RSI Heatmap Screener

The RSI Heatmap Screener indicator is a versatile market analysis tool that provides a multi-asset overview of RSI values across up to 30 selected symbols. It aims to help traders identify overbought and oversold conditions across a broad portfolio at a glance, facilitating more informed decision-making through comprehensive market sentiment visualization.

Usage

The Usage section describes how the script can be used to monitor diverse market assets simultaneously.

• Multi-Asset Monitoring: Select up to 30 custom assets in the settings to create a tailored heatmap.
• Heatmap Interpretation: The heatmap uses color coding to represent RSI values:
  • Bright/Pale Red: Strong to mild overbought conditions, suggesting potential downturns.
  • Grey: Neutral RSI, indicating a balanced market.
  • Pale/Dark Green: Recovery signs to full oversold conditions, signaling potential bounces.
  • Purple: Extremely oversold conditions, highlighting high-probability relief opportunities.
• Market Sentiment: A central plot displays the average RSI of all selected assets, acting as a broad market oscillator.
• Asset Details: Hovering over an asset label provides a detailed tooltip including VWAP, Stochastic, SMAs, Volume Ratings, and a TradingView Technical Rating.

Details

The script functions by utilizing the request.security() function to pull data for each selected symbol. It calculates the RSI and several secondary technical metrics (Stochastic, SMAs, VWAP) for each asset. The data is then projected onto a coordinate system where historical RSI values are visualized as a heatmap. The "Market Average" feature aggregates these RSI values to provide a normalized view of total market extension.

Settings

• RSI Length: Adjusts the lookback period for the RSI calculation (default is 14).
• Show Average RSI: Toggles the central average RSI box on the chart.
• Show Market Avg RSI: Enables the market sentiment oscillator.
• HeatMap Type: Choose between "Detailed" (standard labels) or "Colorful" (focus on heat visualization).
• Symbols: A list of 30 boolean toggles and symbol inputs to define the assets being screened.

FAQ

How do I interpret the color coding? Red hues indicate overbought conditions (sell/short bias), while green and purple hues indicate oversold conditions (buy/long bias). Grey represents a neutral zone.

Can I change the symbols being tracked? Yes, you can input any symbol available on TradingView in the "Symbols" group within the indicator settings.

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