[PX] RSI Barcolor

The [PX] RSI Barcolor indicator provides a visual way to track Relative Strength Index (RSI) momentum extremes directly on the price chart by applying specific colors to candles when thresholds are crossed.

Usage

The indicator is used to identify potential exhaustion or momentum surges without needing to look away from the price action.

• Bullish Momentum/Oversold Entry: When the RSI crosses below the user-defined "Oversold" level, the candles are colored green (#089981), highlighting a potential deep retracement or oversold condition.
• Bearish Momentum/Overbought Entry: When the RSI crosses above the user-defined "Overbought" level, the candles are colored red (#f23645), highlighting potential overextended price action.
• Neutral State: Once the RSI crosses back into the neutral zone (above the oversold level or below the overbought level), the bar coloring is removed, returning the candles to their default state.

Details

The script utilizes the standard ta.rsi() function calculated on the closing price. Unlike traditional RSI overlays, this tool focuses on the state changes of the oscillator. It specifically triggers color changes upon a "crossover" or "crossunder" event and maintains that state until a reversal cross occurs. This allows traders to stay focused on the trend duration as defined by the RSI bounds.

Settings

• Length: The lookback period used to calculate the RSI (default is 15).
• Overbought: The upper threshold level (default is 70). Crossing above this level triggers the overbought bar color.
• Oversold: The lower threshold level (default is 30). Crossing below this level triggers the oversold bar color.

FAQ

How do I interpret the colors? Green candles appear when the RSI has dropped below your oversold setting, while red candles appear when the RSI has risen above your overbought setting.

Can I set alerts for these levels? Yes, the script includes built-in alert functionality that triggers when the RSI crosses into either the overbought or oversold zones.

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