A test of the RWI used purely for long/short signals proves surprisingly profitable on 3H and 4H XBTUSD and ETHUSD.
It is a highly optimized script for H4, D1. Backtests from (2016 - 2019, depending on the currency pair). Optimization still going on. Following alerts can be activated: - Buy-Signal (Baseline-Cross)! Sell-Signal (Baseline-Cross)! Buy Signal (Aroon)! Sell Signal (Aroon)! Buy Signal (DMI)! Sell Signal (DMI)! Buy Signal (RWI)! Sell Signal (RWI)! ...
Smoothed Random Walk Index. It gives slightly slower but less false signal than stochastic. If it draws double bottom with higher low, long entry is considered. If it draws double with lower high, short entry is considered. For more accuracy, another smoothed RWI with slower setting is needed. If fast setting RWI draws lower high AND slower setting RWI is also...
Random Walk Shadow indicator. The shadow indicates the short period trend that usually will be copied by the longer trend trend. Enjoy
Random Walk Index indicator script. This indicator was originally developed by Michael Poulos. As you can see, the result is very similar to the Vortex Indicator (was developed by Etienne Botes and Douglas Siepman).