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

votes: 8
2018.04.16 13:22

The idea of this indicator is simple:

  • Instead of using one RSI, the 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).

As an addition, the prices are pre-filtered prior to be used in RSI calculation. If you wish to omit that part, simply set all the EMA periods to be less than or equal to 1.

Composite Index 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.

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.

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.

Asymmetric bands Asymmetric bands

Asymmetric bands indicator is one of the ways to avoid a lag when there is a trend reversal (since the opposite side band is too far from the current price).