BitCoin RSI Trend

What is it?
This indicator will plot the RSI of BTC with a red or green background based on the top and bottom values which you can set.

How to use it?
For example, you want to trade only if the RSI of BTC is between 50 and 70, so the top value is 70 and bottom is 50. If the RSI value between those values the background will be green, else it will be red.

Why to use it?
The buy and sell strength of the BTC controls the other coins, and it is noticeable when the BTC is over sold and the RSI exceeding the 70, the price will reverse its movement to down, thus it is advisable to not open long position if the RSI of BTC is above the 70-75. Also, if the RSI is under 50 there is a big possibility to move down further to the over bought areas. The best is to buy a altcoins when the BTC RSI is between 50 and 70.

For example, I could avoid a bad long trade on MATICUSDT when the RSI of BTC is going under 50

Or, get a good long trade on MATICUSDT when the RSI of BTC is between 50 and 70

릴리즈 노트

Changing the RSI calculation with security function.

릴리즈 노트

Making the code shorter.

릴리즈 노트

Added BTC RSI value label

오픈 소스 스크립트

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

For quick access on a chart, add this script to your favorites — learn more here.

crypto_tycho