This RSI indicator is one of my favorite indicators. This powerful indicator is implemented by Phi-Deltalytics. I modified the drawing so that it is easier (at least for me) to see the signals and trends (it would not matter if you're doing algorithmic trading).
Trends and signals. For detailed instructions and tutorial see Phi-Deltalytics page
Since We've been asked several times, here's the RSI with MA indicator that we commonly use in our analysis. It uses a common 14 period RSI with a 13 period SMA and a 33 period EMA. This setting was made known by Constance Brown in the classic Technical Analysis for the Trading Professional.
As described in the chart above, RSI successfully holding above its SMA...
The signals are based on the Gaussian Channel calculated by Donovan Wall. Thanks also to Kiasaki for Rate of Change code.
Simply going long and short based on Gaussian channel was not consistent enough so I also included an MFI filter. We only go long if Money Flow Index is greater than the last candle (more money is flowing in than out). The opposite for short....
This indicator is very powerful if you are using RSI+ EMA indicator I think you will find this indicator very useful.
With this indicator you can see the golden cross and death cross of the RSI
When the golden cross is confirmed the background is green.
When the death cross is confirmed the background is red.
Pay attention when the RSI is bellow of the 2...
Non-repainting multiple time frame RSI with shading of overbought and oversold levels.
Includes option for simple moving average smooth of the RSI (Larry Connors)
Includes option to plot the EMA of the RSI
Related to RSI Shaded.
For other multiple time frame indicators see:
Adaptive ATR-ADX Trend
Fisher Transform MTF
Laguerre RSI MTF
A new version of the indicator Mfi_v2. Added new control parameters.
tt - the averaging period of the volume.
Len - the period for calculating the MPI.
nn-averaging period MFI (blue line). level-critical levels from below and above (black horizontal lines).
Level 0 or 50 - switch between different histogram views with the middle at either level 50 or level 0....
Bill Williams indicator (MFI).
The indicator calculates the range of oscillations per unit volume. In fact, this indicator shows the tick volume or the readiness of the market to move the price.
The indicator is presented as vertical columns or as a line with levels.
Vertical columns are painted in different colors depending on the displacement of the indicator...
RSI Cross Explanation;
When short-term RSI crossover long-term RSI ; BUY ( Green Area )
When short-term RSI crossunder long-term RSI ; SELL ( Red Area )
You can change RSI lenghts or moving average lenght on settings.
If you knew that, you would sell all your bitcoins at a price of $13.500 and not look back on 8th January.
Slowing the RSI down opens up a whole new world of possibilities.
This concept can work for a lot of TA indicators including the MACD.
See script source code for further description. Feel free to add pyramid trades at your own discretion in your format menu.
No this doesn't repaint!