This indicator plots a TTM Squeeze momentum oscillator in a separate pane. It compares a Bollinger Band offset to a Keltner Channel offset and marks the zero line white when the difference is non-negative and black when the bands are inside the channel. A line
Indicator · Pine Script v5 · Own pane
RSI with Boll
An indicator that plots a centred RSI, shifted so that the midline is zero, in a separate pane with reference lines at plus and minus twenty.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code38
Settings4inputs
LicenceNone statedfile: MPL-2.0
Last update1 year ago17 Jan 2025
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
38 lines of Pine Script v5 from PineScript/Ind_RSI.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.
// This Pine Script™ code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © rhapsodyz
//@version=5
indicator(title="RSI with Boll", shorttitle="RSI", format=format.price, precision=2, timeframe="", timeframe_gaps=true)
rsiLength = input.int(14, minval=1, title="RSI Length", group="RSI Settings")
rsiSource = input.source(hlc3, "RSI Source", group="RSI Settings")
rsiMALength = input.int(14, title="MA Length", group="Boll Settings")
rsiBollMult = input.float(2.0, minval=0.001, maxval=50, title="Boll StdDev", group="Boll Settings")
up = ta.rma(math.max(ta.change(rsiSource), 0), rsiLength)
down = ta.rma(-math.min(ta.change(rsiSource), 0), rsiLength)
rsi = down == 0 ? 50 : up == 0 ? -50 : 50 - (100 / (1 + up / down))
rsiMA = ta.sma(rsi, rsiMALength)
rsiDiv = (rsi - rsiMA) * 10 / (ta.stdev(rsi, rsiMALength) * rsiBollMult)
rsiBollStdev = ta.stdev(rsi, rsiMALength) * rsiBollMult
rsiBollUpper = rsiMA + rsiBollStdev
rsiBollLower = rsiMA - rsiBollStdev
rsiPlot = plot(rsi, "RSI", color=#7E57C2)
plot(rsiMA, "RSI-based MA", color=color.yellow)
rsiUpperBand = hline(20, "RSI Upper Band", color=#787B86)
midline = hline(0, "RSI Middle Band", color=color.new(#787B86, 50))
rsiLowerBand = hline(-20, "RSI Lower Band", color=#787B86)
fill(rsiUpperBand, rsiLowerBand, color=color.rgb(126, 87, 194, 90), title="RSI Background Fill")
bbUpperBand = plot(rsiBollUpper, title = "Upper Bollinger Band", color=color.green)
bbLowerBand = plot(rsiBollLower, title = "Lower Bollinger Band", color=color.green)
fill(bbUpperBand, bbLowerBand, color=color.new(color.green, 90), title="Bollinger Bands Background Fill")
midLinePlot = plot(0, color = na, editable = false, display = display.none)
fill(rsiPlot, midLinePlot, 50, 20, top_color = color.new(color.green, 0), bottom_color = color.new(color.green, 100), title = "Overbought Gradient Fill")
fill(rsiPlot, midLinePlot, -20, -50, top_color = color.new(color.red, 100), bottom_color = color.new(color.red, 0), title = "Oversold Gradient Fill")
plot(rsiDiv, title = "rsiDiv", style = plot.style_columns, color = (rsiDiv >= 0 ? (rsiDiv[1] < rsiDiv ? #26A69A : #B2DFDB) : (rsiDiv[1] < rsiDiv ? #FFCDD2 : #FF5252)))
Overview
RSI with Boll adds a moving average of the RSI and Bollinger-style bands around it, using an adjustable standard deviation multiplier. A column plot shows how far the RSI sits from its average relative to the band width, coloured by direction. RSI length, source and average length are adjustable.
- Centred RSI with zero midline
- Moving average of RSI with Bollinger bands
- Deviation column histogram
- Gradient fills for overbought and oversold zones
Details
Published by
zhuzp98 on GitHub
Code credit
rhapsodyz, as written in the script's header
Type
Indicator, Pine Script v5
Draws
Separate pane below the chart
Category
Oscillators & momentum, Volatility & bands
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 |
|---|---|---|---|
| RSI Length | int | 14 | rsiLength |
| RSI Source | source | hlc3 | rsiSource |
| MA Length | int | 14 | rsiMALength |
| Boll StdDev | float | 2.0 | rsiBollMult |
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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