Relative Strength Index - RSI

🎯 Overview
This is an enhanced Relative Strength Index (RSI) indicator for TradingView that combines traditional RSI analysis with a moving average overlay to generate more reliable trading signals ⚡

🧩 Core Components
1. ⚙️ Indicator Settings

2. 🎛️ Input Parameters
A. 🎨 Color Settings:

5 different color themes: 🎨 Classic, 🚀 Modern, 💪 Robust, 🌈 Accented, ⚫⚪ Monochrome

Each theme provides distinct bullish/bearish color pairs

B. 📊 RSI Configuration:

📏 Length: Default 14 periods

📈 Source: Default close price (customizable)

📊 RSI MA Length: Default 365 periods

🔄 RSI MA Type: 6 options (EMA, SMA, RMA, WMA, VWMA, HMA)

C. 📢 Signal Display:

✅ Toggle for Bull/Bear crossover signals

📋 Table display showing current market bias

3. 🧮 Technical Calculations
A. 📈 RSI Calculation:

Standard RSI formula using ta.rsi()

Configurable source and period length

B. 📊 RSI Moving Average:

Customizable MA type applied to the RSI values

Serves as a dynamic signal line

Default 365-period EMA smooths long-term trends

C. 🔔 Signal Detection:

🟢 isBull_RSI: RSI > RSI_MA (bullish condition)

🔴 isBear_RSI: RSI < RSI_MA (bearish condition)

🟢 Bull: Crossover signal (RSI crosses above MA)

🔴 Bear: Crossunder signal (RSI crosses below MA)

4. 👁️ Visual Elements
A. 📉 Main Plots:

📊 RSI Line: Thick line (width 3) colored conditionally based on position relative to its MA

📈 RSI MA Line: Yellow line showing the smoothed RSI

🎯 50-Level Line: Dashed white reference line

B. 🎨 Fill Areas:

🟢 Overbought Zone : Filled between RSI and MA

🔴 Oversold Zone : Filled between RSI and MA

Colors vary based on selected theme

C. 🌈 Background Highlights:

Subtle background coloring on bullish/bearish crossover signals

D. 📋 Table Display:

Shows "⬆️ Bullish" or "⬇️ Bearish" with appropriate coloring

5. 🔔 Alert System
🟢 LONG Alert: Triggers when RSI > RSI_MA

🔴 SHORT Alert: Triggers when RSI < RSI_MA

Includes ticker symbol in alert message

🏁 Trading Logic
🎯 Primary Signals:
🟢 Bullish Setup:

📈 RSI crosses above its moving average

📊 RSI remains above MA (continuous bullish condition)

🎨 Visual: Green/theme bull colors, bullish fill areas

🔴 Bearish Setup:

📉 RSI crosses below its moving average

📊 RSI remains below MA (continuous bearish condition)

🎨 Visual: Red/theme bear colors, bearish fill areas

✨ Key Features:
📊 Trend Filter: The RSI MA (365-period) acts as a long-term trend filter

⚡ Momentum + Trend: Combines momentum (RSI) with trend (MA) for higher probability signals

👁️ Visual Clarity: Color-coded elements make market state immediately apparent

🛠️ Customizability: Multiple MA types and color schemes adapt to different trading styles

💻 Code Structure
The script is well-organized with clear sections:

🔧 MA function definition

⚙️ Input settings

🧮 Calculations

🎨 Color definitions

📊 Plotting

📋 Table display

🔔 Alert conditions

🎯 Best Use Cases
📈 Trend Following: In trending markets, signals align with the overall direction

🔄 Mean Reversion: In ranging markets, oversold/overbought fills indicate potential reversals

⏰ Multi-Timeframe Analysis: Works well on daily/weekly charts for long-term positioning

✅ Signal Confirmation: Can be combined with other indicators for entry/exit confirmation

🏆 Unique Advantages
🎯 Reduced Whipsaws: Long MA period (365) filters out noise

👁️ Clear Visual Hierarchy: Multiple visual layers convey information efficiently

💼 Professional Presentation: Clean, organized display suitable for sharing

🛠️ Flexible Configuration: Adaptable to different assets and timeframes