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.

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PineScript Tutorial

PineScript from TradingView is a simple programming language that is specially designed for traders. Pine can be used for building indicators or fully-automated trading strategies. This tutorial exclusively focuses on coding indicators.

The Basics of Creating Scripts

A script can refer to simple research (Study) or an automated system (Strategy). Both elements (Studies and Strategies) include functions and variables. At the beginning of each script, there is a statement declaring the version of PineScript, the name of the script, and whether if it is a Study or a Strategy:

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How to create Indicators & Automated Strategies using TradingView PineScript

PineScript is a simple and free-to-use programming language, specially designed for traders, which is incorporated into the TradingView platform.

A few words about TradingView

TradingView is an online platform that is basically free and provides all the charting tools and indicators you need to create trading ideas and share them with the community. The TradingView platform incorporates its own scripting language called PineScript (similar to Python) which allows the creation of custom indicators. All you need to use TradingView and PineScript is a free account:

» Visit TradingView and open a free account

Introduction to the PineScript

PineScript is a cloud-based language, and that means you can create and use indicators in your desktop computer, or your mobile device, without the need of installing any software.

Key Features of Pine scripts

• A script can be a STUDY or a STRATEGY (review script structures below)
• At the beginning of each script, there is an annotation defining the version of PineScript used, along with the name and the basic properties of the script
• Each script’s main body contains FUNCTIONS and VARIABLES. Functions correspond to instructions that lead to calculations. Variables save the values of those calculations in the cloud.
• PineScript contains built-in functions that you can use in your scripts
• At the end of each script, you can define which variables will be plotted, and where they will be plotted

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