Yes sir, you can definitely create an RSI indicator in Pine Script.
RSI, or Relative Strength Index, is a momentum indicator that measures the strength of price movements. The commonly used RSI length is 14, with 70 and 30 used as the overbought and oversold reference levels.
You can create it using:
//@version=6
indicator("Custom RSI", overlay=false)
rsiLength = input.int(14, "RSI Length")
rsiValue = ta.rsi(close, rsiLength)
rsiPlot = plot(rsiValue, "RSI")
overbought = hline(70, "Overbought")
oversold = hline(30, "Oversold")
middle = hline(50, "Middle")
fill(overbought, oversold, color=color.new(color.purple, 90))
-> rsiLength controls the RSI calculation period.
-> The ta.rsi() function calculates the RSI value using the selected length.
-> 70 represents the overbought level.
-> 30 represents the oversold level.
-> 50 acts as the middle reference level.
You can change the RSI length directly from the indicator settings without modifying the code.
So that’s how you can create a basic RSI indicator with overbought and oversold levels in Pine Script.
