RSI with Indicators
The default is set for short term trading on a daily basis - RSI(2)
The green upward arrow indicates a Buy Now, don't forget to set a close trailing stop
The red downward arrow indicates a Sell or shorten up your stop, Now.
#################################
# RSI with indicators
#
# Brian Cox
# 4/2/13
# file name: RSI_with_indacators.ts
#
# The default is set for short term trading on a daily basis - RSI(2)
#
# The green upward arrow indicates a Buy Now, don't forget to set a close trailing stop
# The red downward arrow indicates a Sell or shorten up your stop, Now.
#
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declare upper;
input length = 2; # default 2 day length
input over_bought = 75; # Suggested over-bought threshold
input over_sold = 25; # Suggested over-sold threshold
input price = close; # use the closing price in the calculations
def green = 9; # value for green
def red = 5; # value for red
def NetChgAvg = ExpAverage(price - price[1], length);
def TotChgAvg = ExpAverage(AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;
def RSI_EMA = 50 * (ChgRatio + 1);
plot Bullish = crosses (RSI_EMA, over_sold, CrossingDirection.BELOW);
plot Bearish = crosses (RSI_EMA, over_bought, CrossingDirection.ABOVE);
Bearish.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
Bearish.SetDefaultColor(GetColor(red));
Bearish.SetLineWeight(4);
Bullish.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
Bullish.SetDefaultColor(GetColor(green));
Bullish.SetLineWeight(4);