How To Plot Daily RSI on Hourly Chart

Thanks to the help I got it was possible to script a label that you can put on a flexible grid to monitor
all your trade vehicles with the RSI Alert, bubble, arrow and background option. This trade philosophy was
taken by author Dr Alexander Elder to trade with the tide, take advantage of the waves and ignore the ripples.
If any has suggestions that fit this Philosophy I would love to hear about.

Kevin

declare upper;
input showlabel = yes;
input showalert = no;
input changeBackground = no;
input showBubble = yes;
input BubbleOffset = 12 ;
input length = 14;
input zero = 50;
input SOS = 30;
input SOB = 70;
input price = close;
input averageType = AverageType.WILDERS;
input Agg = AggregationPeriod.day;

input periodStartEST = 930;
input periodEndEST = 1600;

DefineGlobalColor(”sob”, Color.DARK_GREEN);
DefineGlobalColor(”SOS”, Color.RED);
DefineGlobalColor(”Rsi”, Color.BLACK);
DefineGlobalColor(”zero”, Color.cyan);
DefineGlobalColor(”bubble”, Color.cyan);
DefineGlobalColor(”alert”, Color.PINK);
DefineGlobalColor(”SIG”, Color.DARK_GRAY);
DefineGlobalColor(”alert”, Color.PINK);

# Define a variable for RTH Alert Active
def periodStart = if secondsTillTime(periodStartEST) 0 then 1 else 0;
def periodEnd = if secondsTillTime(periodEndEST) 0 then 1 else 0;

def inPeriod = if periodStart then 1 else if periodEnd then 0 else inPeriod[1];

def NetChgAvg = MovingAverage(averageType, close(period = Agg) – close(period = Agg)[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(close(period = Agg) – close(period = Agg)[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;
def myRSI = 50 * (ChgRatio + 1);

def RsiIncrease = myRSI > myRSI[1];
def RsiDecrease = myRSi < myRSI[1]; def RsiIncreaseBars = if RsiIncrease then RsiIncreaseBars[1] + 1 else 0; def RsiDecreaseBars = if RsiDecrease then RsiIncreaseBars[1] + 1 else 0; Def BarSignal = rsiIncreaseBars + RsiDecreaseBars; AddLabel(showlabel, " RSI(D) = (" + round(myRSI,1) + ") " + " (" + Barsignal + ") ", if myRsi > 52
then GlobalColor(”sob”) else if myrsi < 48 then GlobalColor("sos")else GlobalColor("bubble")); Def AlertSOS = MyRsi < SOS; Def AlertSOB = MyRsi > SOB;

alert(showalert and alertSOB and inperiod, ”RSI DAILY OVERBOUGHT ”, alert.bar, sound.ding);
alert(showalert and alertSOS and inperiod, ”RSI DAILY OVERSOLD PANIC”, alert.bar, sound.ding);

assignBackgroundColor( if alertsob or alertsos and inperiod and changeBackground then GlobalColor(”alert”) else color.current);

# Code to paint arrows

plot crossingAbove = Crosses(myRsi, sob, CrossingDirection.ABOVE);
crossingabove.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_down);
crossingAbove.setlineweight(5);
crossingAbove.setDefaultColor(globalcolor(”SIG”));

plot crossingbelow = Crosses(myRsi, sos, CrossingDirection.below);
crossingbelow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
crossingbelow.setlineweight(5);
crossingbelow.setDefaultColor(globalcolor(”SIG”));

# Add chart bubble for description of arrow

addchartBubble(showBubble and alertSob,
high + BubbleOffset, ” RSID (” + round(myRsi,1) + ”) ”,GlobalColor(”bubble”), yes);

addchartBubble(showBubble and alertSos,
low – BubbleOffset, ” RSID (” + round(myRsi,1) + ”) ”,GlobalColor(”bubble”), no);

Kevin,

I am pretty new to tos, which code did you apply and where did you apply it to (I see the declare lower from pete and your declare upper, kind of confused on where to apply this to)? I know how to add studies, however when i do add pete’s code from above I am not seeing the RSI value shown circled red in that screenshot from above. My apologies in advance if these are dumb questions, just trying to learn and make my money back from my early mistakes in trading.

TIA

Alex

I’ll let Kevin respond regarding his own code. But I understand your confusion and wanted to let you know that the code I provided is a completely different study than the code that Kevin plotted. In regards to your question about the screenshots I provided. The RSI value circled in red. That screenshot shows the RSI value on the hourly chart to the right matches the RSI value on the daily chart to the left. Those values are circled to ensure the matching values are clearly seen. Simply put, the code I published plots the daily value of the RSI on a intraday timeframe chart.

Hi try this study in TOS but I am getting error in these line. please fix it and post it again. Thanks
# Define a variable for RTH Alert Active
def periodStart = if secondsTillTime(periodStartEST) 0 then 1 else 0;
def periodEnd = if secondsTillTime(periodEndEST) 0 then 1 else 0;