In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
//////////////////////////////////////////////////////////// // Copyright by HPotter v1.0 03/09/2014 // This is new version of RSI oscillator indicator, developed by John Ehlers. // The main advantage of his way of enhancing the RSI indicator is smoothing // with minimum of lag penalty. //////////////////////////////////////////////////////////// study(title="Smoothed RSI") Length = input(10, minval=1) xValue = (close + 2 * close + 2 * close + close ) / 6 CU23 = sum(iff(xValue > xValue, xValue - xValue, 0), Length) CD23 = sum(iff(xValue < xValue, xValue - xValue, 0), Length) nRes = iff(CU23 + CD23 != 0, CU23/(CU23 + CD23), 0) plot(nRes, color=blue, title="Smoothed RSI")