The Hann Relative Strength Index was created by John Ehlers (Stocks and Commodities Jan 2022 pgs 26-28) and this indicator builds upon his Hann Window Indicator to create an unique rsi indicator that doesn't rely on overbought or oversold levels to determine a reversal point and also provides a very superior smoothing without any of the lag associated with traditional smoothing. A much more useful RSI than the standard version in my honest opinion. Short term you buy when the line turns green and sell when it turns red. Medium to long term you buy when the indicator rises above the 0 line and sell when it falls below the 0 line. I have included strong buy and sell signals in addition to normal ones so strong signals are darker in color and normal signals are lighter in color.
Let me know if there are any other indicators or scripts you would like to see me publish!
Hey! I am always happy to see you releasing more indicators. They are always well done (other than barcoloring enabled by default) and its something else than just another version of automatic S/R and other stuff I prefer to code or identify myself!
cheatcountry
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@greenmask9, Thank you and you do bring up a good point with the barcoloring enabled by default. I will make sure to change the default to false from now on
OrcChieftain
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@cheatcountry, That would be lovely for me, but there is a possibility the otherz like it.
cheatcountry
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@greenmask9, Other people have mentioned this before and just like with repainting turned off by default because of popular demand, I will do the same with bar coloring just to be safe
26eses2020
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Nice job. Thanks for your sharing. Could you make an indicator for the market structure and Order Blocs.
cheatcountry
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@26eses2020, thanks and send me a pm with more info please