Dynamic Jurik RSX w/ Fisher Transform

10. Sept.█ Introduction
The Dynamic Jurik RSX with Fisher Transform is a powerful and adaptive momentum indicator designed for traders who seek a non-laggy view of price movements. This script is based on the classic Jurik RSX (Relative Strength Index). It also includes features such as the dynamic overbought and oversold limits, the Inverse Fisher Transform, trend display, slope calculations, and the ability to color extremes for better clarity.

█ Key Features:
 • RSX: The Relative Strength Index (RSX) in this script is based on Jurik’s RSX, which is smoother than the traditional RSI and aims to reduce noise and lag. This script calculates the RSX using an exponential smoothing technique and adaptive adjustments.

 • Inverse Fisher Transform: This script can optionally apply the Inverse Fisher Transform to the RSX, which helps to normalize the RSX values, compressing them between -1 and 1. The inverse transformation makes it easier to spot extreme values (overbought and oversold conditions) by enhancing the visual clarity of those extremes. It also smooths the curve over a user-defined period in hopes of providing a more consistent signal.

 • Dynamic Limits: The dynamic overbought and oversold limits are calculated based on the RSX's recent high and low values. The limits adjust dynamically depending on market conditions, making them more relevant to current price action.

 • Slope Display: The slope of the RSX is calculated as the rate of change between the current and previous RSX value. The slope is displayed as dots when the slope exceeds the threshold designated by the user, providing visual cues for momentum shifts.

 • Trend Coloring: Optionally, the user can also enable a trend-based display. It is simply based on current value of RSX versus the previous one. If RSX is rising then the trend is bullish, if not, then the trend is bearish.

 • Coloring Extremes: Users can configure the RSX to color the chart when prices enter extreme conditions, such as overbought or oversold zones, providing visual cues for market reversals.

█ Attached Chart Notes:
 • Top Panel: Enabled dynamic limits, Trend display, standard Jurik RSX with 20 lookback period, and Slope display.
 • Middle Panel: Enabled dynamic limits, Extremes display, and standard Jurik RSX with 20 lookback period.
 • Bottom Panel: Enabled dynamic limits, Trend display, Inverse Fisher Transform with 14 lookback period and 9 smoothing period. and Slope display.

█ Credits:
Special thanks to Everget for providing the original script. The script was also slightly modified based on updates from outside sources.

█ Disclaimer:
This script is for educational purposes only and should not be considered financial advice. Always conduct your own research and consult a professional before making any trading decisions.