// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © BalintDavid
// WHAT IT DOES AND HOW TO USE:
// In the Input page you configure the RSI
//
// The indicator draws swings on the chart based on RSI extremes
// Example: Lines are draws from OVERSOLD to OVERBOUGHT and vice-versa
// If we keep geing in deeper OVERBOUGHT or OVERSOLD, the swinglines follow the price, till another cycle is complete
// In the labels you see the swing's relation to the structure: If the swing high is higher then the previous, it becomes Higher High aka HH
//@version=4
study("RSI Swing Indicator", overlay=true, max_bars_back=1000)
// RSI Settings for user
rsiSource = input(title="RSI Source", type=input.source, defval=close)
rsiLength = input(title="RSI Length", type=input.integer, defval=7)
rsiOverbought = input(title="RSI Overbought", type=input.integer, defval=70, minval=51, maxval=100)
rsiOvesold = input(title="RSI Oversold", type=input.integer, defval=30, minval=1, maxval=49)
// RSI value based on inbuilt RSI
rsiValue = rsi(rsiSource, rsiLength)
// Get the current state
isOverbought = rsiValue >= rsiOverbought
isOversold = rsiValue <= rsiOvesold
// State of the last extreme 0 for initialization, 1 = overbought, 2 = oversold
var laststate = 0
// Highest and Lowest prices since the last state change
var hh = low
var ll = high
// Labels
var label labelll = na
var label labelhh = na
// Swing lines
var line line_up = na
var line line_down = na
var last_actual_label_hh_price = 0.0
var last_actual_label_ll_price = 0.0
// FUNCTIONS
obLabelText() =>
if(last_actual_label_hh_price < high)
"HH"
else
"LH"
//plot(last_actual_label_hh_price)
osLabelText() =>
if(last_actual_label_ll_price < low)
"HL"
else
"LL"
// Create oversold or overbought label
createOverBoughtLabel(isIt) =>
if(isIt)
label.new(x=bar_index, y=na ,yloc=yloc.abovebar, style=label.style_label_down, color=color.red, size=size.tiny, text=obLabelText())
else
label.new(x=bar_index, y=na ,yloc=yloc.belowbar, style=label.style_label_up, color=color.green, size=size.tiny, text=osLabelText())
// Move the oversold swing and label
moveOversoldLabel() =>
label.set_x(labelll, bar_index)
label.set_y(labelll, low)
label.set_text(labelll, osLabelText())
line.set_x1(line_down, bar_index)
line.set_y1(line_down, low)
moveOverBoughtLabel() =>
label.set_x(labelhh, bar_index)
label.set_y(labelhh, high)
label.set_text(labelhh, obLabelText())
line.set_x1(line_up, bar_index)
line.set_y1(line_up, high)
// We go from oversold straight to overbought NEW DRAWINGS CREATED HERE
if(laststate == 2 and isOverbought)
hh := high
labelhh := createOverBoughtLabel(true)
last_actual_label_ll_price := label.get_y(labelll)
labelll_ts = label.get_x(labelll)
labelll_price = label.get_y(labelll)
line_up := line.new(x1=bar_index, y1=high, x2=labelll_ts, y2=labelll_price, width=1)
// We go from overbought straight to oversold NEW DRAWINGS CREATED HERE
if(laststate == 1 and isOversold)
ll := low
labelll := createOverBoughtLabel(false)
last_actual_label_hh_price := label.get_y(labelhh)
labelhh_ts = label.get_x(labelhh)
labelhh_price = label.get_y(labelhh)
line_down := line.new(x1=bar_index, y1=high, x2=labelhh_ts, y2=labelhh_price, width=1)
// If we are overbought
if(isOverbought)
if(high >= hh)
hh := high
moveOverBoughtLabel()
laststate := 1
// If we are oversold
if(isOversold)
if(low <= ll)
ll := low
moveOversoldLabel()
laststate := 2
// If last state was overbought and we are overbought
if(laststate == 1 and isOverbought)
if(hh <= high)
hh := high
moveOverBoughtLabel()
//If we are oversold and the last state was oversold, move the drawings to the lowest price
if(laststate == 2 and isOversold)
if(low <= ll)
ll := low
moveOversoldLabel()
// If last state was overbought
if(laststate == 1)
if(hh <= high)
hh := high
moveOverBoughtLabel()
// If last stare was oversold
if(laststate == 2)
if(ll >= low)
ll := low
moveOversoldLabel()
.
