RSI Channel ob/os breakout or reversion

This indicator spot the touch/breakout/reversion of the price with its channel upper and lower bounds made from the reverse engineered version of RSI by our member Louis Winthorp III: RSI Reverse Engineering indicator

Once the price has touched one of the band a “cage” is plotted during “levelperiod” candlesticks to easily spot the breakout of the price in the same direction of the reverse to the mean of the price.

RSIperiod and AveragePeriod of the channel can be modified in the settings.

Original idea from this topic: breakout of RSI channel

//PRC_RSI Channel Ob/Os Breakout | indicator
//01.03.2019
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge

// --- settings 
AveragePeriod = 14
RSIperiod = 14
levelperiod = 20
// --- end of settings 

//////////////////////////////////////////////////
//_RSI_LEVELS_

ONCE RSI70 = UNDEFINED
ONCE RSI30 = UNDEFINED

RSIORI = RSI[RSIperiod](CLOSE)
UPORI = MAX(0,CLOSE-CLOSE[1])
DOWNORI = MAX(0,CLOSE[1]-CLOSE)
UPMAORI = WILDERAVERAGE[AveragePeriod](UPORI)
DOWNMAORI = WILDERAVERAGE[AveragePeriod](DOWNORI)

RSREV = (100/((-1*70)+100)) - 1

IF 70 < RSIORI THEN
 UPMAREV = UPMAORI * (1-(1/14))
 DOWNMAREV = UPMAREV / RSREV
 DOWNREV = (DOWNMAREV-(DOWNMAORI*(1-(1/14))))/(1/14)
 RSI70 = CLOSE - DOWNREV
ELSIF 70 > RSIORI THEN
 DOWNMAREV = DOWNMAORI * (1-(1/14))
 UPMAREV = DOWNMAREV * RSREV
 UPREV = (UPMAREV-(UPMAORI*(1-(1/14))))/(1/14)
 RSI70 = CLOSE + UPREV
ENDIF

RSI50 = WILDERAVERAGE[AveragePeriod](CLOSE)

RSIORI2 = RSI[RSIperiod](CLOSE)
UPORI2 = MAX(0,CLOSE-CLOSE[1])
DOWNORI2 = MAX(0,CLOSE[1]-CLOSE)
UPMAORI2 = WILDERAVERAGE[AveragePeriod](UPORI2)
DOWNMAORI2 = WILDERAVERAGE[AveragePeriod](DOWNORI2)

RSREV2 = (100/((-1*30)+100)) - 1

IF 30 < RSIORI2 THEN
 UPMAREV2 = UPMAORI2 * (1-(1/14))
 DOWNMAREV2 = UPMAREV2 / RSREV2
 DOWNREV2 = (DOWNMAREV2-(DOWNMAORI2*(1-(1/14))))/(1/14)
 RSI30 = CLOSE - DOWNREV2
ELSIF 30 > RSIORI2 THEN
 DOWNMAREV2 = DOWNMAORI2 * (1-(1/14))
 UPMAREV2 = DOWNMAREV2 * RSREV2
 UPREV2 = (UPMAREV2-(UPMAORI2*(1-(1/14))))/(1/14)
 RSI30 = CLOSE + UPREV2
ENDIF

//low break
if low crosses under RSI30 then
 lowstartbar=barindex
 lowstartlevel=rsi30
endif
if lowstartbar>0 and barindex-lowstartbar<=levelperiod then
 drawsegment(lowstartbar,lowstartlevel,barindex,lowstartlevel) coloured(255,0,0)
 drawbarchart(lowstartlevel,lowstartlevel,lowstartlevel,rsi30) coloured(160,160,160,150)
endif
if barindex-lowstartbar=levelperiod then
 drawsegment(barindex,lowstartlevel,barindex,RSI30) coloured(255,0,0)
endif
//high break
if high crosses over RSI70 then
 highstartbar=barindex
 highstartlevel=rsi70
endif
if highstartbar>0 and barindex-highstartbar<=levelperiod then
 drawsegment(highstartbar,highstartlevel,barindex,highstartlevel) coloured(0,255,0)
 drawbarchart(highstartlevel,highstartlevel,highstartlevel,rsi70) coloured(160,160,160,200)
endif
if barindex-highstartbar=levelperiod then
 drawsegment(barindex,highstartlevel,barindex,RSI70) coloured(0,255,0)
endif

RETURN RSI70 COLOURED (0,0,0) STYLE (LINE,3) AS "_DAILY_RSI_70%_", RSI50 COLOURED (153,0,153) STYLE (LINE,3) AS "_DAILY_RSI_50%_", RSI30 COLOURED (0,0,0) STYLE (LINE,3) AS "_DAILY_RSI_30%_"

//PRC_RSI Channel Ob/Os Breakout | indicator

//01.03.2019

//Nicolas @ www.prorealcode.com

//Sharing ProRealTime knowledge

// --- settings

AveragePeriod = 14

RSIperiod = 14

levelperiod = 20

// --- end of settings

//////////////////////////////////////////////////

//_RSI_LEVELS_

ONCE RSI70 = UNDEFINED

ONCE RSI30 = UNDEFINED

RSIORI = RSI[RSIperiod](CLOSE)

UPORI = MAX(0,CLOSE-CLOSE[1])

DOWNORI = MAX(0,CLOSE[1]-CLOSE)

UPMAORI = WILDERAVERAGE[AveragePeriod](UPORI)

DOWNMAORI = WILDERAVERAGE[AveragePeriod](DOWNORI)

RSREV = (100/((-1*70)+100)) - 1

IF 70 < RSIORI THEN

UPMAREV = UPMAORI * (1-(1/14))

DOWNMAREV = UPMAREV / RSREV

DOWNREV = (DOWNMAREV-(DOWNMAORI*(1-(1/14))))/(1/14)

RSI70 = CLOSE - DOWNREV

ELSIF 70 > RSIORI THEN

DOWNMAREV = DOWNMAORI * (1-(1/14))

UPMAREV = DOWNMAREV * RSREV

UPREV = (UPMAREV-(UPMAORI*(1-(1/14))))/(1/14)

RSI70 = CLOSE + UPREV

ENDIF

RSI50 = WILDERAVERAGE[AveragePeriod](CLOSE)

RSIORI2 = RSI[RSIperiod](CLOSE)

UPORI2 = MAX(0,CLOSE-CLOSE[1])

DOWNORI2 = MAX(0,CLOSE[1]-CLOSE)

UPMAORI2 = WILDERAVERAGE[AveragePeriod](UPORI2)

DOWNMAORI2 = WILDERAVERAGE[AveragePeriod](DOWNORI2)

RSREV2 = (100/((-1*30)+100)) - 1

IF 30 < RSIORI2 THEN

UPMAREV2 = UPMAORI2 * (1-(1/14))

DOWNMAREV2 = UPMAREV2 / RSREV2

DOWNREV2 = (DOWNMAREV2-(DOWNMAORI2*(1-(1/14))))/(1/14)

RSI30 = CLOSE - DOWNREV2

ELSIF 30 > RSIORI2 THEN

DOWNMAREV2 = DOWNMAORI2 * (1-(1/14))

UPMAREV2 = DOWNMAREV2 * RSREV2

UPREV2 = (UPMAREV2-(UPMAORI2*(1-(1/14))))/(1/14)

RSI30 = CLOSE + UPREV2

ENDIF

//low break

if low crosses under RSI30 then

lowstartbar=barindex

lowstartlevel=rsi30

endif

if lowstartbar>0 and barindex-lowstartbar<=levelperiod then

drawsegment(lowstartbar,lowstartlevel,barindex,lowstartlevel) coloured(255,0,0)

drawbarchart(lowstartlevel,lowstartlevel,lowstartlevel,rsi30) coloured(160,160,160,150)

endif

if barindex-lowstartbar=levelperiod then

drawsegment(barindex,lowstartlevel,barindex,RSI30) coloured(255,0,0)

endif

//high break

if high crosses over RSI70 then

highstartbar=barindex

highstartlevel=rsi70

endif

if highstartbar>0 and barindex-highstartbar<=levelperiod then

drawsegment(highstartbar,highstartlevel,barindex,highstartlevel) coloured(0,255,0)

drawbarchart(highstartlevel,highstartlevel,highstartlevel,rsi70) coloured(160,160,160,200)

endif

if barindex-highstartbar=levelperiod then

drawsegment(barindex,highstartlevel,barindex,RSI70) coloured(0,255,0)

endif

RETURN RSI70 COLOURED (0,0,0) STYLE (LINE,3) AS "_DAILY_RSI_70%_", RSI50 COLOURED (153,0,153) STYLE (LINE,3) AS "_DAILY_RSI_50%_", RSI30 COLOURED (0,0,0) STYLE (LINE,3) AS "_DAILY_RSI_30%_"

breakout channel mean reversion RSI

Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

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Martin35 • 03/01/2019 #
Sympa cet indicateur. 🙂

J’ai mis une autre idée pour ce canal RSI (et aussi pour le canal de Donchian) afin de tracer des niveaux pertinents, je le remets là (capture sur l’autre sujet, je n’arrive pas à la mettre là):

1/ – Tracé d’un nouveau plus haut lors d’un breakout haussier.
– Si le prix retouche la WMA14 (qu’on pourra remplacer par un autre indicateur de tendance au choix, etc…), un nouveau plus haut peut être établis, ou un nouveau plus bas.

2/ – Tracé d’un nouveau plus bas lors d’un breakout baissier.
– Si le prix retouche la WMA14, un nouveau plus bas peut être établis, ou un nouveau plus haut.”

Je sais que tu utilises les affichages de niveaux avec les outils graphiques drawsegment, si cela est possible de les mettre en dur ça serait plus pratique, mais si tu ne l’as pas fait c’est que ce n’est peut-être pas faisable.

Merci ! 😉

Martin35 • 03/01/2019 #
1/ – Tracé d’un nouveau plus haut lors d’un breakout haussier.
– Si le prix retouche la WMA14 (qu’on pourra remplacer par un autre indicateur de tendance au choix, etc…), un nouveau plus haut peut être établis, ou un nouveau plus bas —> au prochain contact avec l’une des 2 bornes du canal RSI.

sir_i • 03/01/2019 #
Bonjour à tous, Je suis nouveau sur le forum et sur la plateforme, pourriez-vous me dire comment insérer cet indicateur dans le graphique? Je l’ai importé dans le graphique, mais il s’ouvre sous le graphique en chandeliers. Je voudrais l’insérer au-dessus des prix, comme je le vois dans l’image ci-jointe. Je vous remercie beaucoup
Mon respect pour votre travail
- Nicolas • 03/01/2019 #
  Il faut simplement l’appliquer sur le prix.

sir_i • 03/01/2019 #
Merci pour la réponse, je ne suis pas familier avec l’application de cette procédure simple, mais je vais essayer.

luxrun grazie Ivàn!

lee Thank you. Is it possible to convert this to a screener that displays instruments when bulli...

Iván //---------------------------------------------------------------// //PRC_Pollan Indicator /...

kats BONSOIR c bon merci j ai trouve ce weekend merci de votre reponse cdlt

the_giorgio Hi, nice work I would like to understand something about prorealtime code. With your ...

Iván Hello. When you use the drawcandle() instruction then in the configuration window you add ...

Iván Hi, Sorry, but what do you mean?

luiskohnen Hola, queria saber si el indicador repinta, porque a mi me parecio que si. Saludos y gracias...

Diamant Bonsoir, L'un d'entre vous peut-il me donner les définissions de LL-HH-LH et HL. Merci d'av...

Lean Me parece muy buen indicador, y se complementa muy bien en mi sistema, ¿podrías crear un scr...

Iván Gracias! Para el screener sólo tienes que copiar el indicador y poner como condición de búsq...

Lean Muchas gracias Iván, ya lo he podido crear.

jacquesgermain sì da aggiungere

Maik2404 auf welchen Wert muss ich die Kompresionsperiode stellen?

jacquesgermain — Période de compression : ce paramètre détermine la période de rétrospection utilisée pour ...

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