YouTube Video
YouTube Video Transcript
hey this is David for pig bits in this video we’re gonna talk about the multi timeframe RSI indicator I’ve released or as I have called it the RSI call-outs multi-resolution now this is based off of an indicator I’ve created previously which just kind of calls out overbought or oversold conditions in an indicator now in this particular version of it I have introduced multiple time frames or multiple resolutions so that you can require that not only say that one-minute chart is overbought but the 5 minute the 15 and also the 1 hour now that’s just an example you can choose whatever resolutions or time frames that you would like but you can do up to 4 and it will require that all 4 or all the enabled ones are all overbought are all oversold to produce the call-out on the chart but it also has an alert condition based on whether or not they’re all oversold or all over bots so let’s go ahead and get into showing you the actual indicator itself so let me minimize the pine there so you’ll notice it does not repaint it may rewrite the values within the same particular candle but once the candle is over it will not clear out the labels so that is a difference between the previous version that just had the single RSI and this particular one is that this one will not kind of repaint so this situation here probably not a good use for it this one here probably much better and of course you can always play around with the settings and have them however you like but let’s go ahead and show you how it actually works let’s see we have four different RSI is I kind of have them grouped RSI one RSI two RSI three and RSI four you’ll notice they all kind of have the same settings but the first artists eye does not have an option to enable or disable it and that is because I think you at least need to have one RSI enabled for the indicator to actually work so by default the RSI is going to be enabled and if you look at it we have an RSI period of 14 and this is kind of a default RSI and we’re looking at the one-minute resolution so it doesn’t matter what resolution we have the chart on we could look at this at a 5 minute or 15 minute and it would still show was that information although when you are looking at higher resolutions say the 15-minute chart you’ll notice that they are not showing nearly as often and that is because when you’re looking at these higher resolution charts it doesn’t have access to as much data within the lower levels and so therefore it can only really print that one and you may miss out on some of the call-outs so I suggest if you are doing the multi resolution call outs here that you start with the lowest resolution so on this one one minute and then you also need to set your chart to that resolution as well and you’re gonna get better results or at least it’s going to function better and show you what you need and actually give you the alerts when you need them as opposed to looking at a chart in a higher resolution now continue on I’ve went over the period the source and the resolution there’s also an oversold level and an overbought level these are all custom to each particular resolution so this is the RSI level for the one-minute resolution so in order for it to be considered overbought on 1 minute it has to be above 80 now also have RSI 2 enabled it’s very similar but it’s operating on 5 minutes and for it to be over bought it only has to be above 65 and the same thing for RSI 3 it’s on 15-minute and it has to be above 65 as well and then the RSI 4 it’s enabled as well this is the one-hour chart and it has to just be above 50 so you kind of get an idea you can play around with these things if you want it to be a little bit pickier say we want the 1 minute 5 minute 15 minute to all be the same that’s completely fine let’s actually adjust the 1 hour you know 50s kind of low for an overbought level so let’s set that to 70 and let’s set that to 30 once hit ok and see if it adjust anything so it didn’t get rid of these it got rid of some of these though so that’s something you can do to play around with a chart or with the indicator to make the conditions show up or the alert conditions fire when you’d like and the call-outs to show up when you would like as well let’s go back and see if there’s any that show up for overbought or oversold excuse me here here’s several right here you can see they meet all these conditions they are all below 20 35 35 and 30 respectively so you can change these RSI levels to however you want say you want to get really really stingy on these and set your RSI levels to 2080 on all of them you can do that and it’s probably gonna be a little bit harder to find something that actually meets that condition especially on the SP which is what we’re on see if there’s actually any that meet this no so let’s go to something a little bit more volatile let’s go to aetherium USD see if we can’t get any here okay so I told you it’s kind of actually hard to get all four of them that oversold at once and if you’re looking at a higher resolution it’s not even gonna work I’m trying to think there’s actually anything that is more volatile let’s check out XRP versus Bitcoin that one sometimes pretty volatile you know well I’m not gonna keep searching for this you’ve seen how it works with the other examples and let’s go ahead and reset these settings because I do want to share with you the alert conditions and we’ll just leave it on XRP Bitcoin right now you can go to your alert panel you can create a new alert and while you have this indicator on here for the condition you can actually choose RSI call-outs multi-resolution and then you can select whether you want to get an alert when there is an overbought call-out or an oversold call-out so you can set your settings on the chart kind of walk away from it set your alerts and it’ll tell you using the alert system on trading view when the call that has actually occurred so we’ve gotten pretty much everything from our multiple resolutions all the way to the alert conditions now there is one more thing I wanted to mention and that is when you enable and disable the respective RSIs for the different numbers here are set two three and four it will no longer consider those when they are disabled so if it’s requiring all of them to be oversold you don’t have to worry if you disable one it’s just going to kind of ignore that one and that’s how you should expect it to work but I wanted to clarify that for anyone who might not be entirely sure about how that would actually work now this script is available publicly on trading view now you should be able to find it in the Public Library very soon I’ve just published this one so it takes a little while to index in their search service so it might not be available just yet yes it’s not showing up in public library just yet so still gotta index so by the time this video is out it’ll probably be available in public library and you can also see that’s in my scripts that’s where I update the code but if you go to my profile on tradingview which there is a link for it in the description of my video you can go back and you can actually find the actual RSI call-outs multi-resolution script and you can get access to the source code there if you wanted to get that and you can probably add it from there as well but that pretty much does it for this particular video hopefully you will enjoy this I don’t know why it’s taking me this long to get this particular indicator out but there if there’s anything else you would like to see like this with multi-resolution maybe say like a MACD or stochastic RSI something like that just leave a comment let me know we will need to work on a new indicator soon we’re kind of running out of the community ideas and if there are some that you’ve suggested that I forgot please remind me because I have a hard time keeping up with everything everyone sends me all the time anymore I’m getting a lot more messages now than I used to I appreciate it but if I forget something just remind me and we’ll come back around to it if we can but that is it for the big this particular video today if you liked it please leave a like and as always please subscribe to the channel if you like this video I’ve made a lot of other indicators very similar to this and plan to do more we got a lot of pine tutorials as well and you’ll notice I did show you this particular one this is the one that it’s based off of the RSI call-outs and this is just a single resolution so you don’t have access to that one too if you go to the public library you’ll see that but that does it thank you and have a great day [Music]
YouTube Video Description
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Multi Time Frame RSI Indicator – RSI Call-Outs Multi-Resolution on TradingView: In this indicator video we discuss how this multi RSI indicator works with different resolutions or time frames within a single indicator. Users of this indicator can use up to 4 RSI on different time frames (resolutions) no matter what time frame their current chart is on. If all of the enabled RSI indicators are either overbought or oversold the alertconditions will fire and a friendly call-out will be placed on the chart noting the RSI1 value.
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This channel focuses on Bitcoin, Ethereum, LiteCoin, Ripple, Link, Basic Attention Token and almost all cryptocurrencies that demand attention. Please like the video if you liked the video, and subscribe if you like these types of videos. David from BigBits is an experienced Software Engineer, but no one is perfect, If you find any issues with any of the open-source, free code, or code shown in videos please comment to let us know what to fix, we listen to our viewers!
