Combined RSI Ensemble

A custom indicator created by TrendSpider on TrendSpider. You can import this custom indicator into your TrendSpider account. Don't have TrendSpider? Create an account first, then import the custom indicator.

A combined RSI Ensemble indicator that colors candles based on both overbought (≥80) and oversold (≤30) conditions using three RSI lengths (14, 9, 5). It assigns distinct colors for varying levels of overbought (gray, yellow, orange, red) and oversold (gray, light green, dark green, neon green) signals. The script also registers "Surely Overbought/Oversold" and "Probably Overbought/Oversold" signals for use in scanning, backtesting, and alerts.

Source code

This indicator had been implemented by TrendSpider in JavaScript on TrendSpider. Check out the developer documentation to learn more about JS on TrendSpider.

describe_indicator('Combined RSI Ensemble');

// Input for RSI levels
const OVERBOUGHT_LEVEL = input.number('Overbought Level', 80, { min: 50, max: 100 });
const OVERSOLD_LEVEL = input.number('Oversold Level', 30, { min: 0, max: 50 });

// Inputs for colors
const COLOR_SURELY_OVERBOUGHT = input.color('Surely Overbought Color', '#ff0000');
const COLOR_PROBABLY_OVERBOUGHT = input.color('Probably Overbought Color', '#ffa500');
const COLOR_SLIGHTLY_OVERBOUGHT = input.color('Slightly Overbought Color', '#ffff00');
const COLOR_SURELY_OVERSOLD = input.color('Surely Oversold Color', '#00ff3c');
const COLOR_PROBABLY_OVERSOLD = input.color('Probably Oversold Color', '#2ecc53');
const COLOR_SLIGHTLY_OVERSOLD = input.color('Slightly Oversold Color', '#c4e0a3');
const COLOR_NEUTRAL = input.color('Neutral Color', 'gray');

const rsi14 = rsi(close, 14);
const rsi9 = rsi(close, 9);
const rsi5 = rsi(close, 5);

const scoreRSI = (rsi, threshold, isOverbought) => {
    return for_every(rsi, r => isOverbought ? (r > threshold ? 1 : 0) : (r < threshold ? 1 : 0));
};

const overboughtScore = add(
    scoreRSI(rsi14, OVERBOUGHT_LEVEL, true),
    scoreRSI(rsi9, OVERBOUGHT_LEVEL, true),
    scoreRSI(rsi5, OVERBOUGHT_LEVEL, true)
);

const oversoldScore = add(
    scoreRSI(rsi14, OVERSOLD_LEVEL, false),
    scoreRSI(rsi9, OVERSOLD_LEVEL, false),
    scoreRSI(rsi5, OVERSOLD_LEVEL, false)
);

const candleColors = for_every(overboughtScore, oversoldScore, (ob, os) => {
    if (os > 0) {
        return os === 3 ? COLOR_SURELY_OVERSOLD : os === 2 ? COLOR_PROBABLY_OVERSOLD : COLOR_SLIGHTLY_OVERSOLD;
    } else if (ob > 0) {
        return ob === 3 ? COLOR_SURELY_OVERBOUGHT : ob === 2 ? COLOR_PROBABLY_OVERBOUGHT : COLOR_SLIGHTLY_OVERBOUGHT;
    }
    return COLOR_NEUTRAL;
});

color_candles(candleColors);

// Define signals for different conditions
const mySurelyOverbought = for_every(overboughtScore, s => s === 3);
const myProbablyOverbought = for_every(overboughtScore, s => s === 2);
const mySlightlyOverbought = for_every(overboughtScore, s => s === 1);
const mySurelyOversold = for_every(oversoldScore, s => s === 3);
const myProbablyOversold = for_every(oversoldScore, s => s === 2);
const mySlightlyOversold = for_every(oversoldScore, s => s === 1);
const myNeutral = for_every(overboughtScore, oversoldScore, (ob, os) => ob === 0 && os === 0);

// Register signals for use in strategy tester and scanner
register_signal(mySurelyOverbought, 'Surely Overbought');
register_signal(myProbablyOverbought, 'Probably Overbought');
register_signal(mySlightlyOverbought, 'Slightly Overbought');
register_signal(mySurelyOversold, 'Surely Oversold');
register_signal(myProbablyOversold, 'Probably Oversold');
register_signal(mySlightlyOversold, 'Slightly Oversold');
register_signal(myNeutral, 'Neutral');