I wanted to create an indicator which resembles price movement, aside to volume movement.
MARSI (= MA RSI(close)) = "yellow-blue" line which is the MA(5) of the RSI (9) of closing price. VRSI (= MA RSI(Volume)) = "orange" line which is the MA(5) of the RSI (9) of Volume .
(Default plot of RSI and VRSI is not visible but can be made visible ("Settings" > "Style" > set "Opacity" of "RSI & VRSI"))
Because it still is a RSI indicator, the midline (50), and Oversold/Overbought area's (20-30 & 70-80) are important to watch, especially the MARSI!
Comparing the price movement with the "orange" Volume VRSI line helps to spot a possible trend change, for example when price goes up and an ascending Volume VRSI line starts to flatten or starts descending, this could be a sign that the Bullish trend is weakening, predicting a possible trend change. Or, when for example a downwards price movement is accompanied with a rising Volume VRSI line, this can be a sign of large Bearish power.
This study comes with Bollinger Bands as an assisting tool, it is default made not visible but can be made visible ("settings" > "style" > Set "Opacity" of "basis, upper & lower") You can see where the MARSI ("yellow-blue" line) crosses the "basis", or bounces off the bands, ...
All this is seen in "VRSI-MARSI B"
"VRSI-MARSI A" contains the alerts:
1) Long/Short = "Triangle UP/DOWN", color: lime/red Condition: Movement of MA(5) of RSI (9) of price (close ) 2) Long2/Short2 = ">", color: lime/red Condition: Long/Short condition is true for 2 or more bars (= continuation) 3) Long3/Short3 = "•", color: lime/red Condition: MA RSI (Close) crosses MA RSI ( Volume )
1 or more alerts can easily be disabled if desired (settings > inputs)
The Bollinger Bands can now be easily enabled/disabled: > Settings > Inputs > just switch the "BB_basis" (centre line) checkbox and/or "BB_upper_lower" (upper & lower bands) checkbox on/off
Also, The RSI-VRSI plot can now easily be made visible: > Settings > Inputs > switch off the "MARSI_MAVRSI" checkbox and you'll see the "RSI-VRSI" plot, , switching the "MARSI_MAVRSI" checkbox back on gives you the "MA RSI(close) - MA RSI(volume)".
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Added extra "Traffic Lights", for better visibility (default = off) (settings > inputs > Checkbox "Traffic_lights" (= on/off)
- Upper "Yellow/Blue" square-band: - "MA RSI(close)" ascending = "Yellow coloured" - "MA RSI(close)" descending = "Blue coloured" - Lower "Lime/Red" square-band: - "MA RSI(close) > MA RSI(volume) = "Lime coloured" - "MA RSI(close) < MA RSI(volume) = "Red coloured"
When this plot is switched on, the crossing of "MA RSI(close)" and "MA RSI(volume)" isn't visible between Lines "20-30" and "70-80" (then they are just plain red & green, otherwise it is 2 times the same thing). If the plot "Traffic_lights" is switched off, the colour fill between Lines "20-30" and "70-80" will be visible again and will represents the crossing of "MA RSI(close)" and "MA RSI(volume)" once more.
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Some changes:
Buttons (Settings > Inputs):
- ON = MARSI/MAVRSI, OFF = RSI/VRSI: Changes the plot between MARSI/MAVRSI & RSI/VRSI;
Bollinger Bands "BB basis", "BB upper & lower bands" and "Traffic lights" changes together with the plot change (= NEW)!
- Traffic Lights ON/OFF, changes with plot ("MARSI/MAVRSI" or "RSI/VRSI")
- BB basis ON/OFF, changes with plot ("MARSI/MAVRSI" or "RSI/VRSI") - BB upper & lower bands ON/OFF, changes with plot ("MARSI/MAVRSI" or "RSI/VRSI")
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Hi!
- Added my "Divergences (Pivots)" (PivDiv 3)
Different options for Divergences: - 'Long Period', default checks 25 bars to the Left (="History") and 1 bar to the Right (="Future") - 'Medium Period', default checks 15 bars to the Left (="History") and 1 bar to the Right (="Future") - 'Short Period', default checks 5 bars to the Left (="History") and 1 bar to the Right (="Future")
Each Bar checks an amount of Bars at the Left (="History") and Bars to the Right (="Future"), insuring this particular Bar is the Highest or Lowest of them all at "close", this is compared to the or or and so we have our Divergences. There is always a slight delay (number of Bar(s) at the Right side (="Future")
> You can alter both sides in a way that suits you best
If you like a setting, where the amount of “RightBars” equals the ”LeftBars” you can enable the " > Only change 'LeftBars'" button. Then you only have to adjust the amount of “LeftBars” and the amount of “RightBars” automatically will be the same.
- Sensitivity Divergences, default x = '5' x ⩾ 2 compares the value with ⩾ 2 previous values instead of 1, making the sensitivity higher
While evaluating be sure to check other time frames as well!
- Added symbols when MARSI of RSI (depends on the plot you're seeing) crosses the Median line (basis) of Bollinger Bands (Green circle when crossover, Red circle when crossunder)
- Source of Divergences can be changed,
"MARSI" or "MAVRSI" when "ON = MARSI/MAVRSI, OFF = RSI/VRSI" = "ON" "RSI" or "VRSI" when "ON = MARSI/MAVRSI, OFF = RSI/VRSI" = "OFF"
When "ON = MARSI/MAVRSI, OFF = RSI/VRSI" is changed, EVERYTHING changes with it, Bollinger Bands, Lines, backgrounds, Divergences, Long/Short indicators, Cross MARSI or RSI and BB, Traffic Lights (TL), ...
Thank you so much!