CSRS v2

The CSRS v2 indicator provides a comprehensive momentum analysis toolset that visualizes the Relative Strength Index (RSI) using various candlestick and bar formats. This multi-resolution script aims to provide price action traders with a clearer view of momentum by smoothing noise and offering integrated divergence detection and signal lines.

Usage

The indicator can be used to identify momentum shifts and trend exhaustions across multiple timeframes simultaneously. Traders can activate up to three RSI layers (Primary, Secondary, and Tertiary), each with independent resolution and smoothing settings.

• Chart Types: Choose from 6 different visualizations for the primary RSI, including standard Candles, Heikin Ashi for trend clarity, and "Signalized Candles" which derive their shape from moving average relationships.
• Signal Lines: Apply up to three signal lines (SMA, EMA, WMA, or HMA) to the primary RSI to identify crossovers and trend direction.
• Divergence Detection: The tool automatically identifies bullish and bearish divergences between the RSI and price action, with customizable pivot lookback and sensitivity thresholds.
• Stochastics: An optional Stochastic layer can be overlaid to find overbought/oversold conditions within the RSI's momentum context.

Details

The CSRS v2 implements "Candlesticked RSI" by calculating the RSI values for Open, High, Low, and Close prices separately. This allows the script to construct a candle body and wicks representing the momentum range within a single bar.

Key implementation features include:

• Smoothing: Each OHLC component is smoothed via a Simple Moving Average (SMA) to reduce volatility and highlight the core momentum trend.
• Multi-Timeframe (MTF): The indicator uses the request.security function to fetch RSI data from higher timeframes, allowing for top-down analysis within a single pane.
• Siwi Candles: A specialized candle calculation that adjusts wick lengths based on the relationship between price extremes and the close.

Settings

• Primary/Secondary/Tertiary: Toggles the visibility and calculation of the three RSI layers.
• Resolution: Sets the timeframe for the respective RSI layer.
• Length: The lookback period for the RSI calculation (default is 14).
• Smooth: The SMA length applied to the RSI values to filter noise.
• Signal Lines: Configure the type (SMA, EMA, WMA, HMA) and length for the three available trend lines.
• Pivot Settings: Adjusts the "Left Bars" and "Right Bars" used to identify peaks and valleys for divergence detection.
• Chart Type: Selects the visual style (Candles, Hollow, Siwi, Heikin Ashi, HL Bar, or Line).
• Coloring Mode: Choose between "Gradient" or "Solid" colors for the RSI line and candle elements.

FAQ

How do I interpret the Signalized Candles? Signalized Candles use the relationship between three moving averages to determine candle body and wick placement, helping you visualize the speed and order of trend momentum.

Can I set alerts for divergences? Yes, the script supports alerts for reaching specific RSI levels and for when bullish or bearish divergences are detected.

How can I access CSRS v2? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.