Indicators: 6 RSI variations
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As we all know, as published by Wilder, RSI makes use of "CLOSE" values. You probably have experimented changing the input to hl2 or hlc3 . I have included many other RSI variations in this chart. Refer to the developers section below to learn how you can use this code in your scripts.
1) RSI with Volume
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Suggested by Morris, this idea adds volume to the RSI indicator. Because volume offers one means of determining whether money is entering or leaving a market, this would provide additional information with which to make trading decisions.
2) RSI using last Open
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This is RSI with yesterday's open, This basically compares two full days of price action and in the process produces a smoother RSI line.
RSI of today's close is used as a signal (blue line).
3) RSI using SMA
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Wilder used his own MA for calculating RSI (check my post on Wilders MA here -
![Indicators: Twiggs Money Flow [TMF] & Wilder's MA [WiMA]](/static/images/svg/idea-image-placeholder.svg)
-- This closely resembles EMA ). One of Morris's suggestion is to try out SMA .
Compared to normal RSI , you will see more squiggles here.
4) RSI using EMA
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Same idea as above, but using EMA .
5) RSI with Fibs
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How much does RSI retrace? This makes it easy to determine that :)
6) RSI of MACD
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As I mentioned earlier, RSI is a pluggable formula. You can substitute "close" with any data series to derive an index out of it.
This shows RSI of MACD . Note that this is range bound.
More info on RSI variations:
https://drive.google.com/file/d/0Bx48Du_...
For Pinescript developers:
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You can substitute your favorite indicator in the RSI function. I have made the RSI calculation a separate function in all the indicators above.
Following are the reusable functions (simply copy to your script and call with proper arguments):
* WiMA( src , length)
* calc_rsi( fv , length): This is equivalent to stock rsi () in TV.
* calc_rsi_volume( fv , length)
* calc_rsi_sma( fv , length)
* calc_rsi_ema( fv , length)
* calc_rsi_lastopen( fv , length)
* calc_macd( src , fast, slow)
You can also pick up fibs drawing code and put in on any indicator.
1) RSI with Volume
---------------------------------------------
Suggested by Morris, this idea adds volume to the RSI indicator. Because volume offers one means of determining whether money is entering or leaving a market, this would provide additional information with which to make trading decisions.
2) RSI using last Open
---------------------------------------------
This is RSI with yesterday's open, This basically compares two full days of price action and in the process produces a smoother RSI line.
RSI of today's close is used as a signal (blue line).
3) RSI using SMA
---------------------------------------------
Wilder used his own MA for calculating RSI (check my post on Wilders MA here -
![Indicators: Twiggs Money Flow [TMF] & Wilder's MA [WiMA]](https://s3.tradingview.com/j/Jccjg8CR_big.png)
Compared to normal RSI , you will see more squiggles here.
4) RSI using EMA
---------------------------------------------
Same idea as above, but using EMA .
5) RSI with Fibs
---------------------------------------------
How much does RSI retrace? This makes it easy to determine that :)
6) RSI of MACD
---------------------------------------------
As I mentioned earlier, RSI is a pluggable formula. You can substitute "close" with any data series to derive an index out of it.
This shows RSI of MACD . Note that this is range bound.
More info on RSI variations:
https://drive.google.com/file/d/0Bx48Du_...
For Pinescript developers:
---------------------------------------------
You can substitute your favorite indicator in the RSI function. I have made the RSI calculation a separate function in all the indicators above.
Following are the reusable functions (simply copy to your script and call with proper arguments):
* WiMA( src , length)
* calc_rsi( fv , length): This is equivalent to stock rsi () in TV.
* calc_rsi_volume( fv , length)
* calc_rsi_sma( fv , length)
* calc_rsi_ema( fv , length)
* calc_rsi_lastopen( fv , length)
* calc_macd( src , fast, slow)
You can also pick up fibs drawing code and put in on any indicator.
//
// @author LazyBear
//
// If you use this code in its original/modified form, do drop me a note.
//
study("RSI + Volume [LazyBear]", shorttitle="RSIVolume_LB")
length=input(14)
ob=input(80, title="Overbought")
os=input(20, title="Oversold")
WiMA(src, length) =>
MA_s=(src + nz(MA_s[1] * (length-1)))/length
MA_s
calc_rsi_volume(fv, length) =>
up=iff(fv>fv[1],abs(fv-fv[1])*volume,0)
dn=iff(fv<fv[1],abs(fv-fv[1])*volume,0)
upt=WiMA(up,length)
dnt=WiMA(dn,length)
100*(upt/(upt+dnt))
rsi_v = calc_rsi_volume(close, length)
u=plot(ob)
l=plot(os)
fill(u,l,red)
plot(50)
plot(rsi_v, color=red, linewidth=1)
List of my free indicators: http://bit.ly/1LQaPK8
List of my indicators at Appstore: http://blog.tradingview.com/?p=970
List of my indicators at Appstore: http://blog.tradingview.com/?p=970
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study("RSI MACD ", shorttitle="RSIMACD_LB")
length=input(2, title="RSI Length")
fast=input(12, title="MACD fast length")
slow=input(26, title="MACD slow length")
WiMA(src, length) =>
MA_s=(src + nz(MA_s * (length-1)))/length
MA_s
calc_rsi(fv, length) =>
up=iff(fv>fv,abs(fv-fv),0)
dn=iff(fv<fv,abs(fv-fv),0)
upt=WiMA(up,length)
dnt=WiMA(dn,length)
100*(upt/(upt+dnt))
calc_macd(fv, fast, slow) =>
fastMA = alma(fv, fast, 0.85, 6)
slowMA = alma(fv, slow, 0.85, 6)
macd = 100*(fastMA - slowMA)/slowMA
signal = alma(macd,9,0.85,6)
macd - signal
lengthwma=input(2, title="Smoothing length")
calc_ifish(series, lengthwma) =>
v1=0.1*(series-50)
v2=wma(v1,lengthwma)
ifish=(exp(2*v2)-1)/(exp(2*v2)+1)
ifish
plot(calc_ifish(calc_rsi(calc_macd(close, fast, slow), length), lengthwma), color=red)
hline(0.5)
hline(-0.5)