Visualizing Historical Distributions of RSI and Other Indicators

Summary

This ProRealCode indicator plots how frequently rounded values of RSI, Stochastic, Williams %R, or ADX have occurred over a chosen historical period. The user selects an indicator and its settings, optionally chooses a start date, and can display a simple moving average signal line. That line is for display and is excluded from the frequency calculation. The chart scales each value’s observed count against the most frequent value, displays the current indicator reading, and marks its relative frequency on the distribution.

The tool is descriptive: it helps show where an indicator has spent more or less time in the selected history, but it does not define entry rules or demonstrate predictive value. Its distributions depend on the instrument, timeframe, sample period, and settings, so the chart’s relative percentages should not be read as probabilities of future price moves. Williams %R values are shifted to a zero-to-100 display range. The document also notes a platform version requirement and recommends importing the provided indicator file for full functionality.

Key ideas

• The indicator compares historical frequencies of rounded RSI, Stochastic, Williams %R, or ADX readings.
• A start date controls the sample, and a moving-average signal line can be shown without affecting counts.
• The chart normalizes each value’s frequency against the most common observed value.
• The display describes past indicator behavior and does not establish future probabilities or trading performance.

Tags

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