RSI - 5UP

Overview
The "RSI - 5UP" indicator is a versatile tool that enhances the traditional Relative Strength Index (RSI) by adding smoothing options, Bollinger Bands, and divergence detection. It provides a clear visual representation of RSI levels with customizable bands and optional moving averages, helping traders identify overbought/oversold conditions and potential trend reversals through divergence signals.

Features

• Customizable RSI: Adjust the RSI length and source to fit your trading style.
  
• Overbought/Oversold Bands: Visualizes RSI levels with intuitive color-coded bands (red for overbought at 70, white for neutral at 50, green for oversold at 30).
  
• Smoothing Options: Apply various types of moving averages (SMA, EMA, SMMA, WMA, VWMA) to the RSI, with optional Bollinger Bands for volatility analysis.
  
• Divergence Detection: Identifies regular bullish and bearish divergences, with visual labels ("Bull" for bullish, "Bear" for bearish) and alerts.
  
• Gradient Fills: Highlights overbought and oversold zones with gradient fills (green for overbought, red for oversold).
  

How to Use
1. Add to Chart: Apply the "RSI - 5UP" indicator to any chart. It works well on timeframes from 5 minutes to daily.
2. Configure Settings:
RSI Settings:

• RSI Length: Adjust the period for RSI calculation (default: 14).
  
• Source: Choose the price source for RSI (default: close).
  
• Calculate Divergence: Enable to detect bullish/bearish divergences (default: disabled).
  

Smoothing:

• Type: Select the type of moving average to smooth the RSI ("None", "SMA", "SMA + Bollinger Bands", "EMA", "SMMA (RMA)", "WMA", "VWMA"; default: "SMA").
  
• Length: Set the period for the moving average (default: 14).
  
• BB StdDev: If "SMA + Bollinger Bands" is selected, adjust the standard deviation multiplier for the bands (default: 2.0).
  

3.Interpret the Indicator:

• RSI Levels: The RSI line (purple) oscillates between 0 and 100. Levels above 70 (red band) indicate overbought conditions, while levels below 30 (green band) indicate oversold conditions. The 50 level (white band) is neutral.
  
• Gradient Fills: The background gradients (green above 70, red below 30) highlight overbought and oversold zones for quick reference.
  
• Moving Average (MA): If enabled, a yellow MA line smooths the RSI. If "SMA + Bollinger Bands" is selected, green bands appear around the MA to show volatility.
  
• Divergences: If "Calculate Divergence" is enabled, look for "Bull" (green label) and "Bear" (red label) signals:
  
• Bullish Divergence: Indicates a potential upward reversal when the price makes a lower low, but the RSI makes a higher low.
  
• Bearish Divergence: Indicates a potential downward reversal when the price makes a higher high, but the RSI makes a lower high.
  

4. Set Alerts:

• Use the "Regular Bullish Divergence" and "Regular Bearish Divergence" alert conditions to be notified when a divergence is detected.
  

Notes

• The indicator does not provide direct buy/sell signals. Use the RSI levels, moving averages, and divergence signals as part of a broader trading strategy.
  
• Divergence detection requires the "Calculate Divergence" option to be enabled and may not work on all timeframes or assets due to market noise.
  
• The Bollinger Bands are only visible when "SMA + Bollinger Bands" is selected as the smoothing type.
  

Credits
Developed by Marrulk. Enjoy trading with RSI - 5UP! 🚀