RSI+ Overbought/Sold Indicator by ZenAndTheArtOfTrading

oscillator relativestrengthindex volatility rsi_overbought rsi_oversold

This is a very simple script that plots signals on the chart whenever the RSI crosses the given threshold. Nothing fancy, but it is useful for deciding when to exit trades or prepare for pullbacks or for confirming that the market is currently in the middle of an extremely impulsive move or trend. It has alert functionality and you can set the overbought/sold thresholds and RSI length in the options menu.

Note: I definitely wouldn't recommend using it to enter trades unless you're an experienced counter-trend trader :)

Regards -
Matt.

Release Notes:

Removed text labels to make indicator more subtle. Very useful as a background confirmation tool against support & resistance for counter-trend opportunities or for gauging momentum during over-extended pullbacks for trend-continuation opportunities.

Release Notes:

Minor improvements

Release Notes:

Updated to Pine Script v5

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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.

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