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RSI Candle

PostPosted: Wed Aug 25, 2010 4:42 am
by Apprentice
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 2468 times



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

Donchian Channel on RSI Candle.lua
(8.31 KiB) Downloaded 589 times

Re: RSI Candle

PostPosted: Wed Aug 25, 2010 5:07 am
by a135711
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

Re: RSI Candle

PostPosted: Wed Aug 25, 2010 5:24 am
by Apprentice
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.

Re: RSI Candle

PostPosted: Wed Aug 25, 2010 10:52 am
by zekelogan
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 ?? :)

Re: RSI Candle

PostPosted: Thu Aug 26, 2010 11:50 am
by Apprentice
RSI OverboatOversold Levels Price Overlay.png

RSI Overboat/Oversold Levels Price Overlay

RSI OverboatOversold Levels Price Overlay.lua
(3.17 KiB) Downloaded 1351 times

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.

Re: RSI Candle

PostPosted: Thu Aug 26, 2010 1:23 pm
by zekelogan
Apprentice..... Very cool :D

Re: RSI Candle

PostPosted: Tue Oct 19, 2010 6:21 am
by sedraude
Hi Apprentice,

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

Thank in advance

Re: RSI Candle

PostPosted: Tue Oct 19, 2010 11:21 am
by Apprentice
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.

Re: RSI Candle

PostPosted: Wed Oct 20, 2010 3:55 am
by sedraude
Hi Apprentice,

Thank you for your nice indi

Re: RSI Candle

PostPosted: Thu Apr 07, 2011 7:00 am
by alepan72
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!