1.4 Voodoo RSI

Introduction

Voodoo RSI is an enhanced version of one of the most popular trading tools, the Relative Strength Index (RSI). Voodoo RSI includes extra features such as custom price sources, a no-repaint option and more.

Visual Overview

Full size: https://www.tradingview.com/x/IkbOCqeh/

RSI - RSI indicator line

RSI EMA - EMA based on RSI. Gives color based indication on current bias.

  • Green - bullish
  • Red - bearish
  • Yellow - neutral

Overbought zone - Overbought refers to a security that is believed to be trading above its intrinsic value. It can be described as potential reversal area in bullish control zone. The overbought zone is dynamically marked and changes size depending on current bias.

Oversold zone - Oversold refers to a security that is believed to be trading below its intrinsic value. It can be described as potential reversal area in bearish control zone. The oversold zone is dynamically marked and changes size depending on current bias.

Neutral Zone - Area of balance or indecision between supply and demand forces in the trading market.

Inputs Overview

Price source - OHLC source for Voodoo RSI calculation. The default setting is to use the candle close price

RSI - the time period to be used in calculating the RSI

RSI EMA - length of EMA of RSI

No repaint checkbox - toggles 'no repaint' option giving confirmed signals but with slight lag. (repaint is a characteristic of some versions of TradingView's Pine scripting language where signals may change between timeframes.)

Cross signals checkbox - toggles visibility of cross signals

Moving zones checkbox - toggles moving zones. When enabled, zones will adjust to the current trend. If disabled, the user-defined Bull overbought and Bull oversold values will be used

Bull overbought [default] - value between 0 and 100 at which the overbought zone starts (this value and above is shown as the overbought zone). This value will be used to plot overbought zone in bull trend with Moving zones turned on and as the default value

Bull oversold [default] - value between 0 and 100 at which the oversold zone ends (this value and below is shown as the oversold zone). This value will be used to plot oversold zone in bull trend with Moving zones turned on and as the default value

Bear overbought - value between 0 and 100 at which the overbought zone starts (this value and above is shown as the overbought zone). This value will be used to plot overbought zone in bear trend with Moving zones turned on

Bear oversold - value between 0 and 100 at which the oversold zone ends (this value and below is shown as the oversold zone). This value will be used to plot oversold zone in bear trend with Moving zones turned on

Bias lookback - length of trend EMA dictating general oscillator setup. The greater the value, the laggier the changes will be, however a higher value will be less likely to react to a false or weak signal