SmoothBandsRsi merges Bollinger-like envelopes with RSI-based color-coded momentum signals.
It computes an SMA over BandsPeriod, derives upper and lower bands using BandsDeviations × SD, normalizes and smooths prices (SmoothingPeriod), then maps them back to price scale as a trend line oscillating between bands.
The indicator draws the trend line, bands, and colored histogram bars/candles. RSI (RSI_Period, RSI_Price) triggers color changes when values exceed Overbought or drop below Oversold.
To use, attach SmoothBandsRsi to your chart and adjust:
BandsPeriod & BandsDeviations: set the length and width of your volatility envelope
SmoothingPeriod: control how smooth the normalized trend line is
RSI_Period, Overbought/Oversold: tune momentum threshold.
BarWidth & CandleWidth: style histogram elements
The smoothed line outlines dynamic support and resistance.
Watch for colored bars at a band: an overbought color at the upper band suggests a short-reversal setup; an oversold color at the lower band signals a long-reversal opportunity.
A clean breakout beyond a band with confirming color may indicate momentum continuation.
Adjust parameters to fit your time-frame and volatility profile.
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