Oscillator Tarzan is a standard RSI with a channel having a central line, the color of which changes depending on the RSI line location as related to the channel:
If the RSI line enters the channel upwards, an “up” signal arrow is placed, and the central line is colored green
If the RSI line enters the channel downwards, a “down” signal arrow is placed, and the central line is colored red
If the RSI line is within the overbought/oversold zones (above/below the channel borders), the central line is colored pale gray.
If the RSI line is in the upper zone within the channel, the line is sky blue,
if the line is in the lower zone of the channel, the line is orange.
The central line of the channel is calculated by the RSI line smoothing method, and the indent for the upper and lower channel borders is added/deducted on both sides.
The indicator has six input parameters:
RSI period – RSI calculation period
RSI Applied price – RSI calculation price
MA period – channel calculation period (the RSI line smoothing period)
MA Method – channel calculation method
Channel top size – indent from the central line for calculating the upper border of the channel
Channel bottom size – indent from the central line for calculating the lower border of the channel
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