Double RSI

The Double RSI indicator aims to provide a multi-timeframe perspective by plotting the Relative Strength Index (RSI) of the current timeframe alongside the RSI of a higher timeframe. This dual-view approach helps traders identify the broader market trend while monitoring short-term momentum conditions for precise entries.

Usage

The indicator can be used to identify trend alignment and potential support/resistance levels within the RSI range:

• Bullish Trend Alignment: When the Daily RSI is above 60 and the Weekly RSI is above 40 and rising, the asset is considered to be in a strong uptrend. Traders often look for buying opportunities when the Daily RSI tests the 60 level as support.
• Bearish Trend Alignment: When the Daily RSI is below 40 and the Weekly RSI is below 60, the market is considered to be in a downtrend.
• Entry Points: The first test of the 60 level by the Daily RSI in an uptrend often provides a high-probability entry point. Note that as the trend matures, the probability of successful subsequent tests may decrease.

Details

The script automatically determines the higher timeframe based on the current chart:

• Intraday Charts: Displays the Intraday and Daily RSI.
• Daily Charts: Displays the Daily and Weekly RSI.
• Weekly Charts: Displays the Weekly and Monthly RSI.

The indicator uses the standard RMA (Running Moving Average) calculation for the RSI values. It features fixed horizontal lines at 40 and 60 to act as threshold markers for bullish and bearish sentiment. The script also includes built-in alert logic for when the current RSI crosses these key levels.

Settings

• RSI Length: Determines the number of bars used to calculate the RSI for both the current and higher timeframes. The default value is 14.

FAQ

How can I access Double RSI?

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

What are the default levels for bullish and bearish trends?

The indicator uses 60 as a bullish threshold and 40 as a bearish threshold. Crosses above 60 or below 40 trigger specific momentum alerts.

Does the higher timeframe change automatically?

Yes, the script is programmed to dynamically fetch data from a logically higher timeframe (e.g., Daily for Intraday charts, Weekly for Daily charts) to provide context without manual adjustment.