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RSIDirection

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Description:

The indicator displays a histogram for the Relative Strength Index direction.

This is calculated by taking the average up or down RSI movement (on Close, High and Low prices) for each of the "CompareCandles" and then setting a signal for direction.

There is also an extra weight on the later candles to quickly detect changes in the trend.

There are four different values for the signal.

  • Up - there are more up than down movements in the CompareCandles and the general RSI is greater than 55.
  • Upweak - there are more up than down movements in the CompareCandles and the general RSI is lower than 55.
  • Down - there are more down than up movements in the CompareCandles and the general RSI is lower than 45.
  • Downweak - there are more down than up movements in the CompareCandles and the general RSI is greater than 45.


Inputs

  • RSIPeriod - the amount of candles to calculate RSI from.
  • CompareCandles - the number of candles to get average RSI up and RSI down from.
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