MTF RSI Scanner

The MTF RSI Scanner indicator provides a comprehensive dashboard for monitoring the Relative Strength Index (RSI) across 10 customizable symbols and 4 different timeframes simultaneously.

Usage

The tool is designed to identify market sentiment and potential exhaustion points across multiple assets. Users can quickly see which pairs are trending bullishly or bearishly based on a color-coded heatmap.

• Bullish Sentiment: Indicated by green cells, with darker shades representing stronger bullishness (RSI >= 75).
• Bearish Sentiment: Indicated by red cells, with darker shades representing stronger bearishness (RSI <= 25).
• Neutral Sentiment: Gray cells indicate the RSI is in a neutral range (45-55).
• Mean Reversion Signals: The "AVG" row calculates the average RSI across all four timeframes. If the AVG falls below the Oversold level (default 30), it suggests a potential long opportunity. If it rises above the Overbought level (default 70), it suggests a potential short opportunity.

For more robust signals, this scanner can be used alongside a Stochastic scanner to identify high-confluence tops and bottoms.

Details

The script utilizes the request.security() function to fetch RSI data for 10 user-defined symbols across 4 timeframes. It calculates an aggregate average to provide a "macro" view of the asset's momentum. Due to the high number of security calls (40 in total), the table may require up to one minute to update when settings are modified. The visual output is rendered as a clean, adjustable table that can be overlaid on the price chart or used in a separate pane.

Settings

Symbols

• Symbol 1 - 10: Allows users to input up to 10 different tickers to track.

Timeframes

• Timeframe 1 - 4: Sets the four specific time intervals for the RSI calculations (e.g., Weekly, Daily, 4H, 1H).

RSI Settings

• RSI Length: The lookback period for the RSI calculation (default is 14).
• RSI Source: The price source used for calculation (e.g., Close).
• RSI Overbought/Oversold Level: Thresholds used specifically for the AVG row highlighting.

Colors & Style

• Cell Colors: Customizable colors for maximum, medium, and minimum bullish/bearish intensities.
• Table Size: Adjusts the physical size of the dashboard (Tiny to Large).

FAQ

How do I interpret the colors in the scanner? Dark green indicates strong bullish momentum (high RSI), while dark red indicates strong bearish momentum (low RSI). Gray represents a neutral state.

Why does the table take a moment to load? The script requests data for 10 symbols across 4 timeframes (40 data requests). TradingView may take up to a minute to process these requests after you change settings.

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