RSI Trendlines [RG]

Overview

RSI Trendlines combines the power of automatic trendline detection with the popular Relative Strength Index (RSI) indicator. This tool identifies and plots dynamic support and resistance trendlines directly on the RSI chart, helping you spot potential trend changes and divergences in momentum before they appear in price.

Key Features

• Automatically detects and draws trendlines on the RSI indicator
  
• Identifies significant pivot points in RSI momentum
  
• Customizable appearance with adjustable colors and line widths
  
• Built-in alerts for trendline breaks
  

How It Works

• The indicator calculates the standard RSI using your preferred settings
  
• It identifies pivot highs and lows in the RSI using the specified lookback period
  
• Valid trendlines are drawn connecting consecutive pivots
  
• Lines extend until they experience a confirmed break
  

Customization Options

• RSI Parameters: Adjust length and source to your preference
  
• Trendline Settings: Control pivot detection sensitivity and maximum lines
  
• Visual Options: Customize colors, line widths, and optional midline display
  

Ideal For

• Identifying established trends in momentum
  
• Spotting potential RSI divergences early
  
• Timing entries and exits based on momentum shifts
  
• Confirming trend changes with objective trendline breaks
  

This indicator aims to help traders move beyond static overbought/oversold levels by revealing the dynamic structure of momentum trends and highlighting potential reversals and continuations.
Please don't use this as a buy and sell indicator. Use it to get an idea on the market trend and as an extra confirmation for your trades. Happy Trading :)