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AlphaNation

Momentum RSI

AlphaNation Updated   
Oscillators Relative Strength Index (RSI) DM Indicator
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oscillator relativestrengthindex dm_indicator
This RSI is used to determine price Momentum and Overbought or Oversold Market conditions. When the RSI is between 50% and 70% price is considered to have upward momentum. When The RSI is between 50% and 30% price is considered to have downward momentum. When the RSI is between 40% and 60% price is considered to have no directional momentum and is considered to be in consolidation. When the RSI is above 70% price is to be considered Overbought. When the RSI is bellow 30% price is to be considered Oversold
Release Notes:
Renamed Hlines and changed standard color
Release Notes:
Style update
Release Notes:
RSI Line color update to show momentum

Added Green shade when RSI is Overbought and Red shade when RSI is Oversold
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

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