Indicator - Pivot Point Levels
PaintBar - RSI Above 50
Paintbar - RSI Below 50
Category: Oscillator > RSI Oscillator
This is an indicator presented in the article mentioned above.
The Autor tried to use it as a trend identificator.
If RSI is greater than 50 - the trend is uptrend
If RSI is lower than 50 - the trend is downtrend
Price - price data to use
RSILen - number of bars to calculate RSI
HistGram - plots as a histogram
Line - plots as a line
INPUTS: PRICE(CLOSE), RSILEN(14), HISTGRAM("Y"), LINE("N");
RSIVAL = RSI(PRICE, RSILEN);
IF UPPERSTR(HISTGRAM) = "Y" OR UPPERSTR(HISTGRAM) = "YES" THEN BEGIN
IF RSIVAL >= 50 THEN
PLOT1(RSIVAL - 50, "+RSI_OSC")
PLOT2(RSIVAL - 50, "-RSI_OSC");
IF UPPERSTR(LINE) = "Y" OR UPPERSTR(LINE) = "YES" THEN
PLOT3(RSIVAL - 50, "RSI_OSC");
IF RSIVAL CROSSES BELOW 50 OR RSIVAL CROSSES ABOVE 50 THEN
ALERT = TRUE;
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