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2011.12.06 06:46
Indicators

Figurelli RSI - indicator for MetaTrader 4

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The original RSI


In my opinion, Welles Wilder RSI (Relative Strength Index) is a great momentum oscillator that works fine for small periods values (from 2 to 20).

The proposed RSI

The main idea of the proposed RSI is better detect the signal overbought/oversold situations using larger periods for better trend detection in any timeframe.

For this, I did some changes to it performe as good for greater periods, like 120, introducing a gain variable.

So, if you use 120 period in original Wilder RSI, you can inject a gain to see the graph as well as small periods.

Parameters description:

- period: original RSI period

- gain: gain injected for greater periods better visualization

Example 1: the advantage of larger periods using Wilder RSI gain injection in EUR/USD H1

- in the graph we have the two indicators comparison: Wilder RSI (blue) x Figurelli RSI (red)

- our target is better detect signal points [1] and [4]

- note that original RSI with period 14 detects points [3] and [6] are almost the same, but points [1] and [4] are very differents

- in Figurelli RSI with period 120 and gain 10, we can see points [2] and [5] that better detect the signal overbought/oversold situations

Example 2: the advantage of larger periods using Wilder RSI gain injection in EUR/USD D1

- same as example 1, in the graph we have the two indicators comparison: Wilder RSI (blue) x Figurelli RSI (red)

- our target is better detect signal points [1], [2] and [3]

- note that for Wilder RSI point [1] is oversold, while in Figurelli RSI point [2] is oversold

Adjustment tips:

- if you use gain 1 the Figurelli RSI will be equal to Wilder RSI

- if you increase your period, tries to increase the gain, so for 120 period you can try gain 10 to better see the great Wilder RSI visibility even in greater periods

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