Charting Stocks and Forex Part 24 - Enhancing our RSI on our matplotlib stock graph

TL;DR

Learn how to enhance the appearance of a financial chart by adjusting colors, adding text, and making other modifications.

Transcript

hello and welcome to the 24th financial charting tutorial with python and matplotlib where we left off we have this wonderful looking chart we've got the rsi added the macd added and really i mean functionality wise this chart is done but it does need to be cleaned up a little bit so that is what we're going to be doing next is we're going to kind ... Read More

Key Insights

• 💹 Making adjustments to candlestick and chart colors can improve chart clarity and reduce visual strain.
• 💹 Pruning the upper y-axis can prevent overlapping with other elements on the chart.
• 🤒 Modifying the RSI colors and adding fill colors can enhance the interpretation of overbought and oversold conditions.
• 💨 Adding text labels using the "axo.text" method offers a customizable way to include additional information on the chart.
• ❓ Further modifications to the MACD functionality will be discussed in future tutorials.
• 🫵 The tutorial appreciates the support and subscriptions from viewers.
• ⚾ The changes demonstrated can be customized based on individual preferences.

Questions & Answers

Q: What changes are made to the candlestick colors in the financial chart?

The candlestick colors are dimmed down by modifying the hex color codes. The color up is changed to "5 3 c 1 5 6" and the color down remains the same.

Q: How is the upper y-axis of the chart pruned?

The upper y-axis is pruned to avoid overlapping with the RSI line, creating better spacing between the two elements.

Q: How are the RSI lines and fill colors modified?

The top RSI line is changed to red to denote overbought conditions, while the bottom line is changed to green to represent oversold conditions. The fill color is adjusted accordingly.

Q: How is the RSI label added to the chart?

Instead of using the "plot y label" function, the tutorial demonstrates how to add text using the "axo.text" method. The RSI label is positioned at (0.015, 0.95) and styled with a specific color and transformation.

Summary & Key Takeaways

• The tutorial demonstrates how to make a financial chart more visually appealing and easier to read by adjusting colors and organizing elements.

• Changes are made to the candlestick colors, chart background colors, and axis labels to achieve a better visual experience.

• The Relative Strength Index (RSI) is modified to use volume colors and the RSI label is added for clarity.