Sell Relative Strength Index (SRSI)

Sell Relative Strength Index (SRSI or “sell gravitation index”) by Howard Wand as featured in the February 2019 issue of TASC magazine.

“Traders accumulate profits trade by trade, with the goal of maximizing profits. But selloffs happen and when they do, you see significant price drops that are fast. Here’s an indicator that uses the profit accumulation size to estimate subsequent selloff size.

Green lines represent buy, red represents sell and yellow represents a balance between buy and sell signals on the SRSI.”

Period of calculation can be adjusted with the “Length” setting.

//PRC_Sell RSI | indicator
//Sell Relative Strength Index
//Sell gravitation index (Howard Wang)
//04.02.2019
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge

// --- settings
Length=20
// --- end of settings

srsin = 0
for k = 0 to Length-1 do
 value1 = (close[k]-open[k])
 value2 = (high[k]-low[k])
 if value2=0 then
  value3=0
 else
  value3=value1/value2
 endif
 srsin = srsin+value3
next

srsi = srsin/length

if srsi>0 then
 r=0
 g=255
elsif srsi<0 then
 r=255
 g=0
endif
if srsi>=-0.05 and srsi<=0.05 then
 r=255
 g=255
endif

return srsi coloured(r,g,0) style(line,2) as "SELL RSI", 0 coloured(255,255,0) as "level 0", -0.05 coloured(168,168,168) style(dottedline,1) as "level -0.05", 0.05 coloured(168,168,168) style(dottedline,1) as "level 0.05"

//PRC_Sell RSI | indicator

//Sell Relative Strength Index

//Sell gravitation index (Howard Wang)

//04.02.2019

//Nicolas @ www.prorealcode.com

//Sharing ProRealTime knowledge

// --- settings

Length=20

// --- end of settings

srsin = 0

for k = 0 to Length-1 do

value1 = (close[k]-open[k])

value2 = (high[k]-low[k])

if value2=0 then

value3=0

else

value3=value1/value2

endif

srsin = srsin+value3

srsi = srsin/length

if srsi>0 then

r=0

g=255

elsif srsi<0 then

r=255

g=0

endif

if srsi>=-0.05 and srsi<=0.05 then

r=255

g=255

endif

return srsi coloured(r,g,0) style(line,2) as "SELL RSI", 0 coloured(255,255,0) as "level 0", -0.05 coloured(168,168,168) style(dottedline,1) as "level -0.05", 0.05 coloured(168,168,168) style(dottedline,1) as "level 0.05"

RSI

Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

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