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RSI Breakout
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RSI Breakout

  #1 (permalink)
Trading Apprentice
Cancun, Quintant Roo, Mexico
 
Futures Experience: Intermediate
Platform: ThinkOrSwim
Favorite Futures: Options
 
Posts: 5 since Jul 2013
Thanks: 1 given, 0 received

RSI Breakout

Anybody know how I can create an indicator which shows when the RSI is hitting a new 52-week high? I've been working all day on this in EasyLanguage, and it's just been too long (10+ years) since I programmed EasyLanguage, and I'm back into it again, I just haven't been able to wrap my mind around it. Any help is very appreciated, I've been sweating over this.

What I want to do, is to run a SCANNER, which gives me the stocks which are hitting a new 52-week RSI high.

Thanks so much for any help, in advance.

Frustrated,
Evan

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  #2 (permalink)
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  #3 (permalink)
 Vendor: www.abctradinggroup.com 
Hamburg Germany
 
Futures Experience: Advanced
Platform: Multicharts, Tradestation
Broker/Data: DTN IQ
Favorite Futures: ES
 
Posts: 1,777 since Apr 2013
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Evan,

if you could post the code you have created so far I am sure the futures.io (formerly BMT) community is able to point you into the right direction.

Regards,
ABCTG

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  #4 (permalink)
Trading Apprentice
Cancun, Quintant Roo, Mexico
 
Futures Experience: Intermediate
Platform: ThinkOrSwim
Favorite Futures: Options
 
Posts: 5 since Jul 2013
Thanks: 1 given, 0 received

Thanks. I've re-written 5 times, so many different ways, and none of them seem to work. Here's the latest:
 
Code
inputs: 
	Price( Close ), 
	Length( 14 ),
	PeriodBack(12),
	NewHigh(False);
 
variables:  MyRSI( 0 ) ; 
 
MyRSI = RSI( Price, Length ) ;

IF RSI(Price,Length) >= MyRSI[PeriodBack] then
		Plot1(1)
	Else
		Plot1(0) ;

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  #5 (permalink)
Trading Apprentice
Cancun, Quintant Roo, Mexico
 
Futures Experience: Intermediate
Platform: ThinkOrSwim
Favorite Futures: Options
 
Posts: 5 since Jul 2013
Thanks: 1 given, 0 received

I'm not even necessarily looking to create an indicator per say. I just want something in the SCANNER I can put in, so that I can know what stocks are breaking out of new 52-week RSI highs. There seems to be so many obstacles, it's not encouraging. I keep rewriting and rewriting. If anyone could tell me the basic format or logic, or anything that can point me in the right direction, it's so needed, because I am more than capable of this, I just don't understand the TradeStation/EasyLanguage architecture. It's very frustrating for me, because it's so simple. An iterative backscan for previous RSI values, and a check if the current RSI is higher than the last 52 (or whatever period specified). If true, than set a value to true. That's it. But I can't seem to get it going.

Any help much appreciated! Thanks!

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  #6 (permalink)
 Vendor: www.abctradinggroup.com 
Hamburg Germany
 
Futures Experience: Advanced
Platform: Multicharts, Tradestation
Broker/Data: DTN IQ
Favorite Futures: ES
 
Posts: 1,777 since Apr 2013
Thanks: 283 given, 1,061 received

Are you working in ToS or in Tradestation? On a chart you could get the highest RSI of the last 52 bars with something simple like that:

 
Code
Highest(RSI, 52)
If you chart weekly bars this would display the highest RSI within the last 52 weeks.

In the Scanner this might not be so simple, because the Scanner might not run from weekly bars. If this is the case you'd need to compute your own weekly RSI using an array and making sure you store only one RSI value per week. This is a more advanced thing to do.

I would suggest starting with the version for the chart that will also work in Radarscreen.

Regards,
ABCTG

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