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 v4 · Own pane
RSI-Correlation
A minimal Pine v4 indicator in a separate pane.
GitHub stars1on the repository
Pine versionv4older, still runs
Lines of code13
Settings0inputs
LicenceNone statedfile: MPL-2.0
Last update3 years ago19 Mar 2023
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
13 lines of Pine Script v4 from TradingView_old/2022/RSI-correlation.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/
// © QuantStreet
//@version=4
study("RSI-Correlation")
rsi_ = rsi(close, 14)
cor = correlation(rsi_,close, 14) * 100
plot((cor * rsi_) / 100, color=color.white)
//plot(cor, color=color.white)
plot(rsi_, color=color.yellow)
Overview
RSI-Correlation calculates a 14-period RSI and the correlation between the RSI and price over the same length, scaled to a percentage. It then plots the RSI multiplied by that correlation as a white line, alongside the plain RSI in yellow. There are no input settings, so lengths are fixed in the code. No signals, alerts or levels are drawn.
- 14-period RSI
- Rolling correlation between RSI and price
- Correlation-weighted RSI line
Details
Published by
nvFede on GitHub
Code credit
QuantStreet, as written in the script's header
Type
Indicator, Pine Script v4
Draws
Separate pane below the chart
Category
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.
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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