RSI with Zone Colors

RSI with zone cooler highlight for everyone
🔹 Short description (for the “Description” box)

RSI with Zone Colors
This indicator plots a classic RSI and highlights the overbought / oversold zones with clear colors.
The RSI line changes color when it enters each zone, the zones are softly filled in the RSI pane, and the price candles on the main chart are recolored whenever RSI is overbought or oversold.
It’s designed to make momentum shifts easy to see at a glance on any symbol or timeframe.

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🔹 What the script does (explanation)
1. Custom RSI calculation
• Uses the price source you choose (close by default) and the RSI length you set.
• Calculates average up-moves and down-moves, then builds a classic RSI value from 0–100.
2. Configurable levels
• Overbought Level (default 70)
• Oversold Level (default 30)
• Midline at 50 is drawn automatically.
3. RSI line color by zone
• Above OB level → RSI line becomes red (overbought zone).
• Below OS level → RSI line becomes green (oversold zone).
• Between the two levels → blue (normal zone).
4. Zone lines
• Horizontal lines at Overbought, Oversold, and 50 are plotted to clearly mark each region.
5. Zone fills
• The space around the overbought area is filled with a soft red background.
• The space around the oversold area is filled with a soft green background.
• Transparency is used so the RSI line stays visible.
6. Candle colors on the main chart
• When RSI is overbought, price candles are colored red.
• When RSI is oversold, price candles are colored green.
• In the normal zone, candles keep their default color.
→ This lets you see RSI conditions directly on the price chart without looking down at the indicator pane all the time.

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🔹 How to use (for “How to use / Strategy idea” section)

You can copy-paste and tweak this:

How to use
• Apply this indicator to any symbol and timeframe.
• Adjust RSI Length, Overbought Level, and Oversold Level to match your trading style (for example 14 / 80 / 20 for stronger filters).
• Use the red overbought zone to look for potential exhaustion after strong up moves.
• Use the green oversold zone to look for potential exhaustion after strong down moves.
• Candle colors on the main chart help you see when RSI is extended without taking your eyes off price.
• This script is meant as a visual aid, not a complete trading system. Combine it with your own trend, structure, and risk-management rules.

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🔹 Optional disclaimer (short)

This script is for educational and informational purposes only and is not financial advice. Always test any idea on a demo account before using it with real capital.