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You liked the script? Try it in the MetaTrader 5 terminal

votes: 10
2018.04.16 12:54
2018.04.16 12:54

Constance Brown's description of Composite Index:

The Composite Index was developed to solve the divergence failure problem in the RSI, but its ability to provide specific horizontal levels of support within the indicator adds to its value. The Composite Index takes the normalized formula of RSI and removes the normalization range restrictions. The formula for the Composite Index uses an embedded momentum calculation with a short-term RSI smoothed.

This is the MetaTrader 5 version of that indicator made exactly as the original Composite Index is described and made.

Polychromatic Momentum - extended Polychromatic Momentum - extended

This version of Polychromatic Momentum is using double smoothed EMA for smoothing. DSEMA has been proven for producing very good smooth results with a lag that is almost non-existent, hence, in combination with it, the Polychromatic Momentum indicator becomes much more usable when it comes to signals.

Polychromatic Momentum Polychromatic Momentum

Polychromatic momentum takes an weighted average of all significant lookback periods for the tradable.

Synthetic RSI Synthetic RSI

Instead of using one RSI, the Synthetic RSI indicator is using 3 instances of RSI. Those 3 instances of RSI are then used to calculate the "synthetic" value (that is not an average of the 3 since the calculation differs from an average).

Synthetic smoothed RSI Synthetic smoothed RSI

This version of Synthetic RSI is using Ehlers smoothed RSI in calculation instead of using "regular" RSI and that makes the resulting synthetic RSI even smoother.