RSI Precision+ indicator (RSI Alternative)

INDICATOR: RSI PRECISION+ (FREE ON TRADINGVIEW)

The RSI Precision+ is an enhanced version of the “RSI Precision”, a free alternative to RSI you can use on TradingView. The new indicator offers a combination of crucial trading signals, along with the RSI Precision's indications. These are the three categories of built-in trading signals.

• RSI Crossovers/Crossunders (▲▼)
• MACD Crossovers (•)
• SMA Death/Golden Crosses (x)

RSI PRECISION+

The new indicator “RSI PRECISION” is an alternative to the popular oscillator ‘Relative Strength Index’ or else RSI. The indicator combines RSI readings with price momentum to offer precise readings at longer timeframes. In addition, it offers a series of built-in trading signals. The RSI Precision is a very useful tool for analyzing volatile financial assets, such as technology stocks and cryptocurrency assets. Especially, in longer timeframes, where the indications of the classic RSI are lacking any precision.

■ RSI PRECISION+: Use it here for free on TradingView:

» https://www.tradingview.com/script/kBpWBCXU-RSI-PRECISION-MACD-SMA-Signals/

In the following chart, RSI Precision+ is used on EURUSD daily

Chart: RSI Precision+ on EURUSD

Here is a list of all the trading signals you can have by applying the indicator on any chart.

MACD CROSSOVERS

The signals correspond to the green dots (•) found on the top, and red dots found on the bottom.

(a) Bullish signal

• Event: MACD crosses above its signal line
• Symbol: Green Dot (•) on the Top

(b) Bearish signal

• Event: MACD crosses below its signal line
• Symbol: Red Dot (•) on the Bottom

NOTE: To avoid receiving too many signals in lower timeframes, you can switch off the MACD algorithm. Click on ‘SETTINGS’, then ‘STYLE’, and then unselect ‘Bullish MACD Cross’ and ‘Bearish MACD Cross’.

SMA CROSSOVERS

The signals correspond to the letter (X) found on the top and bottom of the indicator.

By default, the signals are generated by crossovers between SMA(50) and SMA(200). These are known as “Golden Cross” and “Death Cross” signals.

(a) Bullish signal

• Event: SMA(50) crosses above the slow SMA
• Symbol: Green (X) on the Top

(b) Bearish signal

• Event: SMA(50) crosses below SMA(200)
• Symbol: Red (X) on the Bottom

NOTE: You can adjust both SMA periods (Settings).

RSI PRECISION CROSSOVERS

The signals correspond to the green arrows (▲▼) found on the top, and red dots found on the bottom.

(a) Bullish signal

• Event: RSI Precision crosses above reading 5
• Symbol: Green arrow (▲) on the Bottom of the indicator

(b) Bearish signal

• Event: The RSI Precision crosses below reading 100
• Symbol: Red arrow (▼) on the Top of the indicator

RSI PRECISION OBJECTIVES

(i) spot overbought/oversold market levels (like the classic RSI)

(ii) get precise readings near market tops and bottoms (the momentum algorithm is very sensitive to booming volatility)

(iii) get precise readings on longer time frames, where the classic RSI readings are not precise

(iv) receive 3 different types of trading signals (RSI, SMA, MACD)

RSI PRECISION BASIC SETTINGS

You can customize the entire formula of RSI Precision+ via 'Settings', where you will find a great variety of trading parameters.

• RSI PERIODS: Default is 14 periods
• RSI PRECISION FORMULA

(i) RSI FACTOR

(ii) PERIODIC PRICE VOLATILITY

(iii) RSI VOLATILITY (%): By default, 5%

• RSI CROSSOVER/CROSSUNDER LEVELS
• PERIODS FOR SMA CROSSOVERS

■ RSI PRECISION+: Use it here for free on TradingView:

» https://www.tradingview.com/script/kBpWBCXU-RSI-PRECISION-MACD-SMA-Signals/

□ RSI Precision Indicator (+ MACD & SMA Signals)

Developed by Giorgos Protonotarios, March 2022

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