RSI indicator - page 59

zilliq
352
zilliq  

By leg you mean probably the last line of the zigzag ?

In fact it's easy, I ask the indicator to count the number of candle since the last turning point= lenght L, and I calculate the LRC with of period of this L lenght

For example if I have 10 candles since the last turning point I draw the LRC of 10 candles

Hope to be clear, I can post a picture if you want to

Zilliq

zilliq
352
zilliq  

Because a picture is better than thousand words

1/ The indicator must calculate the number of candles since the last turning point

and draw a "progressive" LRC based on theses candles

=everytimes a new segment/leg of the ZZ appears, a new LRC appears with a lenght who growth until a new turning point

the LRC is calculate ONLY on the segment/leg of the ZZ

2/ But Arrows appears only if RSI break the last LRC (a new LRC will already appears)

Zilliq

Files:
zilliq
352
zilliq  

And now with chart, see the very good reversal point it goes at the breakout of these LRC of the RSi

You see below an example of 4 successive LRC

And 4 arrows ( I draw manually)

Zilliq, who hope to be clear

Files:
Mladen Rakic
160818
Mladen Rakic  
zilliq:
And now with chart, see the very good reversal point it goes at the breakout of these LRC of the RSi

You see below an example of 4 successive LRC

And 4 arrows ( I draw manually)

Zilliq, who hope to be clear

Zilliq

Aas I see you were extending the "opposite side" value of linear regression channel. That was i referring to : in a normal usage we will never see that break since at that time there is already a new linear regression channel formed at that moment (as you told too). So if we are waiting for a previous lrc break we are in double "repainting" mode : having a zigzag recalculating values and having to wait for a confirmation of a break of a channel that can be recalculated, it seems like too much confidence in recalculating model

Going to see sar model first because of that (I would not like to explain to people that it should not be used in signaling mode, from my experince so far people tend to think that I am not telling the truth when I say that for a recalculating / repainting indicator, and they think that I am hiding something )

zilliq
352
zilliq  

Thanks for your answer Mladen,

Not sure I have understand what you explain because of my english, sorry

Notably, I don't understand why you think there is a double repainting/recalculating, because in fact we look for the break on the previous LRC that the indicator has already drawing (even if that previous LRC may be recalculating in rare times if there is a new higher high or lower low)

I think there is really 2 things/stages in this indicator

1/ Drawing LRC based on zigzag. Sometimes, not always, the previoux LRC may be recalculating, and the last LRC is already recalculating since the last turning point

2/ Draw the arrows when there is a break on the previous LRC

I hope to be clear (it's clear in my head, but difficult to translate )

Thanks a lot Mladen, it's very nice to you to try to code it

Zilliq

Mladen Rakic
160818
Mladen Rakic  
zilliq:
Thanks for your answer Mladen,

Not sure I have understand what you explain because of my english, sorry

Notably, I don't understand why you think there is a double repainting/recalculating, because in fact we look for the break on the previous LRC that the indicator has already drawing (even if that previous LRC may be recalculating in rare times if there is a new higher high or lower low)

I think there is really 2 things/stages in this indicator

1/ Drawing LRC based on zigzag. Sometimes, not always, the previoux LRC may be recalculating, and the last LRC is already recalculating since the last turning point

2/ Draw the arrows when there is a break on the previous LRC

I hope to be clear (it's clear in my head, but difficult to translate )

Thanks a lot Mladen, it's very nice to you to try to code it

Zilliq

Zilliq

Even linear regression channel is a fitting algorithm (meaning that it will change values as current value is changed - that is simple a result of the way how regression fitting of any order is calculated). So, any of the values of the lrc can change as the current value changes. And having zigzag as a criteria, and we know that zigzag can change, then we have a double possibility for a recaclulation

zilliq
352
zilliq  

Another idea, perhaps to simplify if you can't draw successive LRC based on zigzag

1/ Can you create an indicator who draw automatically a LRC between the highest and lowest of the x previous candles of RSI ? with RSI based on applied price (close/ low/ typcal price etc...)

And

2/ Draw an Arrow when RSI break this LRC

3/ An option to ameliorate this on: Draw automatically a LRC based on the highest IN overbuy zone, and lowest IN oversell zone

May be it will be simplier to code

Thanks a lot Mladen and have a nice day

Zilliq

An example with my code on PRT

LRC on highest/lowest of the 45 previous candles for example and the green arrow when there is a breakout

Files:
zilliq
352
zilliq  

Next...

I find a perfect example of why we need to have an applied option to this LRC RSI indicator

On my first picture, I use a RSI based on close and LRC based on ZZ on it

As you see, when the RSI break the LRC, it gives a bad short signal because we go higher just after

But, on the second picture I use a RSI based not on close but on typical price, and as you see, the short signal is Perfect !

Thanks for your attention, and hope you can create it

Have a nice day Mladen

Zilliq

Mladen Rakic
160818
Mladen Rakic  
zilliq:
Next...

I find a perfect example of why we need to have an applied option to this LRC RSI indicator

On my first picture, I use a RSI based on close and LRC based on ZZ on it

As you see, when the RSI break the LRC, it gives a bad short signal because we go higher just after

But, on the second picture I use a RSI based not on close but on typical price, and as you see, the short signal is Perfect !

Thanks for your attention, and hope you can create it

Have a nice day Mladen

Zilliq

Zilliq

A question : why is zigzag not a criteria for a new linear regression channel in the example you are showing?

zilliq
352
zilliq  

Sorry, I have probably not understand

Of course, for the example I use the zigzag as a criteria

I draw manually, in this example, a LRC based on the zigzag you see (with an extension to look for the break down)

And I put an arrow when the RSi break down this LRC

Do I answer you question ?

Zilliq

As you see on a different picture

1/ I draw manually a LRC based on the zigzag as example

2/ I draw (for this example), an orange line who is the extension

3/ Watch the break down

4/ Put a red arrow where this break down appears

That's a manual example (in the past, not in the present as I want to), but this is what the indicator need to do

1/ Draw a LRC based on the previous leg of the zigzag OR (if it's too difficult) based on the highest/lowest of the x last candles

2/ Watch for a break up or down of the RSI of this last LRC

3/ Put an arrow when it appears

Zilliq

Files: