Multi Time Frame RSI

The Multi Time Frame RSI indicator provides a layered visualization of the Relative Strength Index across multiple lengths to help traders identify momentum shifts and trend alignment across different horizons.

Usage

The indicator can be used to visualize the confluence of various RSI periods simultaneously. By plotting multiple RSI lengths as circular points, users can observe how shorter-term momentum compares to longer-term trends.

• Trend Confirmation: When the faster RSI circles are colored green and positioned above the slower RSI circles, it indicates bullish momentum across those periods.
• Momentum Shifts: A change in color from green to red across the various plots suggests a potential shift in momentum from bullish to bearish.
• Overbought/Oversold Conditions: Traditional levels at 30 and 70 are provided to help identify potential reversal zones when the cluster of RSI values reaches these extremes.

Details

The script calculates nine different RSI values based on a Fibonacci-like sequence of lengths: 2, 3, 5 (Fast), 8, 13, 21 (Medium), and 34, 55, 89 (Slow).

• Color Logic: The color of each plot (except the slowest) is determined by its relationship to the next slower RSI length. If a faster RSI is greater than or equal to its slower counterpart, it is colored green; otherwise, it is colored red.
• Visual Hierarchy: Different line widths and "join" styles are applied to the "Fast," "Medium," and "Slow" core RSI values (lengths 2, 8, and 34) to provide a clearer visual structure within the cluster of data points.

Settings

The current version of this script uses fixed Fibonacci lengths for the RSI calculations and does not include external input parameters to maintain the specific mathematical relationship between the layers.

FAQ

How do I interpret the colors?

Green circles indicate that a specific RSI length is currently higher than the next sequential length in the series, suggesting positive relative momentum. Red circles indicate the opposite.

Are there alerts included?

Yes, the script includes built-in alerts for when the fastest RSI (length 2) crosses above the 70 overbought level or below the 30 oversold level.

How can I access the Multi Time Frame RSI?

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