shading region above 70 and below 30 on RSI

[Matthew.Yaakovian]

Does anyone know how to have overbought region and oversold region shaded with RSI? I would only want shading above 70 and below 30.

Thanks.

[Bearski79 (Matthew Humphreys)]

Hi,

You can do this using two plots and the Shade() function (would need two scripts, one for each shaded range).

For example, to shade 70 - 100 you could use the following:

plot1 = 70;
plot2 = 100;
SHADE(plot1, plot2, SHADEALPHA=35)

Then setup a similar script for the 0 - 30 range. Once done add the script to a Show View and have it sit on top of an RSI. The end result looks like this:

Example workbook attached.

Shaded-RSI.owb (12.7 KB)

[emiliopozo (Emilio)]

Hello, I’m looking to go a step further, and implement shading above 70 and the RSI line itself not the entire band.
i thought the following would work (using 14 period RSI):
plot1 = 70;
plot2 = RSI(Day(PERIODAMOUNT=1), BARS=14);
SHADE(plot1, plot2, SHADEALPHA=35)
but I am getting some very strange results. thoughts?

[DEJHMA8 (Darren Hawkins)]

Hi Emilio,

Is this what you need?

Plot1=RSI(BARS=14);
Plot2=70;
Plot3=30;
Plot4=SHADE(Plot1, Plot2, UPCOLOUR=Red, DOWNCOLOUR=White);

Note that the price bars have also been coloured red where the RSI is above 70:

[emiliopozo (Emilio)]

Perfect, that got me moving. the final result being:

Plot1=RSI(Day(PERIODAMOUNT=1), BARS=14, );
Plot2=70;
Plot3=30;
Plot4=SHADE(Plot1, Plot2, UPCOLOUR=red, DOWNCOLOUR=White);
Plot5=SHADE(Plot1, Plot3, DOWNCOLOUR=green, UPCOLOUR=white, SHADEALPHA=100);

thank you!