Another RSX (Relative Strength Quality Index) version (smoothed RSI) with the “corrected” function represented as the continuous line. This corrected RSX line could be used as a filter of the RSX whipsaws or as trigger when it crosses its dotted line.
RSX permits more accurate analysis, helping you avoid many trades that would have been prematurely trigged by the jagged RSI.
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//PRC_Corrected RSX | indicator //21.09.2018 //Nicolas @ www.prorealcode.com //Sharing ProRealTime knowledge //converted from MT5 version (mladen) // --- settings RSIperiod = 14 // --- end of settings rsiprice=customclose //RSX Len=rsiperiod smallRsiValue = 0.0000000000000001 if (f90 = 0.0) then f90 = 1.0 f0 = 0.0 if (Len-1 >= 5) then f88 = Len-1.0 else f88 = 5.0 endif f8 = 100.0*(rsiprice) f18 = 3.0 / (Len + 2.0) f20 = 1.0 - f18 else if (f88 <= f90) then f90 = f88 + 1 else f90 = f90 + 1 endif f10 = f8 f8 = 100*Close v8 = f8 - f10 f28 = f20 * f28 + f18 * v8 f30 = f18 * f28 + f20 * f30 vC = f28 * 1.5 - f30 * 0.5 f38 = f20 * f38 + f18 * vC f40 = f18 * f38 + f20 * f40 v10 = f38 * 1.5 - f40 * 0.5 f48 = f20 * f48 + f18 * v10 f50 = f18 * f48 + f20 * f50 v14 = f48 * 1.5 - f50 * 0.5 f58 = f20 * f58 + f18 * Abs(v8) f60 = f18 * f58 + f20 * f60 v18 = f58 * 1.5 - f60 * 0.5 f68 = f20 * f68 + f18 * v18 f70 = f18 * f68 + f20 * f70 v1C = f68 * 1.5 - f70 * 0.5 f78 = f20 * f78 + f18 * v1C f80 = f18 * f78 + f20 * f80 v20 = f78 * 1.5 - f80 * 0.5 if ((f88 >= f90) and (f8 <> f10)) then f0 = 1.0 endif if ((f88 = f90) and (f0 = 0.0)) then f90 = 0.0 endif endif if ((f88 < f90) and (v20 > smallRsiValue)) then v4 = (v14 / v20 + 1.0) * 50.0 if (v4 > 100.0) then v4 = 100.0 endif if (v4 < 0.0) then v4 = 0.0 endif else v4 = 50.0 endif irsi=v4 //Corrected function if barindex>RSIperiod then n=RSIperiod SA = irsi v1 = SQUARE(STD[n](SA)) v2 = SQUARE(CA[1]-SA) if(v2<v1) then k=0 else k=1-v1/v2 CA=CA[1]+K*(SA-CA[1]) endif endif //final cut if CA>CA[1] then r=0 g=191 b=255 elsif CA<CA[1] then r=244 g=164 b=96 endif return irsi coloured(r,g,b) style(dottedline,2) as "RSX", CA coloured(r,g,b) style(line,3) as "Corrected RSX" |
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