RSI and Bollinger Bands Screener

The RSI and Bollinger Bands Screener indicator identifies potential bullish momentum opportunities by scanning for specific Relative Strength Index (RSI) conditions and Bollinger Band price positioning across multiple timeframes. It provides a visual dashboard to monitor various assets simultaneously, helping traders spot alignment between short-term momentum and long-term trends.

Usage

The Usage section focuses on identifying long signals based on momentum and volatility. A typical setup involves:

• Momentum Confirmation: Monitoring the RSI cross above a specific threshold (e.g., 60) on a lower timeframe (like 15m) while ensuring RSI remains bullish on higher timeframes (1h and Daily).
• Volatility Context: Checking if the price is trading above the Bollinger Band basis (20-period SMA) or "walking" along the upper band, indicating strong trending behavior.
• Dashboard Monitoring: Use the on-chart table to track the RSI values of multiple symbols across three different timeframes at once. Green cells typically indicate bullish momentum (RSI > 60), while red cells indicate bearish or oversold conditions depending on settings.

Details

This tool combines two classic technical analysis concepts:

• Multi-Timeframe RSI: By calculating RSI for three distinct intervals, the script ensures that a trade signal on a lower timeframe is supported by the prevailing trend on higher timeframes, reducing the likelihood of trading against the primary move.
• Bollinger Band Filters: The Bollinger Bands act as a dynamic measure of volatility and trend. Being above the 20 SMA suggests the asset is in a bullish phase, while proximity to the upper band suggests high momentum.

Settings

Indicators

• RSI Length (1, 2, 3): Determines the lookback period for the RSI calculations across the three timeframes.
• RSI Oversold/Overbought: Sets the threshold levels for the dashboard's visual alerts and signal logic.
• BB Length: The period used for the Bollinger Band Simple Moving Average.
• BB StdDev: The multiplier for the standard deviation bands.

Timeframes

• Timeframe 1, 2, 3: Defines the three specific intervals the screener will monitor (e.g., 15m, 1h, Daily).

Symbols

• Symbol Inputs (1-13): Allows users to select up to 13 different tickers to monitor within the dashboard.

Display

• Table Position: Adjusts where the dashboard is anchored on the chart.
• Show RSI Panel: Toggles the visibility of the multi-timeframe dashboard.

FAQ

How do I access the RSI and Bollinger Bands Screener?

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

Can I change the symbols being scanned?

Yes, you can go into the indicator settings under the "Symbols" group and input any ticker available on TradingView.

What do the different colors in the table represent?

Typically, green indicates RSI is above the overbought/bullish threshold, red indicates it is below the oversold/bearish threshold, and neutral colors represent values in between.