Ekambit Strength Index ( ESI ) is an improved relative strength oscillator, which makes it easy to identify trends and reversals using weighted multi-timeframe comparisons in a single chart.
We at Ekambit Technologies use it daily with consistent success in Indian markets, especially with NSE:NIFTY and NSE:BANKNIFTY.
ESI indicator rules: 1) Above mid-zone & rising: uptrend 2) Falling from high-zone: uptrend reversal 3) Below mid-zone & falling: downtrend 4) Rising from low-zone: downtrend reversal
Apply the same indicator to VIX (in the same chart!) or up to 3 correlated instruments to gain greater conviction for your trades, as shown in the chart. In addition to the chart timeframe, optionally 3 higher weighted timeframes can be used in ESI computation.
In effect, ESI is a single indicator which provides an insight of 16 indicators (4 timeframes * 4 instruments).
The same color coding is used for ESI indicator as well, and reasoning for each trade is shown in the chart based on ESI indicator values.
Use the link below to obtain 7-days free access to this indicator.
Versionshinweise
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Ekambit Strength Index ( ESI ) is an improved relative strength oscillator, which makes it easy to identify trends and reversals using weighted multi-timeframe comparisons in a single chart.
We at Ekambit Technologies use it daily with consistent success in Indian markets, especially with NSE:NIFTY and NSE:BANKNIFTY.
ESI indicator rules: 1) Above mid-zone & rising: uptrend 2) Falling from high-zone: uptrend reversal 3) Below mid-zone & falling: downtrend 4) Rising from low-zone: downtrend reversal
Apply the same indicator to VIX (in the same chart!) or up to 3 correlated instruments to gain greater conviction for your trades, as shown in the chart. In addition to the chart timeframe, optionally 3 higher weighted timeframes can be used in ESI computation.
In effect, ESI is a single indicator which provides an insight of 16 indicators (4 timeframes * 4 instruments).
In the example shown, [li] * Purple = NSE:BANKNIFTY (main symbol in thick line) * Red = NSE:INDIAVIX * Blue = NSE:CNXPSUBANK * Green = NSE:NIFTY50EQUALWEIGHT [/li] The same color coding is used for ESI indicator as well, and reasoning for each trade is shown in the chart based on ESI indicator values.
Versionshinweise
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Minor improvement to input
Showcase new example from May-2021
Show ESI indicator's usage together with EVSI indicator, for a stronger conviction before entering and exiting trades
In the example shown above: ESI purple line = NSE:NIFTY1! ESI blue line = A positively correlated instrument to NSE:NIFTY ESI red line = A negatively correlated instrument to NSE:NIFTY
Long and Short positions can be entered with conviction based on ESI or EVSI indicator's forecast.
It's really intuitive and repeatable, you should try both indicators together as a pair.
@XRPRaja, congratulations you are the first non-Ekambit user of ESI indicator! Please feel free to ask questions or share your feedback (positive or negative).
DEAD_HUNTER
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What an absolute joke. You are charging people money for a normal RSI indicator, the only difference is that you display 2 other securities on it at the same time. I am honestly baffled as to why tradingview allows these kinds of scams.
ekambit
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@DEAD_HUNTER, why don't you try it for free, and check its features before coming to a conclusion? A rational person would do that. We are confident you would change your opinion after that.
Yes it is made to appear like RSI for the same of simplicity and usage familiarity, but there are significant calculations and configurations which will provide you with an edge.
It works for us. The proof is not just in the pudding, but in the eating.
ekambit
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Typo correction: For "Trade 2", exit time should read "14:00" instead of "11:45".