Multi-Timeframe Relative Strength Index --- MTF RSI
Eliminates having to change time intervals to view a different Time Interval's RSI value (up to 5 time intervals possible through the settings).
The RSI values from Multiple Time Frames can be averaged together to show one single RSI.
A table overlay (info box) makes it easy to quickly identify RSI values on the multiple different time frames.
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Added Alerts 1. Add the indicator to the chart then, the go into its settings 2. Scroll to the bottom and check off each piece of criteria you want for the alerts 3. Create Alert 4. Set condition to "MTF RSI + Average" 5. Select create
Note: Only timeframes that are greater or equal to a chart's current timeframe can be used. (incorrect data will be displayed otherwise). Added a warning that needs to be checked when applying the indicator to the chart.
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Improved the settings layout. The time labels within the RSI info box are now togglable to correspond to the color its RSI line.
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Bug Fixes.
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Settings Improvements. Added RSI divergences (bullish/bearish regular and hidden). Added ability to plot 2 separate RSI averages, instead of only one. Labels indicating which timeframes are included in the RSI average and the current value of the the RSI average.
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Chart Updated.
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Fix.
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Major Changes: -Repainting settings. The 'Repaint' option only should be disabled if any timeframe is set to something other than 'chart'. (when repaint is disabled, everything references the prior confirmed bar). The ability to reference a prior confirmed bar is necessary if a higher timeframe than the chart is used because the higher timeframe close is not known on every close of the current timeframe. -Fixed Divergences to reference RSI source instead of wicks. -Moving Averages can be applied to any individual RSI or the two Average RSIs using SMA, Bollinger Bands, EMA, DEMA, TEMA, SMMA (RMA), WMA, VWMA, HMA (HULL), ALMA, VWAP , VIDYA, Karobein, LSMA, eVWMA, COVWMA, KAMA, ESS 2 (Ehler's Super Smoother - 2 Pole), and ESS 3 (Ehler's Super Smoother - 3 Pole). -Signals can be applied to any individual RSI or the two Average RSIs for Exit OB/OS, Weakening OB/OS, Enter OB/OS, MA cross, and 50-Cross. Another signal called 'RSI Difference' (not sure if very useful yet) was added to see the difference between two RSIs (for example if the RSI difference is none, then the line is plotted on the 50 line, if the RSI difference is 25, then the line is plotted at 75).
Minor Changes: -Table reformatting. -Settings reformatting. -Ability to select which individual RSI or Average RSI divergences are applied to (only one at a time can be applied). -Tooltips added.
Default settings modified: Currently, this indicator is displaying an average RSI of the periods 14, 42, and 168, for the 5min timeframe. Which corresponds similarly to a 14 period RSI for a 5min, 15min, and 1 hour timeframe averaged together. Referencing the different periods instead of timeframes provides quicker information than referencing the prior close of a higher timeframe to prevent repainting. (You can do this though by disabling the 'repaint' setting)
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Fixed Chart.
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Removed unused inputs.
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Bug fix.
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Alerts now have a 'Confirm' and 'Potential' option.
Confirm = alert waits until bar close occurs while criteria is true (prevents repainting). Potential = alert occurs immediately when criteria is true (since this does not wait until a bar closes, the criteria can become invalid a the signal can dissapear)
To get the most out of this script, only add timeframes that are greater or equal to the current chart’s timeframe.
Seems to be a “bug” on MTF scripts where when on a higher timeframe it doesn’t calculate the the lower timeframes correctly. (Haven’t seen anyone make a MTF RSI script that doesn’t have this issue yet)
@Shyam956, It is the average of multiple RSIs. By default #1, #2, #3 are selected which represents the average of 3 RSIs with 3 different lengths.
HodlHedge
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This is great. Quetion - when I set an alert on TV for "Average 1" for example, the alert tends to trigger when Timeframe 1 reaches the target, rather than the average of all the timeframes. Am I overlooking something?
TanHef
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@HodlHedge, Thanks, I think this should be 'fixed' now. Re-add the indicator to chart for the updated version.
Now it has the option of being set to alert: 'Confirm' - only trigger alert on prior bar close. 'Potential' - trigger immediately when the criteria is true. (this was the only way alerts triggered in the prior version, where the signal could dissapear as it could become invalid and disappear by the time a bar closes, but has the advantage of an earlier signal)
HodlHedge
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@TanHef, this is great. Fantastic script. Thank you for providing this nice tool.
any_money
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Very much useful! Was searching for this kinda script since long (as my coding knowledge is zero) Thank you
Seems to be a “bug” on MTF scripts where when on a higher timeframe it doesn’t calculate the the lower timeframes correctly. (Haven’t seen anyone make a MTF RSI script that doesn’t have this issue yet)