CODEWITHSUNDEEP
pine-script
LeanMan
LeanMan

Reputation: 534

How to develop multiple timeframe RSI in pinescript for TradingView

I am trying to develop a multiple time-frame RSI using pine-script on trading view but I seem to have an issue with shorter term RSI in a longer term chart view.

For example, the following code will display 5-min RSI. It will display the RSI appropriately if I have the chart set at 5-min. But when I select a larger time-frame (e.g., 1 hour, etc) the value becomes incorrect. 

study("Multi Time Frame RSI", "MTF RSI", overlay=false)
src = input(title="Source", type=source, defval=close)
_5min_rsi = security(tickerid, "5", rsi(src, 14))
plot(_5min_rsi, title="5min_RSI", color=purple, linewidth=1)

I believe the problem has to do with series data being operated on. For some reason when I use security with "5" as my resolution, its data gets lost in the higher time-frame charts and it uses the close of a different series for that time. At least that is my hypothesis. I believe I am using the "security" function wrong or possibly providing the wrong input "src" to the RSI function.

I have also tried switching RSI and security to see if I can fetch the 5 min series data and input that into my RSI function but that doesn't work any better. E.g. 

_5min_rsi = rsi(security(tickerid, "5", src), 14)

Essentially, what I need to see is that no matter what time-frame I am on in trading view I should see 5 min RSI calculated correctly. In the current state, the code will only work in 1 min and 5 min time-frames which is obviously unacceptable.

Upvotes: 5

Views: 14737

Answers (2)

Behnam Maboudi
Behnam Maboudi

Reputation: 684

According to documents:

security function was designed to request data of a timeframe higher than the current chart timeframe. On a 60 minutes chart, this would mean requesting 240, D, W, or any higher timeframe. It is not recommended to request data of a timeframe lower than the current chart timeframe, for example, 1-minute data from a 5 minutes chart. The main problem with such a case is that some part of a 1-minute data will be inevitably lost, as it’s impossible to display it on a 5 minutes chart and not to break the time axis. In such cases, the behavior of security can be rather unexpected.

Upvotes: 5

user10417531
user10417531

Reputation:

After playing a bit with the security() function, I don't think the security() function works this way.

If we set the resolution to "1" (that is 1 minute) and go to the 1D chart, we will get only values for the last minute bar per one daily bar.

out = security("AAPL", "1", close)

If we set them vice-versa ("D" for resolution and 1m chart), all of the minute bars will be identical - they are getting their value from the last daily bar.

out = security("AAPL", "D", close)

Upvotes: 5

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