Asymmetrical RSI is an indicator that computes a custom relative strength index from the rate of change of a user-selected source. It plots the resulting ARSI line in a separate pane with color coding that turns green above the overbought level and red below t
Indicator · Pine Script v5 · Own pane
Relative Strength Index (Momentum Oscillator)
This indicator calculates and plots the traditional Relative Strength Index momentum oscillator in a separate chart pane.
GitHub stars3on the repository
Pine versionv5runs as is
Lines of code26
Settings1inputs
LicenceNone statedfile: MPL-2.0
Last update2 years ago9 Aug 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 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
26 lines of Pine Script v5 from indicators/rsi.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © AugustoErni
//@version=5
indicator("Relative Strength Index (Momentum Oscillator)", shorttitle="RSI (Momentum Oscillator)", overlay=false)
lengthPeriod = input.int(defval=14, title="Length Period", step=1, tooltip="Calculate the average gain and average loss over the specified period.")
source = close
differenceSource = ta.change(source)
gain = na(differenceSource) ? na : math.max(differenceSource, 0)
loss = na(differenceSource) ? na : -math.min(differenceSource, 0)
averageGain = ta.rma(gain, lengthPeriod)
averageLoss = ta.rma(loss, lengthPeriod)
relativeStrength = (averageGain / averageLoss)
relativeStrengthIndex = (100 - (100 / (1 + relativeStrength)))
plot(relativeStrengthIndex, title="RSI", color=color.blue)
hline(70, title="Overbought", color=color.red)
hline(50, title="Middle", color=color.yellow)
hline(30, title="Oversold", color=color.green)
Overview
Relative Strength Index (Momentum Oscillator) measures recent price changes to evaluate overbought and oversold market conditions. The script uses a configurable length period setting, defaulting to 14, to compute average gains and average losses via smoothed moving averages. It plots horizontal reference lines at 70 for overbought levels, 30 for oversold levels, and a middle baseline at 50. The tool functions purely as a visual momentum reference across any market or timeframe.
- Relative Strength Index calculation
- Configurable length period setting
- Overbought and oversold reference lines
- Separate pane momentum plot
Details
Published by
augustoerni on GitHub
Type
Indicator, Pine Script v5
Draws
Separate pane below the chart
Category
Oscillators & momentum
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Length Period | int | 14 | lengthPeriod |
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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