1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
Dynamic RSI Regression Bands (Zeiierman) plots an optional central regression line plus upper and lower standard-deviation bands. RSI length, threshold levels, maximum regression lookback, band multiplier, and minimum bars after a reset control how quickly the channel rebuilds and how wide it is. Optional markers show RSI resets and price rejections at the bands. It does not generate trade entries or exits.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
RSI Length
int
5
rsiLen
OB
float
90.0
rsiObLevel
OS
float
10.0
rsiOsLevel
Regression Channel
bool
true
showreg
Regression Bands
bool
true
showregband
Base Regression Length (Max)
int
1000
lrBaseLen
StdDev Channel Multiplier
float
2.0
stdevMult
Min Bars After Reset
int
2
minChannelLen
plotColorUpper
color
color.new(color.fuchsia, 60)
plotColorUpper
plotColorLower
color
color.new(color.aqua, 60)
plotColorLower
Line Width
int
1
plotLineWidth
Show Reset Markers
bool
true
showResetMarker
Show all 17 settings
Setting
Type
Default
Variable
markerObColor
color
color.new(color.red, 0)
markerObColor
markerOsColor
color
color.new(color.green, 0)
markerOsColor
Show Rejection Markers
bool
true
showRejection
rejectionObColor
color
color.new(color.red, 0)
rejectionObColor
rejectionOsColor
color
color.new(color.green, 0)
rejectionOsColor
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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