TSO Strength vs Exhaustion

A visually-simplified version of the RSI. The Relative Strength Index (RSI) is a well known momentum oscillator that measures the speed and change of price movements, developed by J. Welles Wilder. Color-coded bars are used to quickly read the RSI value and history.

Features

• Find overbought and oversold situations at a glance.
• The indicator is non-repainting.
• The indicator can be easily used as part of an EA. (see below)

Basic Strategy

• Look for shorts when the indicator is overbought.
• Look for longs when the indicator is oversold.

Inputs

• Select RSI Period: Set the period of the RSI (21 is recommended)
• Last Bar Included: Include the bar being drawn in the RSI calculation
• LEVELS SETTINGS
• Level 1 Lower Limit (Overbought): The RSI value from which and above the market is considered the most overbought.
• Level 2 Lower Limit: The RSI value from which and above Level 2 starts.
• Level 3 Lower Limit: The RSI value from which and above Level 3 starts.
• Level 4 Lower Limit (Neutral): The RSI value from which and above Level 4 starts.
• Level 5 Lower Limit: The RSI value from which and above Level 5 starts.
• Level 6 Lower Limit: The RSI value below which the market is considered the most oversold.
• Level 7 Lower Limit = 0 (Oversold): Always 0, since the RSI ranges from 0 to 100.
• COLOR SETTINGS
• Level 1 Color (Overbought): The color of the indicator when the RSI has a value from the lower limit of level 1 and above.
• Level 2 Color : The color of the indicator when the RSI has a value from the lower limit of level 2 and above, till the lower limit of level 1.
• Level 3 Color : The color of the indicator when the RSI has a value from the lower limit of level 3 and above, till the lower limit of level 2.
• Level 4 Color (Neutral): The color of the indicator when the RSI has a value from the lower limit of level 4 and above, till the lower limit of level 3.
• Level 5 Color: The color of the indicator when the RSI has a value from the lower limit of level 5 and above, till the lower limit of level 4.
• Level 6 Color: The color of the indicator when the RSI has a value from the lower limit of level 6 and above, till the lower limit of level 5.
• Level 7 Color (Oversold):The color of the indicator when the RSI has a value below the lower limit of level 6.

For EA Developers

Use Buffer = 7 to load the RSI level to an EA. The return values are:

• Level 1 = 0
• Level 2 = 1
• Level 3 = 2
• Level 4 = 3
• Level 5 = 4
• Level 6 = 5
• Level 7 = 6