RSI_OVB&BB_Upper+ and RSI_OVS&BB_Lower- conditions according to 3 different RSI values

The RSI_OVB&BB_Upper+ and RSI_OVS&BB_Lower- conditions according to 3 different RSI values indicator highlights potential reversal points by identifying instances where the Relative Strength Index (RSI) and Bollinger Bands concurrently signal overbought or oversold conditions across three user-defined sensitivity levels.

Usage

The script is designed to identify high-probability exhaustion points by filtering RSI extremes with price action relative to Bollinger Band boundaries. It features three distinct tiers of RSI thresholds (RSI-1, RSI-2, and RSI-3) to allow traders to monitor different levels of trend intensity.

• Bullish Signals: A green upward triangle appears when the price drops below the Lower Bollinger Band while the RSI is below the specified "Floor Value". This suggests a "Deep Oversold" state.
• Bearish Signals: A red downward triangle appears when the price rises above the Upper Bollinger Band while the RSI is above the specified "Ceiling Value". This suggests an "Overextended" state.
• PU Bull Conditions: Small blue symbols (diamonds, crosses, or x-crosses) indicate a specific volume-weighted bullish condition where moving averages of volume indicate increasing momentum during the oversold state.

Details

The indicator combines two core technical analysis concepts:

1. Relative Strength Index (RSI): Measures the velocity and magnitude of price movements. The script evaluates this against three sets of floor and ceiling parameters to categorize the extremity of the move.
2. Bollinger Bands: Provides a relative definition of high and low prices. By default, it uses a 20-period SMA with 2 standard deviations.

A signal is only generated when both conditions are met simultaneously (e.g., Price < Lower BB AND RSI < Floor). This confluence aims to reduce false signals often found when using either indicator in isolation.

Settings

RSI & Bollinger Bands

• RSI Source/Period: Determines the data source and lookback period for the RSI calculation.
• RSI Floor/Ceiling Values (1-3): Sets the specific thresholds for the three sensitivity levels (e.g., 37/66, 33/70, 29/74).
• BB Period/Source/StdDev: Configures the Bollinger Band basis length, data source, and width of the outer bands.

Alert Toggles

• Enable RSI Bull/Bear/PU Alert: Individual toggles for each of the three levels and their respective signal types to customize notification frequency.

FAQ

How do I access RSI_OVB&BB_Upper+ and RSI_OVS&BB_Lower-?

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

What is the difference between the -1, -2, and -3 labels?

These labels correspond to the three different RSI sensitivity levels. Level 1 is the most sensitive (easiest to trigger), while Level 3 requires the most extreme RSI values.

Can I change the Bollinger Band deviation?

Yes, the "BB Standard Deviation" setting allows you to widen or narrow the bands to better fit different volatility environments or asset classes.