OPEN-SOURCE SCRIPT
Updated RSI Scaling (UO)
Plot price scaled by the RSI. Also, plot high and low of the scaled price so that the trend is visible as well as sell-high/buy-low points...
Before the prices change direction, RSI generally makes a double top/bottom... Or a lower high/higher low.
This is more emphasized on the scaled price. You can see the high/low band change direction
Before the prices change direction, RSI generally makes a double top/bottom... Or a lower high/higher low.
This is more emphasized on the scaled price. You can see the high/low band change direction
Release Notes
The band is color filled to show the trend clearly...Note that while the price can make a higher high, the scaled price can make a lower high. This is a clear sign of reversal. Same for the other direction
Release Notes
Added an outer color band to emphasize the highest highs and the lowest lowsOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.