Tick Chart RSI

The Tick Chart RSI indicator calculates and displays the Relative Strength Index (RSI) based on tick-based candlesticks rather than time-based intervals. This allows traders to analyze momentum through price action intensity, providing a different perspective than standard time-frame oscillators.

Usage

The Usage section describes how the script can be used to identify momentum shifts and overbought/oversold conditions based on transaction flow. Unlike standard RSI which updates every minute or hour, this version updates based on a specific number of price changes (ticks).

• Identifying Extremes: Use the overbought (70) and oversold (30) levels to identify potential reversal points in high-activity environments.
• Momentum Analysis: Observe the slope and position of the RSI line relative to the 50-level to determine the strength of the current price move across a set number of ticks.
• Custom Tick Intervals: Adjust the "Number of Ticks Per Candle" to suit different market conditions; higher values smooth the RSI, while lower values provide a more sensitive output.

Details

This script constructs a virtual tick chart within the indicator's execution logic. Each "candle" is formed by X consecutive ticks (defined by the user), where a tick represents a price change recorded by the platform. Because TradingView's standard historical data is time-based, this indicator is designed to operate primarily on real-time bars. The RSI is calculated using a custom RMA (Running Moving Average) function applied to the price changes of these synthetic tick candles.

Settings

• Number of Ticks Per Candle: Sets how many ticks constitute a single candle for the RSI calculation.
• RSI Source: Determines which price point of the tick candle (Open, High, Low, or Close) is used for the RSI calculation.
• RSI Length: The lookback period used for the RSI calculation.
• RSI Line Color: The base color of the RSI plot.
• Overbought Color: The color the line changes to when exceeding the upper threshold (default 70).
• Oversold Color: The color the line changes to when dropping below the lower threshold (default 30).
• Line Width: Adjusts the thickness of the displayed RSI line.

FAQ

How do I access Tick Chart RSI?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Why doesn't the RSI show up immediately on my chart?

Because the indicator calculates RSI based on real-time tick data, it requires a minimum number of tick-based candles to be formed (based on your RSI Length) before the first value can be plotted.

Does this work on historical data?

The indicator is optimized for real-time bars because standard historical candles do not provide the granular tick-by-tick data required to reconstruct precise tick candles from the past.