Apirine Slow RSI [LazyBear] — Indicator by LazyBear

lazybear custom indicators tasc oscillator relativestrengthindex

The slow relative strength index (SRSI) indicator created by Vitali Apirine is a momentum price oscillator similar to RSI in its application and interpretation. Oscillating between 0 and 100, it generates both OB/OS signals and midline (50) cross over signals and divergences.

As author suggests, bullish/bearish divergences generated by SRSI are not as effective during strong trends. To avoid fading an established trend, the system is used in conjunction with a trend confirmation tool like ADX indicator.

You can configure the OB/OS levels, default are 70/30.

More info:
The slow relative strength index, TASC 2015-07

List of my public indicators:
List of my app-store indicators:

List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970

Open-source script

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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

//
// @author LazyBear 
// 
// List of my public indicators: http://bit.ly/1LQaPK8  
// List of my app-store indicators: http://blog.tradingview.com/?p=970 
//
study("Apirine Slow RSI [LazyBear]", shorttitle="ASRSI_LB", overlay=false, precision=3)
periods = input( 6, title="Smoothing", minval=1, maxval=100 ) 
smooth =  input( 14, title="RSI Length", minval=1, maxval=100 ) 
price = input(close, title="Source")
calc_wima(src, length) => 
    MA_s=(src + nz(MA_s[1] * (length-1)))/length
    MA_s
	
r1 = ema( price, periods ) 
r2 = iff( price > r1, price - r1, 0 ) 
r3 = iff( price < r1, r1 - price, 0 ) 
r4 = calc_wima( r2, smooth ) 
r5 = calc_wima( r3, smooth ) 
rr = iff( r5 == 0, 100, 100 - ( 100 / ( 1 + ( r4 / r5 ) ) ) ) 
obl=input(70, title="OB Level")
ovl=input(30, title="OS Level")
obl1=hline(obl, title="OB", color=gray), osl1=hline(ovl, title="OS", color=gray)
fill(obl1,osl1, color=gray, transp=80, title="RegionFill")
hline(50, title="MidLine", color=gray)
plot( rr, title="SlowRSI", color=red, linewidth=2 )