OPEN-SOURCE SCRIPT
RSI + Composite Index [SHK]
Aktualisiert
One of the most powerful indicator based and divergence strategies i have ever seen was made by Constance Brown.
The Composite Index:
The best way to think of the Composite Index as it applies to the RSI is to think of the RSI as Windows 3.0 and the Composite Index as Windows 10. Constance Brown discovered that the RSI, while it does create and detect divergences, does is not as accurate as it could be. It’s a bit of an oxymoron to say this but the RSI is a momentum indicator without any momentum calculation attached to it. The RSI actually misses a significant amount of important moves and even generates some bad moves. What Constance Brown did with the RSI is to input a momentum calculation within the RSI itself.
Usage:
1. Check hidden and regular divergences on RSI+COMPOSITE_INDEX and PRICE+COMPOSITE_INDEX.
2. After finding divergence wait for COMPOSITE_INDEX to cross under/over it's moving averages to trigger.
Useful Note:
"RSI overbought/oversold as filter", "RSI and COMPOSITE_INDEX trendline as trigger", "RSI 50 Over/Under as trend direction detection", ... can be add to this strategy.
Enjoy!
The Composite Index:
The best way to think of the Composite Index as it applies to the RSI is to think of the RSI as Windows 3.0 and the Composite Index as Windows 10. Constance Brown discovered that the RSI, while it does create and detect divergences, does is not as accurate as it could be. It’s a bit of an oxymoron to say this but the RSI is a momentum indicator without any momentum calculation attached to it. The RSI actually misses a significant amount of important moves and even generates some bad moves. What Constance Brown did with the RSI is to input a momentum calculation within the RSI itself.
Usage:
1. Check hidden and regular divergences on RSI+COMPOSITE_INDEX and PRICE+COMPOSITE_INDEX.
2. After finding divergence wait for COMPOSITE_INDEX to cross under/over it's moving averages to trigger.
Useful Note:
"RSI overbought/oversold as filter", "RSI and COMPOSITE_INDEX trendline as trigger", "RSI 50 Over/Under as trend direction detection", ... can be add to this strategy.
Enjoy!
Versionshinweise
- Updated to Pine v4
- Red trigger Line changed to orange
- Horizontal range added to CI
Versionshinweise
- Bug fixedVersionshinweise
- Added trigger lines for RSI
- Upgraded to pine v5
Versionshinweise
Updating the cover imageVersionshinweise
- Modified the period of RSI moving averages
- Added option to Enable/Disable RSI moving averages
- Modified RSI levels (20,33.33,40,60,66.66,80 added)
Versionshinweise
Minor UI changesVersionshinweise
- Timeframe option added in the settings.Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun das Script auch andere Trader verstehen und prüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden. Die Nutzung dieses Codes in einer Veröffentlichung wird in unseren Hausregeln reguliert. Sie können es als Favoriten auswählen, um es in einem Chart zu verwenden.
Möchten Sie dieses Skript auf einem Chart verwenden?
Haftungsausschluss
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