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RSI Candle
Posted:
Wed Aug 25, 2010 4:42 amby Apprentice
In comparison with the classic RSI, gives us insight into the Open, High, Low and Close values of RSI indicator for the period.
Re: RSI Candle
Posted:
Wed Aug 25, 2010 5:07 amby 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
Posted:
Wed Aug 25, 2010 5:24 amby 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
Posted:
Wed Aug 25, 2010 10:52 amby 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
Posted:
Thu Aug 26, 2010 11:50 amby Apprentice
RSI Overboat/Oversold Levels Price Overlay
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
Posted:
Thu Aug 26, 2010 1:23 pmby zekelogan
Apprentice..... Very cool
Re: RSI Candle
Posted:
Tue Oct 19, 2010 6:21 amby 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
Posted:
Tue Oct 19, 2010 11:21 amby 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
Posted:
Wed Oct 20, 2010 3:55 amby sedraude
Hi Apprentice,
Thank you for your nice indi
Re: RSI Candle
Posted:
Thu Apr 07, 2011 7:00 amby 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!
RSI Candle.lua