RSI - ALERT

The RSI - ALERT indicator is a specialized technical analysis tool designed to visually highlight overbought and oversold conditions while providing automated alerts for critical Relative Strength Index (RSI) level breaches.

Usage

The indicator displays as a histogram at the bottom of your chart. When the RSI value exceeds the user-defined overbought threshold, a red histogram bar appears. Conversely, when the RSI value drops below the user-defined oversold threshold, a green histogram bar appears. This allows traders to quickly identify extreme market conditions without needing to monitor the raw RSI line constantly.

Details

The script calculates the standard RSI based on the closing price over a specified period. It then compares this value against two key thresholds. Unlike a standard RSI line plot, this script transforms the output into a binary histogram (0 or 1) to provide a clear, distraction-free signal of when the price has entered a "zone of interest." The tool also features built-in alert logic that triggers specifically when the RSI crosses the overbought level or drops below the oversold level, helping traders catch potential reversals in real-time.

Settings

• RSI Length: Determines the number of bars used to calculate the Relative Strength Index (default is 14).
• Overbought Level: The threshold above which the market is considered overbought (default is 80).
• Oversold Level: The threshold below which the market is considered oversold (default is 20).

FAQ

How do I use the alerts?

You can set up alerts by clicking the "Alerts" icon in TradingView. The script will trigger a notification when the RSI crosses above your overbought level or below your oversold level once per bar.

Can I change the sensitivity of the signals?

Yes, by decreasing the RSI Length, the indicator becomes more sensitive to price movements. Increasing the overbought level or decreasing the oversold level will make the signals more restrictive.

How can I access RSI - ALERT?

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