Waddah Attar RSI Levels

The Waddah Attar RSI Levels indicator projects daily Relative Strength Index (RSI) levels directly onto lower timeframe price charts to help intraday traders identify key momentum-based support and resistance zones.

Usage

The indicator displays nine horizontal levels corresponding to RSI values from 10 to 90. These levels act as dynamic price targets or reversal zones based on daily momentum.

• Bullish Bias: When price is trading above the 50 level, it suggests daily momentum is positive.
• Bearish Bias: When price is trading below the 50 level, it suggests daily momentum is negative.
• Overbought/Oversold: The 70-90 levels represent overbought territory on the daily timeframe, while the 10-30 levels represent oversold territory. Traders often look for price action reversals when price interacts with these outer boundaries.
• Intraday Focus: This tool is designed for timeframes of 1 hour and below (best used on 15m, 30m, and 60m charts).

Details

The script calculates where the price would need to be in order for the daily RSI to hit specific milestones (10, 20, ..., 90). It supports two calculation methods:

• Wilder's RSI: The standard RSI calculation using a Wilder’s Moving Average for smoothing.
• Rapid RSI: Based on Ian Copsey's "RapidRSI," which utilizes a Simple Moving Average (SMA) instead of the WilderMA for internal smoothing, resulting in a more responsive output.

The indicator uses daily data via security calls with barmerge.lookahead_on to ensure the levels are plotted accurately relative to the daily close, intended for real-time and historical analysis on intraday charts.

Settings

• RSI Type: Selects between the standard "Wilders" RSI or the more reactive "Rapid" RSI.

FAQ

How do I use the projected levels?

The levels indicate the price points where the daily RSI would reach specific values. Traders use these as potential support or resistance levels where momentum might stall or reverse.

Why do the lines look like steps?

The levels are calculated based on daily data. Since the daily RSI values only change significantly when a new day starts or develops, the projected price levels remain constant or shift in steps as new daily data is processed.

How can I access Waddah Attar RSI Levels?

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