## RSI Candle

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### RSI Candle

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

Donchian Channel on RSI Candle.lua

Apprentice
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Posts: 36437
Joined: Thu Dec 31, 2009 11:59 am
Location: Zagreb, Croatia

### Re: RSI Candle

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
a135711

Posts: 39
Joined: Fri Apr 30, 2010 12:01 pm

### Re: RSI Candle

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.

Apprentice
FXCodeBase: Confirmed User

Posts: 36437
Joined: Thu Dec 31, 2009 11:59 am
Location: Zagreb, Croatia

### Re: RSI Candle

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 ??
zekelogan
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Posts: 56
Joined: Sun Jan 10, 2010 2:45 pm

### Re: RSI Candle

RSI Overboat/Oversold Levels Price Overlay

RSI OverboatOversold Levels Price Overlay.lua

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.

Apprentice
FXCodeBase: Confirmed User

Posts: 36437
Joined: Thu Dec 31, 2009 11:59 am
Location: Zagreb, Croatia

### Re: RSI Candle

Apprentice..... Very cool
zekelogan
FXCodeBase: Confirmed User

Posts: 56
Joined: Sun Jan 10, 2010 2:45 pm

### Re: RSI Candle

Hi Apprentice,

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

sedraude

Posts: 33
Joined: Thu Aug 26, 2010 3:00 am

### Re: RSI Candle

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.

Apprentice
FXCodeBase: Confirmed User

Posts: 36437
Joined: Thu Dec 31, 2009 11:59 am
Location: Zagreb, Croatia

### Re: RSI Candle

Hi Apprentice,

Thank you for your nice indi
sedraude

Posts: 33
Joined: Thu Aug 26, 2010 3:00 am

### Re: RSI Candle

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?
Kisses from Greece!

alepan72

Posts: 59
Joined: Wed Oct 27, 2010 4:19 am

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