Higher-Timeframe RSI with Direction and Midline Coloring

Summary

This indicator displays a standard Relative Strength Index calculated for a timeframe that can differ from the chart timeframe. Its default settings use a four-hour period, a 12-period RSI, and closing prices, though the user can choose other inputs. A redraw option controls whether values are repeated across otherwise empty bars when higher-timeframe data is displayed on a lower-timeframe chart.

The colors combine the RSI’s position relative to 50 with its direction of movement. Rising values above 50 appear light green, while falling values above that midpoint appear dark green. Below 50, falling values are red and rising values are brown. This makes the midpoint and short-term RSI direction visible at a glance, but the description supplies no entry or exit rules, evidence of performance, or guidance on choosing the timeframe and period. The color changes describe indicator behavior and should not be interpreted as independently validated signals.

Key ideas

• The RSI can be calculated on a timeframe different from the displayed chart timeframe.
• The described defaults are a four-hour timeframe, a 12-period lookback, and closing prices.
• Color depends on both whether RSI is above or below 50 and whether it is rising or falling.
• A redraw option repeats higher-timeframe values across empty bars.
• The description does not provide trading rules or performance evidence.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.