OPEN-SOURCE SCRIPT
Aktualisiert RedK Vol_Weighted RSI: Extending the power of the classic RSI
Let's take the classic Relative Strength Index (RSI) and give it couple of modern upgrades - the results are better visuals with improved signals and trade decision support:
Options and features:
- Dual period: look at the short term RSI vs a backdrop of a longer period RSI (expressing the longer-term "prevailing sentiment") - get clearer "re-entry" points in long bull or bear runs
- Longer period RSI has a "Step" option - since what we won't be really interested in the fractions, but more of the broad "strength" of the sentiment (weak, medium..) - default set to a step of 5. please experiment with what works best for you.
- Option to make the RSI volume-weighted. (On by default) - won't say much here, but possibly this is the biggest and most important added feature for those keen on the combined price - volume effect (and Wyckoff'ians)
- Smoothing option -- i would keep this set to 3 to avoid extra lag due to the smoothing
- scaled to +100 / -100 with zero as the signal line - that's how i like oscillators to work
- Adjustable optional overbought / oversold levels - can also be used to also mark strong up/down levels
- designed for the "visually oriented" -- like me :)
- code is open and commented
What Values to use:
many setting combinations possible. play around and find your sweet spot based on what/how you trade. for me, i usually prefer what i set as defaults in the study.
tip: if you set Length = 14, smoothing = 1, Sent. factor =1, Vol Weighted = No, you're back (almost) with a classic RSI - the only difference would be that i use Weighted Moving Average in my calculation of the RSI (i tend to believe WMA is the most naturally-suited for looking at "market price" data series)
Please feel free to use, share or give feedback.
Options and features:
- Dual period: look at the short term RSI vs a backdrop of a longer period RSI (expressing the longer-term "prevailing sentiment") - get clearer "re-entry" points in long bull or bear runs
- Longer period RSI has a "Step" option - since what we won't be really interested in the fractions, but more of the broad "strength" of the sentiment (weak, medium..) - default set to a step of 5. please experiment with what works best for you.
- Option to make the RSI volume-weighted. (On by default) - won't say much here, but possibly this is the biggest and most important added feature for those keen on the combined price - volume effect (and Wyckoff'ians)
- Smoothing option -- i would keep this set to 3 to avoid extra lag due to the smoothing
- scaled to +100 / -100 with zero as the signal line - that's how i like oscillators to work
- Adjustable optional overbought / oversold levels - can also be used to also mark strong up/down levels
- designed for the "visually oriented" -- like me :)
- code is open and commented
What Values to use:
many setting combinations possible. play around and find your sweet spot based on what/how you trade. for me, i usually prefer what i set as defaults in the study.
tip: if you set Length = 14, smoothing = 1, Sent. factor =1, Vol Weighted = No, you're back (almost) with a classic RSI - the only difference would be that i use Weighted Moving Average in my calculation of the RSI (i tend to believe WMA is the most naturally-suited for looking at "market price" data series)
Please feel free to use, share or give feedback.
Versionshinweise
- added an up/down signal for when the RSI line changes color (i.e, direction). Note that the signal will be shifted by -1 bar, and will plot after the bar closes if it's triggeredOpen-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.