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Can someone possibly help write a code or offer advice about estimate RSI? Basically, input value x period RSI, y level (say 70 or 30), then produce estimated closing price for x period RSI to show up somewhere on screen. Thanks!
Can you help answer these questions from other members on NexusFi?
If you google for "reverse engineering RSI" you will find literally thousands of links, codes included.
If you want to understand the logics behind reverse engineering the RSI and see some standard code for that, read e.g.
I don't like re-engineering the RSI. I wanted to know: Where does an instrument close so that the RSI is > 70 with tonight's close. And here is how I solved this:
Let's say this is a RSI with 20 bars. - I have done this for RSI with end of day data and it works just fine: Based on this example I would take the last 19 known closes and put it in a separate series and use yesterday's close as the assumed close for tonight and calculate the 20-day RSI. Let's say you want a higher close then the current RSI - there are 2 outcomes after calculating the RSI with these 20 values: the assumed close is already higher or it is lower than the desired RSI.
IF this assumed close is lower than the desired RSI and you want it higher : You can then code a loop in which you take this assumed close, increase the close by one tick, calculate the RSI again and check if it is higher. You repeat that until you find the first assumed close which is higher than the desired RSI. That is the close you are looking for. - If the first assumed close is already higher than the RSI you run through a similar loop but you subtract one tick until you find the first value which is lower than the RSI. You will then use the previous value which was the last close above the RSI.
It is certainly more efficient to create the formula. - Everyone to his own: I personally couldn't care less about efficiency in my computer statements. But I do care about the correct value. And not calculating the RSI with a different method gives me more confidence. - By the way with the same method any indicator (irrespective of its complexity) can be calculated.
You might not like it, but the user who has originally asked the question has now another option he/she could use.