MP Gradient Adaptive RSI

MP Gradient Adaptive RSI oscillator uses AMA with the basic RSI to cover the retracements with minimum lag.

Trigger line crossing the oscillator will provide an entry point for trader.

• RSI period: period of the oscillator
• Sensitivity of the oscillator: controls the sensitivity of the oscillator to retracements, with higher values minimizing the sensitivity to retracements.
• RSI applied price: source input of the indicator
• Number of bars to draw: is used when the Fill Type option is not equal to None
  Kindly be noted that the indicator uses objects to be able to display gradient colors. So selecting large values may affect your system performance.
• Fill type (Gradient colors / Solid color / None)
• Gradient start color
• Gradient end color
• Show cross markers: rectangle colored markers to highlight the crosses
• Cross markers color

Usage:

The indicator can be used like any normalized oscillator, but unlike a classical RSI, it does not converge toward 50 with higher length values. This is caused by the RSI using a smooth input.

The power setting will minimize the impact of certain variations on the oscillator.

The trigger line is a smoothed RSI using an EMA as input, and it won't remain as near to 100 and 0 as the main oscillator. Using a moving average of the main oscillator as a trigger line would create faster crosses, but this approach allows us to have no crosses when a retracement is present.

Oscillator will also change in color within the market change of directions, strength and weak points through out the lines crossing each other.