Multiple RSI Spread indicator request...
I've spent the last hour trying to find the appropriate place on this forum to do an indicator request. I've settled with right here.
Would any generous coder like to help me with a very simple indicator for an idea I have?
I would like to track the distance/spread between 2 different RSI's and plot it as an oscillator - similar to a standard CCI in appearance (how I picture it in my head anyway).
3 period RSI = X
8 period RSI = Y
Oscillator Value = Z
45(x) - 37(y)= 8(z)
22(x) - 36(y)= -14(z)
Thusly, the Y variable RSI would act as the zero line in the oscillator channel.
This could probably be made into a histogram too for anyone that would be interested. Personally, I've never liked histograms.
I have tried to be as clear as possible while not knowing how to code or proper Forex-TSD etiquette. I'm not even sure how I will use such an indicator. I don't expect a reading over +/- 16 on such an oscillator with the RSI periods that I have in mind. I have a vague idea of general oversold and overbought conditions with this oscillator but that's about it.
It wouldn't have to be #MTF as I personally don't use those (haven't figured them out).
So yes, thanks in advance. Also, If I have committed an etiquette error please let a brother know.
Very simple indeed. Check it out and let me know if that is what you wanted. It draws Z value in the form of a line or histogram (you can choose that in settings). Z is X minus Y by your formula.
CCI is a line, MACD is a histogram. Personally I like histogram more (its color coded so you can easily see which one is above or below the other). But you asked for a line, so I made both.
Hope this helps
Yes yes yes
Yessir, that's exactly what I'm talking about. Thank you very much!
In case you (or anybody) was curious, I was thinking about a 7 period and a 14 period with a max/min of +/- 20.
Basically, the 7 period RSI always moves away from and then returns to the 14 period RSI and I'm trying to see if there is a viable way to capitalize on the fact that this happens over and over again. So far it seems that with this set up that a trigger level might be around +/- 12.
Everything is good with the indicator and thanks again.
In this setup I mentioned here if you overlay the line with a regular stochastic then the +/- 12 lines up perfect with the 80/20 of the Stoch.
Whoa - I looked back and saw all of a sudden 11 pages of posts and was like WTH?!?! LOL - post got moved, my bad.
Update: When overlayed with ergodic oscillator (I'm using BH-Ergodic) it seems to give a better suggestion then it did with the 13,5,5 stoch. I just don't yet have a good max/min level for the egrodic so that I can anchor it's zero line.
4 Timeframe RSI indicator
I put this together after copying it mostly from ForexFreedomBars by Eli Hayun. It now compares the EMA of two RSI values on four time frames and plots a blue or red square depending on whether there is a buy or sell signal. When the signals line up on all four time frames then you enter a trade. I think this indicator can repaint the current bar so signals should only be on completed bars. You can specify the EMA period for both RSI values or if you set those values to 0 it will take the RSI_Period value as it's EMA period. Let me know what you think.
Update: Noticed a little bug where I hadn't defined two separate oldRSI variables. Have fixed it and uploaded the new version. Anyway this makes the results more accurate = )
Coloured_RSI.(TheExpert) mod https://www.mql5.com/en/forum/178733/page7
once again, rsi macd - Simple
Predicting Future price using RSI
Can we predict future price using RSI?
If we can make reverse engineering the RSI equation
If you have more info, please let's discuss it
Someone told me that we can predict the point of price reverse according to this idea