RSI Candle

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RSI Candle

Postby Apprentice » Wed Aug 25, 2010 4:42 am

RSI Candle.png


In comparison with the classic RSI, gives us insight into the Open, High, Low and Close values of RSI indicator for the period.
RSI Candle.lua
(3.11 KiB) Downloaded 2026 times



EURUSD D1 (02-28-2019 0933).png

Donchian Channel on RSI Candle.lua
(8.31 KiB) Downloaded 171 times
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Re: RSI Candle

Postby a135711 » Wed Aug 25, 2010 5:07 am

interesting and definitely on the right track. now we need use the RSI calculation for open and solve for solve for a new open price. and then do the same for new high, new close, new low and then use these new OHLC values to construct a a new price candle. we can then take the RSI out of the indicator box, see it as a candle, and compare the rsi candle to the price candle.

thanks
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Re: RSI Candle

Postby Apprentice » Wed Aug 25, 2010 5:24 am

Here we are in trouble, how to translate the RSI value of the Price.

I have already worked several of these indicators.
Basically I used the correlation with respect to the initial value,
or relative to the High Low range for that period.

If you have an example which you want to have, the formula, would be of great help.
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Re: RSI Candle

Postby zekelogan » Wed Aug 25, 2010 10:52 am

An interesting twist on this indicator would be to create dynamic clouds on the upper chart area which would show where the price becomes OB/OS (>80/<20) according to the RSI. A similar way of seeing what this indicator shows, saving screen space for the chart, with more emphasis on price rather than RSI level.

A new indicator called RSI cloud, maybe ?? :)
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Re: RSI Candle

Postby Apprentice » Thu Aug 26, 2010 11:50 am

RSI OverboatOversold Levels Price Overlay.png

RSI Overboat/Oversold Levels Price Overlay

RSI OverboatOversold Levels Price Overlay.lua
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For some reason raw data have excess Volatility, so I applied a smoothing.
I have to fix it.

Warning. This is a in development version.
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Re: RSI Candle

Postby zekelogan » Thu Aug 26, 2010 1:23 pm

Apprentice..... Very cool :D
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Re: RSI Candle

Postby sedraude » Tue Oct 19, 2010 6:21 am

Hi Apprentice,

Can you make it middle line too (50 value rsi), and also option to display bottom and top rsi.

Thank in advance
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Re: RSI Candle

Postby Apprentice » Tue Oct 19, 2010 11:21 am

Done.
But I must emphasize that this is still not completed indicator.
The algorithm is arbitrary.

If someone can help to finish this job I would be grateful.
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Re: RSI Candle

Postby sedraude » Wed Oct 20, 2010 3:55 am

Hi Apprentice,

Thank you for your nice indi
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Re: RSI Candle

Postby alepan72 » Thu Apr 07, 2011 7:00 am

Apprentice wrote:
RSI Candle.png


In comparison with the classic RSI, gives us insight into the Open, High, Low and Close values of RSI indicator for the period.
RSI Candle.lua

Updated.


It 's a usefull indicator!!! Nice work!
Is there the possibilityto ad an option that user can change manual the overbaught - oversold levels?
Thanks in advance!
Kisses from Greece!
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