RSI SUPER TREND V1

The RSI SUPER TREND V1 indicator combines the logic of the SuperTrend algorithm with the Relative Strength Index (RSI) and Stochastic oscillators to provide a comprehensive momentum and trend-following tool. By applying SuperTrend calculations to a specialized volume-weighted price spread and then deriving an RSI from that result, it identifies trend shifts while filtering out market noise.

Usage

The indicator can be used to identify trend direction and momentum exhaustion points. The primary output is a SuperTrend-based RSI line that changes color based on the current market bias:

• Green Crosses: Indicate a bullish period or uptrend.
• Red Crosses: Indicate a bearish period or downtrend.

Users can look for RSI extremes (above 70 or below 30) for potential overbought or oversold conditions. Additionally, the integrated Stochastic lines (K and D) provide secondary confirmation for entry or exit points based on their crossovers during established trends.

Details

The script executes a multi-step calculation process:

1. Price/Volume Spread: It calculates a spread based on price action and volume, creating a "shadow" value that adjusts the price.
2. SuperTrend Calculation: A SuperTrend logic is applied to this adjusted price using a specified multiplier and ATR period. The timeframe input dynamically scales the internal lengths.
3. RSI Transformation: The resulting SuperTrend line is then passed through an RSI calculation.
4. Stochastic Overlay: A Stochastic oscillator is applied to the final RSI line to highlight refined momentum shifts.

Settings

Main Settings

• Timeframe Input: Adjusts the internal lookback length based on a specified minute value, allowing the indicator to adapt to different chart periodicities.
• SuperTrend Multiplier: Determines the sensitivity of the trend detection. Higher values result in fewer, more significant trend changes.
• SuperTrend Period: Sets the ATR lookback period used for calculating the SuperTrend bands.
• RSI Length: Defines the number of bars used to calculate the Relative Strength Index of the SuperTrend line.

Stochastic Settings

• Stoch period: The lookback period for the Stochastic calculation.
• Stoch Smooth K: The smoothing factor for the %K line.
• Stoch Smooth D: The smoothing factor for the %D line.

FAQ

How do I interpret the colors on the RSI SUPER TREND V1?

The color of the crosses represents the underlying trend bias detected by the SuperTrend logic. Green signifies a bullish regime, while red signifies a bearish regime.

What do the 70 and 30 levels represent?

These are standard RSI threshold levels. When the SuperTrend RSI line exceeds 70, the trend may be reaching an overbought state; when it falls below 30, it may be oversold.

How can I access RSI SUPER TREND V1?

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