RSI Above 50 & RSI Below 50 PaintBar Studies Tradestation PaintBars Forex Trading Systems - XEATrade - Metatrader, Metastock, Tradestation, Amibroker

Description: The two PaintBar Studies given next also focus on the RSI oscillator, but produce different visual results. When the RSI calculation is above 50, the price bar will be painted blue. When the RSI calculation is below 50, the price bar will be painted red. The color of the price bar indicates the direction of the current/historical trend. When the color changes as a result of an RSI cross above or below zero, an alert will be triggered. Here, then, is the Power Editor code for the two PaintBar Studies:

Type: PaintBar, Name: RSI Above 50

{the color for this PaintBar Study should be set to blue} 

Inputs: Price(Close), RSILen(14); 
Vars: RSIVal(0); 
RSIVal = RSI(Price, RSILen); 
IF RSIVal >= 50 Then Begin 
Plot1(High, "RSI>=50"); 
Plot2(Low, "RSI>=50");
End; 

IF RSIVal Crosses Above 50 Then 
Alert = True;

 
 
 

Type: PaintBar, Name: RSI Below 50 
{the color for this PaintBar Study should be set to Red}

Inputs: Price(Close), RSILen(14); 
Vars: RSIVal(0); 
RSIVal = RSI(Price, RSILen); 
IF RSIVal < 50 Then Begin 
Plot1(High, "RSI<50"); 
Plot2(Low, "RSI<50");
End;

IF RSIVal Crosses Below 50 Then 
Alert = True;

Author/Source: Thom Hartle

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