A Pine library that exports three functions, bullish, bearish and getTrend, which judge market direction on the current symbol and timeframe. Each call takes three switches to include a Stochastic RSI cross, a MACD line versus signal check and a comparison of
Library · Pine Script v5 · Library
RSI Lib
This library exports a function that calculates the Relative Strength Index from the close price.
GitHub stars3on the repository
Pine versionv5runs as is
Lines of code18
Settings0inputs
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 library, select all of the template text and paste. Press Save and give it a name.
- 4Publish or import itA library draws nothing. Publish it from the editor, then import its functions in your own scripts.
Source Code
18 lines of Pine Script v5 from libraries/rsi_lib.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
library("rsi_lib", overlay=true)
rsiFunction(rsiLengthPeriod) =>
lengthPeriod = rsiLengthPeriod
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)))
relativeStrengthIndex
Overview
RSI Lib measures bar-to-bar change, separates gains and losses, smooths both with a running moving average, and returns the standard 100-scale RSI. Callers pass the lookback length; the source is fixed to close and there are no inputs, plots, alerts, or trade rules. It does not draw on a chart by itself, even though the library declaration sets overlay to true.
- RSI function with caller-supplied length
- Close price as the only source
- RMA smoothing of gains and losses
- Return of a 0 to 100 index value
Details
Published by
augustoerni on GitHub
Type
Draws
Library (no plots)
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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