ET super RSI v6_3

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Overview:

The ET Super RSI v6_3 is a custom oscillator that builds on the traditional RSI by incorporating a double-smoothed version of the Stochastic Momentum Index (SMI). This approach enhances sensitivity to momentum shifts while reducing noise, making it a valuable tool for traders seeking early entries and exits with improved accuracy.

How It Works:

Calculates the high and low range over a user-defined period (Percent K Length).
Measures the relative distance of the current close from the midpoint of that range.
Applies a double exponential smoothing (Percent D Length) to both the price deviation and the range.
Produces a smoothed momentum value scaled between approximately -100 and +100.

Key Features:

Customizable smoothing and lookback parameters.
Clearly defined zero line and overbought reference (default at 40) for visual clarity.
Ideal for spotting momentum reversals and potential trend continuations.

Use Cases:

Momentum confirmation in trending markets.
Identifying overbought/oversold zones.
Supplementing entry/exit strategies in confluence with other indicators.

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