RSI Supertrend with Historical RSI Extremes and Reversal Markers

Summary

This indicator applies Supertrend logic to RSI values rather than market prices. It first calculates RSI from a configurable price source, smooths it with a moving average, then computes an ATR from the RSI series to create a trailing band. The band follows below RSI during an upward phase and above it during a downward phase. The display also tracks the highest and lowest RSI values observed since the indicator began running on the chart, alongside conventional overbought, oversold, and midpoint references.

Key ideas

• The trailing Supertrend band is calculated from RSI values and their ATR, rather than from price candles.
• A moving average smooths RSI, while chart-level maximum and minimum lines show its observed range since startup.
• The indicator marks band crossings in overbought or oversold territory as possible reversal signals.
• The settings allow changes to RSI period, smoothing, ATR length, band multiplier, and threshold levels.
• The described markers are possibilities rather than validated trade signals, and no performance evidence is supplied.
• Both trend phases currently use black for the band and fill, which can make phase changes harder to distinguish.

Tags

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