OPEN-SOURCE SCRIPT
Non-Rescaled RSI
Aktualisiert
█ OVERVIEW
Relative Strength Index is a momentum oscillator developed by J. Wilder. The original version of RSI rescaled the relative strength measurement to [0,100] range. While the rescaling is useful for readability, This non-rescaled version tells the exact average relative strength of the movement for the past [x] period, and give another way to put the relative strength reading into context of current market condition.
█ Description & How To Use
1. The (+/-) in relative strength value indicates the direction
Example 1: Relative Strength of 2.33 means average gain is 2.33 bigger than average loss for the past [x] period (Equivalent to RSI 70)
Example 2: Relative Strength of -2.33 means average loss is 2.33 bigger than average gain for the past [x] period (Equivalent to RSI 30)
Example 3: Relative Strength of 0 means average gain is equal to average loss for the past [x] period (Equivalent to RSI 50)
Look at comparison below:
2. You can use it exactly how you would use RSI: Overbought/Oversold state, Divergence, Trend identification, Failure Swings etc..
█ Features
- Overbought/Oversold line still maintainable as standard RSI level (70,30) in user input screen. The script will recalculate and plot the ob/os level accordingly
- Value Label to indicate the RSI and RS value
- Custom Gradient Color Scheme
█ Limitation
The Relative Strength absolute value is capped at 20 to avoid ratio value too big(or too small). This is enough to get accurate equivalent of RSI reading between 5-95
█ Disclaimer
Past performance is not an indicator of future results.
My opinions and research are my own and do not constitute financial advice in any way whatsoever.
Nothing published by me constitutes an investment/trading recommendation, nor should any data or Content published by me be relied upon for any investment/trading activities.
I strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Relative Strength Index is a momentum oscillator developed by J. Wilder. The original version of RSI rescaled the relative strength measurement to [0,100] range. While the rescaling is useful for readability, This non-rescaled version tells the exact average relative strength of the movement for the past [x] period, and give another way to put the relative strength reading into context of current market condition.
█ Description & How To Use
1. The (+/-) in relative strength value indicates the direction
Example 1: Relative Strength of 2.33 means average gain is 2.33 bigger than average loss for the past [x] period (Equivalent to RSI 70)
Example 2: Relative Strength of -2.33 means average loss is 2.33 bigger than average gain for the past [x] period (Equivalent to RSI 30)
Example 3: Relative Strength of 0 means average gain is equal to average loss for the past [x] period (Equivalent to RSI 50)
Look at comparison below:
2. You can use it exactly how you would use RSI: Overbought/Oversold state, Divergence, Trend identification, Failure Swings etc..
█ Features
- Overbought/Oversold line still maintainable as standard RSI level (70,30) in user input screen. The script will recalculate and plot the ob/os level accordingly
- Value Label to indicate the RSI and RS value
- Custom Gradient Color Scheme
█ Limitation
The Relative Strength absolute value is capped at 20 to avoid ratio value too big(or too small). This is enough to get accurate equivalent of RSI reading between 5-95
█ Disclaimer
Past performance is not an indicator of future results.
My opinions and research are my own and do not constitute financial advice in any way whatsoever.
Nothing published by me constitutes an investment/trading recommendation, nor should any data or Content published by me be relied upon for any investment/trading activities.
I strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Versionshinweise
Bug Fixes. For 1:1 Gain/Loss ratio now correctly displayed as 0Open-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.
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