PROTECTED SOURCE SCRIPT

RSI colored bars

This script allows to color price bar in function of relative strength index (RSI) values above or belove a certain level. In the example above RSI > 0 or RSI < 0 is the trigger.

check the same indicator with alert options: https://it.tradingview.com/script/PV1HG1ZH/

This indicator is useful as:

- Trend detector (eg. green bars -> bullish trend )
- Filter, in combinations with other techniques (eg. green bars, only long)
- Signal: (eg. green bar -> buy long)

The indicator is fully costumizable, i.e. you can adjust RSI period and dource plus change RSI levels for example to visualize overbought and oversold condition. (In the example below, 7 Period RSI and 70,30 levels are choosen)