This indicator is a ported MQL5 indicator from http://www.mql5.com/en/code/1699
Formulas:
TS[i]=TS[i-1]+2/(Smooth+1)*(RSI[i]-TS[i-1]),
upband[i] = TS[i]+K*delta2[i],
loband[i] = TS[i]-K*delta2[i],
delta2[i] = delta2[i-1]+alpha*(delta1[i]-delta2[i-1]),
delta1[i] = delta1[i-1]+alpha*(rangeRSI-delta1[i-1]),
alpha = 1/Period,
rangeRSI = hiRSI - loRSI,
hiRSI = max(TS[i], TS[i-1]),
loRSI = min(TS[i], TS[i-1]).
Download:
MT4/MQ4 version.
viewtopic.php?f=38&t=66621