Indicators: Trend Envelopes - RSI
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Trend Envelopes - RSI:
Trend Envelopes variation of RSI indicator.
The RSI indicator used in this version can be pre-smoothed. That is done in order to avoid too much false signals. Pre-smoothing method used can be one of the basic averages types (SMA, EMA, SMMA or LWMA) or, if you use smoothing period less than or equal to 1, no smoothing will be used.
The RSI value displayed is a sort of a "generic" RSI. It is an RSI of (RSI(High) + RSI(Low) + RSI(Close))/30. You can not find a similar RSI just by searching in the rest of the RSI types available.
Author: Mladen Rakic