RSI Candles set to the default 14 length (un check Borders in the Style tab to see the better)
I like using the wicks as an early warning for a possible trend change, which is generally in the opposite direction of the wicks.
It's also easier for me to draw using the Candles vs the plot line.
40 of the Candles
2nd set to the 20 length, which plots just inside the wicks of the Candles. This also highlights Oversold and Overbought levels.
I sometimes leave the Candle Borders checked and use the 20 plot with the wicks of the Candles
Signals to look for Short or Long opportunities, which use the 5 of the Candles crossing under the overbought and over the
oversold levels. If you'd like to plot the 5 , remove the // at the beginning of the code on line 72.
3nd set to the default 14 length which can be set to a different timeframe as the current chart. Default setting is the 1h.
This plots a + at the top of the indicator when it's above the 50 level and an x at the bottom of the indicator when it's below the 50 level.
For me, this is just a visual aid when I'm scalping on lower timeframes.
If the 1h is above the 50 level, I focus on long scalps. If the 1h is below the 50 level, I focus on short scalps.
RSI Cloud which is formed by filling in the area between the 14 of both the 7 and 28 .
I used part of @FnM_Capital 's Trend-Sniper script for my Candles. Thank you! You're extremely talented and deserve all of the credit for your work.
I'd also like to thank @SeanNance for answering all of my random coding questions!!!
I've added the indicator to the example twice to show a couple of the ways I view the RSI's.
The top indicator shows the Candle Borders "un checked" and without the 2nd plot.
The bottom indicator shows Candle Borders "checked", using 2nd plot with the Candle Wicks.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.