RSI-TC_NEW

Download script
RSI-TC_NEW

This tool is designed to provide traders with a comprehensive visual overview of market momentum and volatility by combining three distinct analytical methods: Relative Strength Index (RSI), Bollinger Bands, and Keltner Channels. Its primary goal is to identify high-probability trend shifts and "breakout" opportunities where price action moves from a period of consolidation into a strong directional move.

Core Analytical Components

1. Dynamic Momentum Tracking (Two-Tone RSI) The indicator uses a customized version of the Relative Strength Index (RSI) to measure the speed and change of price movements. Instead of showing a standard single line, it employs a "two-tone" logic:

  • It tracks whether the market is leaning toward bullish or bearish territory based on predefined thresholds.
  • This helps traders visually distinguish between different phases of momentum, making it easier to see when the market strength is shifting from one side to another.

2. Volatility Squeeze Detection One of the primary functions of this script is identifying "Squeezes." By comparing Bollinger Bands (which measure standard deviation) with Keltner Channels (which measure average true range), the tool detects periods where volatility is unusually tight.

  • When the market "squeezes," it indicates that price action is compressing and may soon explode in a significant direction.
  • The indicator highlights these zones to warn traders of potential upcoming movement.

3. Intelligent Breakout Signals The script generates specific visual alerts (arrows) on the chart based on three distinct conditions:

  • Squeeze Breakouts: It looks for instances where the market was previously "squeezed" and then breaks out in the direction of the RSI momentum.
  • Band Expansion: It monitors whether the Bollinger Bands are expanding relative to the Keltner Channels, confirming that the breakout has actual volume and strength behind it.
  • Trend Confirmation: Every signal is cross-referenced with the RSI to ensure the breakout aligns with the broader market trend.

User Experience and Alerts

To assist in active trading, the script includes an automated notification system. When the logic identifies a confirmed Buy or Sell breakout, the tool can trigger a real-time alert on your platform. This allows traders to react immediately to new signals without needing to constantly stare at the charts, specifically highlighting the moment the "squeeze" releases into a clear trend.

Indicators Used
Relative strength indexMoving average indicatorBollinger bands indicatorIndicator of the average true range
Miscellaneous
Implements a curve of type %1It issuies visual alerts to the screen
17 Views
0 Downloads
0 Favorites
RSI-TC_NEW 
/*-----------------------------+
|			       |
| Shared by www.Aptrafx.com    |
|			       |
+------------------------------*/

//compile//
/*

*********************************************************************
          
                 RSI with Trend Catcher signal
                      
                              
                          by Matsu
              based on codes from various sources
                  
*********************************************************************

*/


#property indicator_separate_window
#property indicator_buffers 5
#property indicator_color1 Lime
#property indicator_color2 Red
#property indicator_color3 Lime
#property indicator_color4 Red
#property indicator_color5 Gold

#property indicator_level1 60
#property indicator_level2 50
#property indicator_level3 40

int       BBPrd=20;
double    BBDev=2.0;
int       SBPrd=13;
int       SBATRPrd=21;
double    SBFactor=2;
int       SBShift=1;
extern int       RSIPeriod=21;
extern int       BullLevel=50;
extern int       BearLevel=50;
extern bool      AlertOn = true;

double RSI[];
double DnRSI[];
double Buy[];
double Sell[];
double Squeeze[];



int init() 
{

   IndicatorBuffers(5);
   
   SetIndexStyle(0,DRAW_LINE);
   SetIndexBuffer(0,RSI);
   
   SetIndexStyle(1,DRAW_LINE);
   SetIndexBuffer(1,DnRSI);
   
   SetIndexStyle(2,DRAW_ARROW,STYLE_SOLID);
   SetIndexArrow(2,159);
   SetIndexBuffer(2,Buy);
   
   SetIndexStyle(3,DRAW_ARROW,STYLE_SOLID);
   SetIndexArrow(3,159);
   SetIndexBuffer(3,Sell);
   
   SetIndexStyle(4,DRAW_ARROW,STYLE_SOLID);
   SetIndexArrow(4,159);
   SetIndexBuffer(4,Squeeze);
      
   IndicatorShortName("RSI("+RSIPeriod+")");
   IndicatorDigits(2);
   
   return(0);
   
}



int start() 
{

   int counted_bars=IndicatorCounted();
   int shift,limit,ob,os;
   double BBMA, SBMA, TopBBand, BotBBand, TopBBandPrev, BotBBandPrev, TopSBand, BotSBand;
   bool dn = false;
   double BuyNow, BuyPrevious, SellNow, SellPrevious;
   static datetime prevtime = 0;
   
      
   if (counted_bars<0) return(-1);
   if (counted_bars>0) counted_bars--;
   limit=Bars-31;
   if(counted_bars>=31) limit=Bars-counted_bars-1;

   for (shift=limit;shift>=0;shift--)   
   {
            
      RSI[shift]=iRSI(NULL,0,RSIPeriod,PRICE_CLOSE,shift);
      ob = indicator_level1;
      os = indicator_level3;
      
      // ========= Two-tone RSI
      
      if (dn==true)
      {
         if (RSI[shift]>BullLevel) 
         {
            dn=false;
            DnRSI[shift]=EMPTY_VALUE;
         }
         else
         {
            dn=true;
            DnRSI[shift]=RSI[shift];
         }

      }
      else
      {
         if (RSI[shift]<BearLevel) 
         {
            dn=true;
            DnRSI[shift]=RSI[shift];
         }
         else
         {
            dn=false;
            DnRSI[shift]=EMPTY_VALUE;
         }
           
      }
      
      // ========= Two-tone RSI Ends
      
      // ========= Squeeze Signals
      
      BBMA     = iMA(NULL,0,BBPrd,0,MODE_SMA,PRICE_CLOSE,shift);
      SBMA     = iMA(NULL,0,SBPrd,0,MODE_EMA,PRICE_CLOSE,shift+SBShift);
      TopBBand = iBands(NULL,0,BBPrd,BBDev,0,PRICE_CLOSE,MODE_UPPER,shift);
	   BotBBand = iBands(NULL,0,BBPrd,BBDev,0,PRICE_CLOSE,MODE_LOWER,shift);
      TopSBand = SBMA + (SBFactor * iATR(NULL,0,SBATRPrd,shift+SBShift));
      BotSBand = SBMA - (SBFactor * iATR(NULL,0,SBATRPrd,shift+SBShift));
      TopBBandPrev = iBands(NULL,0,BBPrd,BBDev,0,PRICE_CLOSE,MODE_UPPER,shift+1);
	   BotBBandPrev = iBands(NULL,0,BBPrd,BBDev,0,PRICE_CLOSE,MODE_LOWER,shift+1);
      
      if (TopBBand<TopSBand && BotBBand>BotSBand) Squeeze[shift]=50;
      
      // ========= Squeeze Signals Ends
      
      // ========= BB Breakout Signals
      
      //if(Squeeze[shift+2]==50 && RSI[shift]>50 && BotBBand<BotSBand) 
      if((Squeeze[shift+2]==50 || Squeeze[shift+1]==50) && RSI[shift]>50 && BotBBand<BotSBand) 
      {
         Buy[shift]=ob;
         Sell[shift]=EMPTY_VALUE;
      } 
      else 
      //if(Squeeze[shift+2]==50 && RSI[shift]<50 && TopBBand>TopSBand) 
      if((Squeeze[shift+2]==50 || Squeeze[shift+1]==50) && RSI[shift]<50 && TopBBand>TopSBand) 
      {
         Buy[shift]=EMPTY_VALUE;
         Sell[shift]=os;
      }
      else
      if(Buy[shift+1]==ob && BotBBand<BotBBandPrev && RSI[shift]>50)
      {
         Buy[shift]=ob;
         Sell[shift]=EMPTY_VALUE;
      } 
      else
      if(Sell[shift+1]==os && TopBBand>TopBBandPrev && RSI[shift]<50)
      {
         Buy[shift]=EMPTY_VALUE;
         Sell[shift]=os;
      }
      else
      {
         Buy[shift]=EMPTY_VALUE;
         Sell[shift]=EMPTY_VALUE;
      }
      
      // ========= BB Breakout Signals Ends
      
   }      
         

   // ======= Alert =========

   if(AlertOn)
   {
      if(prevtime == Time[0]) 
      {
         return(0);
      }
      prevtime = Time[0];
   
      BuyNow = Buy[0];
      BuyPrevious = Buy[1];
      SellNow = Sell[0];
      SellPrevious = Sell[1];
   
      if((BuyNow ==ob) && (BuyPrevious ==EMPTY_VALUE) )
      {
         Alert(Symbol(), " M", Period(), " Buy Alert");
      }
      else   
      if((SellNow ==os) && (SellPrevious ==EMPTY_VALUE) )
      {
         Alert(Symbol(), " M", Period(), " Sell Alert");
      }
         
      IndicatorShortName("RSI("+RSIPeriod+") (Alert on)");

   }

   // ======= Alert Ends =========


   
   return(0);
   
}

Similar scripts

RSI-TC_v1

This indicator identifies high-probability entries by synchronizing RSI momentum with the spatial divergence between Bollinger Bands and SuperTrend volatility envelopes.

RSI-TC_001

This indicator identifies high-probability reversal points by combining a dual-tone RSI filter with Bollinger Band volatility squeezes and Keltner Channel expansion signals.

+RSI-TC

RSI-TC_NEW1

This indicator identifies high-probability trend reversals by detecting volatility expansion from a 'squeeze' state combined with multi-layered RSI momentum filtering.

RSI-TC_NEW[1]

This indicator identifies high-probability momentum shifts by detecting price breakouts from low-volatility Keltner Channel squeezes while filtering directionality through a dual-tone Relative Strength Index.

RSI-TC_NEWd

This indicator identifies high-probability trend reversals by detecting price volatility compression using a Bollinger Band and Keltner Channel squeeze, coupled with RSI momentum filtering to trigger directional signals.

RSI-TC

This indicator identifies high-probability trend reversals by detecting Bollinger Band contractions (squeezes) followed by price breakouts in alignment with multi-colored RSI momentum shifts.

+RSI-TC_v2

MOM-TC_v2

This indicator identifies directional shifts by monitoring momentum breaches relative to a fixed level, generating visual signals and alerts upon trend reversals.

RSI-TC_NEW_v2

This indicator identifies high-probability trend continuations by detecting volatility 'squeezes' through Bollinger Band and Keltner Channel convergence, filtered by RSI momentum shifts.

MOM-TC_NEW

This indicator identifies trend reversals by monitoring price velocity relative to a fixed 100-point threshold, generating visual signals and alerts upon direction flips.

Comments