Triple RSI
Sep 19, 2018
The Triple RSI indicator is a versatile momentum tool that plots three distinct Relative Strength Index (RSI) calculations within a single pane to help traders identify multi-timeframe or multi-period momentum shifts.
Usage
The Usage of the Triple RSI revolves around comparing different RSI periods to identify momentum alignment or divergences. By plotting three RSI lines simultaneously, users can observe how short-term momentum (e.g., 7-period) interacts with medium and longer-term trends.
- Momentum Convergence: When all three RSI lines are in the overbought (>80) or oversold (<20) zones, it may indicate a strong trend extension.
- Crossovers: Traders can look for instances where the faster RSI crosses over the slower RSI lines as potential entry or exit signals.
- Mid-line Analysis: The 50 level acts as a baseline for bullish or bearish sentiment across all three periods.
Details
This script is based on the classical Relative Strength Index formula developed by J. Welles Wilder Jr., adapted to allow for three independent period inputs. By default, it provides a 7, 14, and 21-period RSI. The inclusion of the 50% middle line assists in determining the overall bias of the asset across different lookback windows. Credits for the original concept of combining multiple RSI levels go to Chris Moody.
Settings
- Source: Determines the price data used for the RSI calculation (default is Close).
- 1st RSI: Sets the lookback period for the first (typically fastest) RSI line.
- 2nd RSI: Sets the lookback period for the second RSI line.
- 3rd RSI: Sets the lookback period for the third (typically slowest) RSI line.
FAQ
How do I use the different RSI periods?
The different periods allow you to see short-term noise versus long-term momentum. A common strategy is to wait for the fastest RSI to lead the others out of extreme zones.
What are the default levels?
The script includes horizontal lines at 80 (Overbought), 50 (Middle), and 20 (Oversold) to provide clear visual cues for momentum extremes and neutral points.
How can I access the Triple RSI?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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