multiplier)
isSlope(ma) => ma > ma[1]
isSlopeMom(ma) => (ma[1] - ma[2]) < (ma - ma[1])
colorF(slope, mom) => slope and mom ? green : slope and (not mom) ? #66b266 : 
        not slope and mom ? maroon : (not slope) and (not mom) ? #b26666 : na
hasChangedColor(slope, mom) => slope and mom ? green : slope and (not mom) ? #66b266 : 
        not slope and mom ? maroon : (not slope) and (not mom) ? #b26666 : na
//  Usage : hasChangeColor(maF(src, base_length, scalar_length, 0)),isSlopeMom(maF(src, base_length, scalar_length, 0))
//  ||--------------------------------------------

plot(00, color=colorF(isSlope(maF(src, base_length, 0, 0)),isSlopeMom(maF(src, base_length, 0, 0))), style=columns, histbase=01, transp=0)
plot(01, color=colorF(isSlope(maF(src, base_length, scalar_length, 2)),isSlopeMom(maF(src, base_length, scalar_length, 2))), style=columns, histbase=02, transp=0)
plot(02, color=colorF(isSlope(maF(src, base_length, scalar_length, 4)),isSlopeMom(maF(src, base_length, scalar_length, 4))), style=columns, histbase=03, transp=0)
plot(03, color=colorF(isSlope(maF(src, base_length, scalar_length, 6)),isSlopeMom(maF(src, base_length, scalar_length, 6))), style=columns, histbase=04, transp=0)
plot(04, color=colorF(isSlope(maF(src, base_length, scalar_length, 8)),isSlopeMom(maF(src, base_length, scalar_length, 8))), style=columns, histbase=05, transp=0)
plot(05, color=colorF(isSlope(maF(src, base_length, scalar_length, 10)),isSlopeMom(maF(src, base_length, scalar_length, 10))), style=columns, histbase=06, transp=0)
plot(06, color=colorF(isSlope(maF(src, base_length, scalar_length, 12)),isSlopeMom(maF(src, base_length, scalar_length, 12))), style=columns, histbase=07, transp=0)
plot(07, color=colorF(isSlope(maF(src, base_length, scalar_length, 14)),isSlopeMom(maF(src, base_length, scalar_length, 14))), style=columns, histbase=08, transp=0)
plot(08, color=colorF(isSlope(maF(src, base_length, scalar_length, 16)),isSlopeMom(maF(src, base_length, scalar_length, 16))), style=columns, histbase=09, transp=0)
plot(09, color=colorF(isSlope(maF(src, base_length, scalar_length, 18)),isSlopeMom(maF(src, base_length, scalar_length, 18))), style=columns, histbase=10, transp=0)
plot(10, color=colorF(isSlope(maF(src, base_length, scalar_length, 20)),isSlopeMom(maF(src, base_length, scalar_length, 20))), style=columns, histbase=11, transp=0)
plot(11, color=colorF(isSlope(maF(src, base_length, scalar_length, 22)),isSlopeMom(maF(src, base_length, scalar_length, 22))), style=columns, histbase=12, transp=0)
plot(12, color=colorF(isSlope(maF(src, base_length, scalar_length, 24)),isSlopeMom(maF(src, base_length, scalar_length, 24))), style=columns, histbase=13, transp=0)
plot(13, color=colorF(isSlope(maF(src, base_length, scalar_length, 26)),isSlopeMom(maF(src, base_length, scalar_length, 26))), style=columns, histbase=14, transp=0)
plot(14, color=colorF(isSlope(maF(src, base_length, scalar_length, 28)),isSlopeMom(maF(src, base_length, scalar_length, 28))), style=columns, histbase=15, transp=0)
plot(15, color=colorF(isSlope(maF(src, base_length, scalar_length, 30)),isSlopeMom(maF(src, base_length, scalar_length, 30))), style=columns, histbase=16, transp=0)
plot(16, color=colorF(isSlope(maF(src, base_length, scalar_length, 32)),isSlopeMom(maF(src, base_length, scalar_length, 32))), style=columns, histbase=17, transp=0)
plot(17, color=colorF(isSlope(maF(src, base_length, scalar_length, 34)),isSlopeMom(maF(src, base_length, scalar_length, 34))), style=columns, histbase=18, transp=0)
plot(18, color=colorF(isSlope(maF(src, base_length, scalar_length, 36)),isSlopeMom(maF(src, base_length, scalar_length, 36))), style=columns, histbase=19, transp=0)
plot(19, color=colorF(isSlope(maF(src, base_length, scalar_length, 38)),isSlopeMom(maF(src, base_length, scalar_length, 38))), style=columns, histbase=20, transp=0)

Related Ideas