What is the difference compared to regular rsi?
It is supposed to calculate the RSI the "Wilders way"
I think that there is some kind of a confusion about the "Wilders way"
Welles Wilder uses a sort of ema that has alpha parameter calculates as 1/period (unlike the ema which has the alpha parameter calculated as 2/(1-period)).
Now, what is less known, is that Wilders ema is exactly the same as smma in values (smoothed moving averages - and that is what is used in metatrader version of rsi as well as in the WRSI indicator - that is why the results are exactly the same). If we were to do it the Wilders' way to the letter, we should use the Wilders ema, but that would not change the results compared to the existing versions.
Dear Mladen and MrTools,
Any chance this indicator be made nmc. Thanking you in advance. Much appreciated.
Hi Sameermehta74, made it nmc.
Can you please convert this version into multi time frame version.
Here is the multi time frame version of that indicator : smoothed_rsi_histo_mtf.mq4
Really Thankful Mladen,