As we all know, as published by Wilder, RSI makes use of "CLOSE" values. You probably have experimented changing the input to hl2 [avg(high, low)] or hlc3 [avg(high, low, close)]. I have included many other RSI variations in this chart. Refer to the developers section below to learn how you can use this code in your scripts.
1) RSI with Volume --------------------------------------------- Suggested by Morris, this idea adds volume to the RSI indicator. Because volume offers one means of determining whether money is entering or leaving a market, this would provide additional information with which to make trading decisions.
2) RSI using last Open --------------------------------------------- This is RSI with yesterday's open, This basically compares two full days of price action and in the process produces a smoother RSI line.
RSI of today's close is used as a signal (blue line).
3) RSI using SMA --------------------------------------------- Wilder used his own MA for calculating RSI (check my post on Wilders MA here - tradingview.com/v/Jccjg8CR/ -- This closely resembles EMA). One of Morris's suggestion is to try out SMA.
Compared to normal RSI, you will see more squiggles here.
4) RSI using EMA --------------------------------------------- Same idea as above, but using EMA.
5) RSI with Fibs --------------------------------------------- How much does RSI retrace? This makes it easy to determine that :)
6) RSI of MACD --------------------------------------------- As I mentioned earlier, RSI is a pluggable formula. You can substitute "close" with any data series to derive an index out of it.
This shows RSI of MACD. Note that this is range bound.
For Pinescript developers: --------------------------------------------- You can substitute your favorite indicator in the RSI function. I have made the RSI calculation a separate function in all the indicators above.
Following are the reusable functions (simply copy to your script and call with proper arguments): * WiMA(src, length) * calc_rsi(fv, length): This is equivalent to stock rsi() in TV. * calc_rsi_volume(fv, length) * calc_rsi_sma(fv, length) * calc_rsi_ema(fv, length) * calc_rsi_lastopen(fv, length) * calc_macd(src, fast, slow)
You can also pick up fibs drawing code and put in on any indicator.
RSI of not MACD but MACD signal line crossovers may also be used. I changed the RSI length to 2, used MACD(12,26,9) and then take the inverse fisher transform of the result with the smoothing length 2. Here's the Pinecode:
If anyone tries to implement the script nowadays, it wouldn't work. For some reason, box brackets and their contents are not displayed in comments, so subscript (1) (replace with box brackets) is missing in a few places. WiMA and calc_rsi functions can be easily fixed when you compare it with the LazyBear's code. Everything else works well, thanks for the script!
ellayp1001a
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i can only see code for the rsi volume one, am i doing something wrong?
TheGreatBullOnTheStreet
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Hi fellows, would someone share the RSIFibs_LB pine script because I can't find it? Thank you!
nakamotoz
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i never was able to download any script. so sad, nice stuff and extremely hard way to get any.. Any one has easy link or script to download those scripts?
migm
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well...there is no 'make it mine' button anymore, might TV changed UI, some scripts are gone forever
GoldFountain
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Hi, I couldn't see the "Make It Mine" Button as mentioned in the HowTo PDF below.. What have I done wrong?
D-e-m-o-man
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Hello, help me please where can I get this RSI indicator with Fibs I don't know how to do that ???!
Emrah_Cetin
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@Arsonist, could you get it ???? Also I couldn't find it :(
study("RSI MACD [LazyBear]", shorttitle="RSIMACD_LB")
length=input(2, title="RSI Length")
fast=input(12, title="MACD fast length")
slow=input(26, title="MACD slow length")
WiMA(src, length) =>
MA_s=(src + nz(MA_s[1] * (length-1)))/length
MA_s
calc_rsi(fv, length) =>
up=iff(fv>fv[1],abs(fv-fv[1]),0)
dn=iff(fv<fv[1],abs(fv-fv[1]),0)
upt=WiMA(up,length)
dnt=WiMA(dn,length)
100*(upt/(upt+dnt))
calc_macd(fv, fast, slow) =>
fastMA = alma(fv, fast, 0.85, 6)
slowMA = alma(fv, slow, 0.85, 6)
macd = 100*(fastMA - slowMA)/slowMA
signal = alma(macd,9,0.85,6)
macd - signal
lengthwma=input(2, title="Smoothing length")
calc_ifish(series, lengthwma) =>
v1=0.1*(series-50)
v2=wma(v1,lengthwma)
ifish=(exp(2*v2)-1)/(exp(2*v2)+1)
ifish
plot(calc_ifish(calc_rsi(calc_macd(close, fast, slow), length), lengthwma), color=red)
hline(0.5)
hline(-0.5)