rsi momentum indicator (Mega RSI [SHK])
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One of the most powerful indicator based and divergence strategies i have ever seen was made by Constance Brown.
Is it possibel for somewone to write this indi for pro realtime, i think it is very useful for everyone, thank you very much. the indicator is coming from tradingview from someone.
The Composite Index:
The best way to think of the Composite Index as it applies to the RSI is to think of the RSI as Windows 3.0 and the Composite Index as Windows 10. Constance Brown discovered that the RSI , while it does create and detect divergences, does is not as accurate as it could be. It’s a bit of an oxymoron to say this but the RSI is a momentum indicator without any momentum calculation attached to it. The RSI actually misses a significant amount of important moves and even generates some bad moves. What Constance Brown did with the RSI is to input a momentum calculation within the RSI itself.Usage:
1. Check hidden and regular divergences on RSI+COMPOSITE_INDEX and PRICE+COMPOSITE_INDEX.
2. After finding divergence wait for COMPOSITE_INDEX to cross under/over it’s moving averages to trigger.Useful Note:
“RSI overbought/oversold as filter”, “RSI and COMPOSITE_INDEX trendline as trigger”, “RSI 50 Over/Under as trend direction detection”, … can be add to this strategy.
Attachments:1234567891011121314151617181920212223242526272829study(title="Mega RSI [SHK]", shorttitle="Mega RSI [SHK]")i1 = 120i2 = i1 + 120rsi_length=input(14, title="RSI Length")rsi_mom_length=input(9, title="RSI Momentum Length")rsi_ma_length=input(3, title="RSI MA Length")ma_length=input(3, title="SMA Length")fastLength=input(13)slowLength=input(33)r=rsi(close, rsi_length)rsidelta = mom(r, rsi_mom_length)rsisma = sma(rsi(close, rsi_ma_length), ma_length)s=rsidelta+rsismaplot30 = plot(30,color=#FFFFFF00)plot70 = plot(70,color=#FFFFFF00)fill(plot30,plot70,color=#22222204)hline(30,color=green,linestyle=dashed)hline(50,color=black,linestyle=dotted)hline(70,color=red,linestyle=dashed)plot(s / 2 + i1, color=red, linewidth=2)plot(sma(s, fastLength) / 2 + i1, color=green)plot(sma(s, slowLength) / 2 + i1, color=red)plot(r,color=#880e4f,linewidth=2)1 user thanked author for this post.
123456plot1=Momentum[9](RSI[14])plot2=Average[3](RSI[3])Composite1=plot1+plot2Composite2=Average[13](Composite1)Composite3=Average[33](Composite1)return Composite1 as "Composite Index", Composite2 as "SMA13", Composite3 as "SMA33"1 user thanked author for this post.
123456789101112131415161718192021222324//PRC_Mega RSI | indicator//25.11.2019//Fr7 @ www.prorealcode.com//Sharing ProRealTime knowledge//converted from Tradingview code// --- settingsi1 = 120//i2 = i1 + 120length=14momlength=9malength=3fastLength=13slowLength=33// --- end of settingsr=RSI[length](close)rsidelta =Momentum[momlength](r)rsisma = average[malength](rsi)s=rsidelta+rsismam=average[fastLength](s) / 2 + i1m2=average[slowLength](s) / 2 + i1CompositeIndex=(s / 2 + i1)return 30 coloured(0,0,255) style(dottedline,1)as "30",70 coloured(255,0,0) style(dottedline,1)as "70",50 coloured(0,0,0) style(dottedline,1)as "50",CompositeIndex as "Composite Index",r as "RSI",m coloured(0,0,255)as "SMA13",m2 coloured(255,0,0)as "SMA33"
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