Had a bit of a TA epiphany with RSI so bear with me. The time since RSI was last overbought/sold is a solid trend indicator. This may seem obvious but after x number of years trading it hit me like a smack in the face. I've coded this for easy visualisation. They're fairly simple changes but it's making a big difference in my trendspotting already.
In the example CMG hasn't been overbought for 183 days, so the RSI is mostly green:
Before that it hadn't been oversold for 199 days, so RSI is mostly red:
And before that it was ranging like a maf*ckin' sine wave, so the RSI shows green, red, green, red, etc.:
Finally, normal RSI for comparison. Same data, but now with pretty colours:
I've also added overbought/oversold highlights cause that just makes the whole charting thing a lot easier. Enjoy!
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Bugger, I said overbought when I mean oversold and vice-versa
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Added plot descriptions so peeps and change colours easily. Thanks to FLOW for the feedback
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Fixed an issue with colour and the source. Due to Pine Script limitations it's not possible to make this look the same on a black chart, so you will need to manually adjust the colours when you add it to your chart
Thanks, The Over Bought / Over Sold Highlights are very useful as these are great areas to look for divergences. This script could be even more useful if you added another line at the 50 mark and anything above the 50 was filled green and anything under was filled Red.
mycotoxin
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Thank you for the effort and sharing , id like to test this indicator
scarf
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@mycotoxin, It's public. Just hit the 'Indicators' button at the top of the screen, then search for 'RSI Trendspotter' and click the result to add it to your chart