This is an RSI with Dynamic zones with a Smoothing algorithm. It was translated from an MT4 indicator written and shared by Mladen, and now we can use it in Multicharts.
If you Download the Indicator and like please click on the thanks button.
Description:
Uses the Reverse Engineered RSI indicator to determine trend. Fifty on the RSI marks the point where the average of up closes is equal to the average of down closes. If the RSI is above this point the average of the up closes is greater that the down closes and vice versa. Instead of using 50 as the point of demarcation, this indicator accounts for noise by defining upper and lower boundaries above and below 50 (default of 52 for upper and 48 for lower). An uptrend is signaled when a low is printed above the upper boundary plot and a downtrend when a high is printed below the lower boundary plot.
Plots for standard deviation or ATR bands are an additional option that can be employed. The upper deviation plot is a multiple of the StdDev or ATR added to the upper boundary plot. The lower deviation plot uses this same deviation value and subtracts it from the lower boundary plot.
It is an RSI oscillator with a smoothing moving average. Four zones are drawn with user selectable colors and opacity. The zone sizes are also user defined.
This will give you a quick visual idea on the location of the RSI, among other things.
It can be combined with other indicators, such Stochastics and CCI, by using Transparent colors for the built in RSI indicator.
Created by Larry Connors, this indicator is a composite of three separate components. Two of the three components utilize the Relative Strength Index (RSI) calculations developed by Welles Wilder in the 1970’s, and the third component ranks the most recent price change on a scale of 0 to 100.
In effect, the three components combine to form a momentum oscillator. The output value between 0 and 100 then identifies short-term overbought and oversold conditions.
The Slow Relative Strength Index (SRSI) is an oscillator which was presented by Vitali Apirine in the April 2015 issue of Stocks & Commodities.
The SRSI is a momentum oscillator derived from the RSI developed by Welles Wilder in 1978. Where the RSI takes into account price moves relative to the prior bar's close, the SRSI compares the current price to an exponential moving average. The SRSI uses the same scale as the RSI. A value above 80 is considered as overbought, whereas a value below 20 indicates an oversold condition.
Compared to the RSI, the SRSI is supposed to generate stronger long term signals, but weaker short term signals. I have added a signal line to the indicator.
Nota: I saw that another version of the SRSI has already been posted. That version is not adapted to work with bar types that support RemoveLastBar() such as Renko bars or Linebreak bars.
Nota: There is another version of the SRSI posted, which will not work correctly with bar types that support RemoveLastBar().
The Traders Dynamic Index (TDI) is a trend following momentum indicator based on the RSI. It was developed and presented by Dean Malone. The Traders Dynamic Index comes with the following plots
- the Priceline, which is a SMA(2) of RSI(13)
- the Signalline, which is a SMA(7) of RSI (13)
- the Midband, which is a SMA(34) of RSI (13)
- Bollinger Bands around the SMA(34) using a standard deviation multiplier of 1.62
The following combinations may be considered as trade rules:
- go long, if Priceline > 50
- go short if Priceline < 50
- consider an exit, if Priceline is above 68 or below 32
- go long if Priceline > Signalline
- go short if Priceline < Signalline
- exit if Priceline crosses Signalline
- trendfilter long, when Priceline > Midband
- trendfilter short, when Priceline < Midband
- add to long, when Priceline > upper Bollinger Band
- add to short, when Priceline < lower Bollinger Band
Detailed rules how to use the Traders Dynamic Index have been published by Dean Malone within the framework of the E.A.S.Y. trading method.
The Slow Relative Strength Index (RSI) was presented by Vitali Apirine. Details can be found in Stocks & Commodities V. 33:4 "Slow Relative Strength Index" (April 2015).
The Slow Relative Strength index is similar to the RSI presented by Welles Wilder in 1978, but it has the ups and downs replaced with the differences between the current close and a 6-period EMA. The default lookback period for the indicator is 14 bars, which is identical to the lookback period for the RSI.
I have added a signal line, which is a 10-period EMA of the SRSI.
The indicator has been coded in a way that it can be used with setting COBC = false without generating a significant CPU load.
The Stochastic RSI was developed by Tushar Chande and Stanley Kroll. Details can be found in Stocks & Commodities V. 11:5 "Stochastic RSI and Dynamic Momentum Index" (May 1993) and in their book "The New Technical Trader", which was published in 1994. The Stochastic RSI is said to better in identifying overbought and oversold conditions than both the RSI or the Stochastics.
The Stochastic RSI comes as a default indicator with NinjaTrader. The version published here is a version with the following enhancements:
- The NinjaTrader default indicator calculates a raw Stochastics directly from the RSI, which is used as an input series. No further smoothing is possible. The enhanced version allows further smoothing of the raw K line. The default period for the K line smoothing is set to 1 (no smoothing).
- The indicator comes with a D line added. The D line is calculated as a SMA of the K line and can be used as signal line.
- The NinjaTrader default version uses the same lookback period for the RSI and the Stochastics. This is in line with the suggestions by Tushar Chande and Stanley Kroll. However, this version allows to select different periods for RSI and Stochastics.
- Code efficiency is improved, which results in a reduced CPU load, when the indicator is set to COBC = false.
August 29th, 2023 01:37 PM Maxie thanks for sharing
June 20th, 2023 01:01 PM peter1 Thank you for sharing it.
December 3rd, 2022 03:02 PM candy
November 28th, 2022 08:58 AM ballhaj Awsome indicator thanks
October 9th, 2021 12:15 PM racecarjw GB, your mind works in a strange but good way. I cant wait to try this out in real market conditions. Thank you for shar