fareidzulkifli

Non-Rescaled RSI

█ OVERVIEW

Relative Strength Index is a momentum oscillator developed by J. Wilder. The original version of RSI rescaled the relative strength measurement to range. While the rescaling is useful for readability, This non-rescaled version tells the exact average relative strength of the movement for the past 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 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 period (Equivalent to RSI 30)
Example 3: Relative Strength of 0 means average gain is equal to average loss for the past 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 0
Open-source Skript

Ganz im Sinne von TradingView hat der Autor dieses Skripts es als Open-Source veröffentlicht, damit Trader es verstehen und überprüfen können. Ein Hoch auf den Autor! Sie können es kostenlos verwenden, aber die Wiederverwendung dieses Codes in einer Publikation unterliegt den Hausregeln. Sie können das Skript den Favoriten hinzufügen, um es auf dem Chart zu verwenden.

Möchten Sie dieses Skript auf einem Chart verwenden?

Kommentare

Just realised the math is little off for the 1:1 ratio, i’ll fixed it later tonight
+1 Antworten
fareidzulkifli fareidzulkifli
@fareidzulkifli, Fixed!
+1 Antworten
@fareidzulkifli, good job out here!!! appreciate your work.
+1 Antworten
fareidzulkifli UnknownUnicorn8625905
@UnknownUnicorn8625905, thanks! Appreciate your support;)
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