RSI Momentum Trend Screener

The RSI Momentum Trend Screener indicator provides a comprehensive dashboard to monitor momentum-based trend shifts across up to 40 different symbols simultaneously. It leverages the logic of the RSI Momentum Trend system to identify positive and negative trend states, allowing traders to maintain a broad market perspective from a single chart.

Usage

The screener is used to track the trend status of multiple assets in real-time. It displays a table indicating whether a symbol is in a "Positive" or "Negative" momentum state based on RSI levels and EMA direction.

• Trend Identification: The table will update dynamically. A positive state indicates bullish momentum has been triggered, while a negative state indicates bearish momentum.
• Multi-Asset Monitoring: Users can input up to 40 different ticker symbols to monitor an entire watchlist, such as the EGX30 or a custom selection of forex pairs or equities.
• Alerts: The script is optimized to trigger alerts whenever a symbol transitions from a negative to a positive state or vice versa.

Details

The screener utilizes the Relative Strength Index (RSI) combined with an Exponential Moving Average (EMA) of the price to determine trend bias.

• Positive State: Triggered when the RSI crosses above a specific threshold (default 65) while the 5-period EMA is sloping upwards.
• Negative State: Triggered when the RSI falls below a specific threshold (default 32) while the 5-period EMA is sloping downwards.
• Persistence: Once a trend state is established, it remains active until the opposing condition is met, providing a binary trend view (Positive vs. Negative).

Settings

RSI Settings

• Length: The lookback period used for the RSI calculation (default 14).
• ∆ (Positive Threshold): The RSI level that must be crossed to trigger a positive momentum state.
• ∇ (Negative Threshold): The RSI level that must be breached to trigger a negative momentum state.
• Size: Adjusts the text size within the screener table (Tiny, Small, Normal, Auto).

Table Settings

• Show Table: Toggles the visibility of the screener dashboard.
• Position: Determines where the table is anchored on the chart (e.g., Top Right, Bottom Left).

Symbols

• Toggles (t01-t40): Individual checkboxes to enable or disable specific slots in the screener.
• Symbol Inputs (s01-s40): Text fields to input the desired ticker symbols for screening.

FAQ

How many symbols can I track at once?

You can track up to 40 symbols simultaneously by entering the tickers in the Symbols settings group.

What causes a "Positive" or "Negative" status?

The status is determined by the RSI crossing specific thresholds (65 for positive, 32 for negative) in alignment with the direction of a short-term EMA.

How do I access this tool?

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