RSI Call-outs

The RSI Call-outs indicator identifies and highlights extreme Relative Strength Index (RSI) levels directly on the price chart using labels, allowing traders to monitor overbought and oversold conditions without needing a separate oscillator pane.

Usage

The RSI Call-outs tool is designed to declutter your workspace by overlaying RSI data onto the price action. When the RSI crosses into user-defined extreme territories, a label appears above or below the candle.

• Oversold Call-outs: Green labels appear below the bar when the RSI value is at or below the specified oversold level.
• Overbought Call-outs: Red labels appear above the bar when the RSI value is at or above the specified overbought level.

The indicator includes a filtering mechanism to prevent label crowding. If multiple candles in a sequence (up to a 3-candle lookback) meet the criteria, previous labels are removed to ensure only the most recent extreme value is highlighted, keeping the chart clean during extended trends.

Details

The script utilizes the standard Relative Strength Index calculation. By bringing these values into the main chart area, it facilitates a "price-action first" approach while still benefiting from momentum-based technical analysis. This is particularly useful for traders with limited screen real estate or those who prefer to keep their focus on candlestick patterns and support/resistance levels.

Settings

• RSI Period: Determines the number of bars used to calculate the RSI (default is 14).
• RSI Source: Sets the price data used for the RSI calculation (typically the "Close").
• Oversold Level: Defines the threshold below which a bullish call-out label is generated.
• Overbought Level: Defines the threshold above which a bearish call-out label is generated.

FAQ

How do I interpret the numbers on the labels? The number displayed on the label represents the exact integer value of the RSI at that specific bar.

Can I change the sensitivity of the call-outs? Yes, by adjusting the Oversold and Overbought levels in the settings, you can make the indicator more or less sensitive to market extremes.

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