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I need a simple indicator made ASAP
Code remains our property and is not to be released to public domain
Below is the formula for the ASI portion of the indicator.
On top of this Id like to have a MA 50 overlaying the ASI
Plus RSI set to 14 Period
& RSI set to 4 period
The indicator should draw Buy /Sell arrows when price overlaps MA line.
Id like the option to add the RSI as a additional filter for buy/sell signals with the option to turn on.
ie if RSI is above 80 sell if below 20 buy
Indicator must have the option to turn off either of the RSI's or MA
Plus have option to alert and push notifications
Description
Indicator Accumulation Swing Index was developed by Welles Wilder, Jr. and is described in his book "New Concepts in Technical Trading Systems". The indicator is a simple index of fluctuations which is similar in its form to price change in financial assets.
Formula
SI(i)=50*(CLOSE(i-1)-CLOSE(i)+0,5*(CLOSE(i-1)-OPEN(i-1))+0,25*(CLOSE(i)-OPEN(i))/R)*(K/T)
ASI(i) = ASI(i-1) + SI(i), where
SI (i) - current value of Swing Index technical indicator;
SI (i - 1) - value of Swing Index technical indicator on the previous bar;
CLOSE (i) - current closing price;
CLOSE (i - 1) - previous closing price;
OPEN (i) - current opening price;
OPEN (i - 1) - previous closing price;
R - parameter which is calculated according to formula based on the ratio between current closing price and previous maximum and minimum.
K - is the biggest of two values: HIGH (i - 1) - CLOSE (i)) и (LOW (i - 1) - CLOSE (i));
T - maximum price change during trading session;
ASI (i) - current value of Accumulation Swing Index.
Trading use
Wilder’s book "New Concepts in Technical Trading Systems" provides the following description of the indicator. "When ASI is placed at the same daily chart, the trends figured on the indicator can be compared to the levels on the chart. For those who know how to draw relevant levels of trends, ASI may be helpful tool which indicates the breakthrough of trendline. The wrong breakthrough of trendline on the chart will not be approved with the corresponding lines on the indicator’s chart. Due to the fact that closing price is used to a greater extent, price change during the day is not bad influence on the index of the indicator."
Accumulation Swing Index is also good at trend when it is used simultaneously with SMA(50) indicator as a signal line. The points where ASI crosses SMA upside or downside are trade signals which point out both the entry area in the direction of the trend which is developing and exit area in case the indicator crosses the signal line in the inverse direction.