RSI5+RSI9+RSI14 EMA [MTF - Multi Time Frame]

The RSI5+RSI9+RSI14 EMA [MTF - Multi Time Frame] indicator provides a comprehensive trend analysis tool by combining multiple Relative Strength Index (RSI) lengths with an exponential moving average (EMA) of the RSI, displayed across six customizable timeframes. It helps traders identify momentum alignment and trend conviction by comparing short-term RSI values against a smoothed long-term baseline.

Usage

The indicator can be used to identify trend direction and strength through the interaction of three primary components:

• Bullish Trend: Occurs when both the RSI 5 and RSI 9 are positioned above the RSI 14 EMA.
• Bearish Trend: Occurs when both the RSI 5 and RSI 9 are positioned below the RSI 14 EMA.
• MTF Analysis: A dashboard grid displays the RSI 14 EMA for up to six different timeframes. This allows users to confirm if the current trend on a lower timeframe is supported by higher timeframe momentum.
• Visual Cues: The grid uses arrows (▲/▼) and background colors to indicate overbought or oversold conditions based on the user-defined levels.

Details

This script calculates three distinct RSI values: a fast RSI (5-period), a medium RSI (9-period), and a standard RSI (14-period). To provide a smoother trend signal, it applies an EMA of 14 periods to the RSI 14.

The dashboard logic utilizes the request.security function to fetch these data points across the user-selected timeframes. The numbers displayed in the Multi-Timeframe (MTF) table represent the smoothed RSI 14 EMA value for that specific period, while the symbols indicate the relationship between the shorter RSI lengths and that EMA.

Settings

TimeFrame Settings

• TimeFrame 1 - 6: Sets the specific timeframes to be displayed in the MTF dashboard.

RSI Settings

• Source: Determines the price data used for RSI calculations (default is Close).
• Over Bought level: The threshold for overbought conditions (default 60), affecting the dashboard colors.
• Over Sold level: The threshold for oversold conditions (default 30), affecting the dashboard colors.

Table Style

• Header Background Color: Sets the color for the timeframe labels in the table.
• Over Bought Background Color: The color displayed when RSI values exceed the Overbought level.
• Over Sold Background Color: The color displayed when RSI values drop below the Oversold level.
• Label Size: Adjusts the text size within the dashboard (Tiny to Huge).
• Table Position: Determines where the dashboard is anchored on the chart.

FAQ

How do I interpret the double arrows (▲▲/▼▼) in the table? Double arrows indicate that both the RSI 5 and RSI 9 are on the same side of the RSI 14 EMA, suggesting higher trend conviction for that specific timeframe.

Can I change the RSI lengths used in the calculation? The RSI lengths (5, 9, 14) are hardcoded based on the specific strategy concept, though the source and overbought/oversold levels are fully customizable.

How can I access the RSI5+RSI9+RSI14 EMA [MTF - Multi Time Frame] indicator? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.