HPotter

RSI based on ROC

This is the new-age indicator which is version of RSI calculated upon
the Rate-of-change indicator.
The name "Relative Strength Index" is slightly misleading as the RSI
does not compare the relative strength of two securities, but rather
the internal strength of a single security. A more appropriate name
might be "Internal Strength Index." Relative strength charts that compare
two market indices, which are often referred to as Comparative Relative Strength .
And in its turn, the Rate-of-Change ("ROC") indicator displays the difference
between the current price and the price x-time periods ago. The difference can
be displayed in either points or as a percentage. The Momentum indicator displays
the same information, but expresses it as a ratio.
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////////////////////////////////////////////////////////////
//  Copyright by HPotter v1.0 14/05/2014
// This is the new-age indicator which is version of RSI calculated upon 
// the Rate-of-change indicator.
// The name "Relative Strength Index" is slightly misleading as the RSI 
// does not compare the relative strength of two securities, but rather 
// the internal strength of a single security. A more appropriate name 
// might be "Internal Strength Index." Relative strength charts that compare 
// two market indices, which are often referred to as Comparative Relative Strength.
// And in its turn, the Rate-of-Change ("ROC") indicator displays the difference 
// between the current price and the price x-time periods ago. The difference can 
// be displayed in either points or as a percentage. The Momentum indicator displays 
// the same information, but expresses it as a ratio.
////////////////////////////////////////////////////////////
study(title="RSI based on ROC", shorttitle="RSI/ROC")
RSILength = input(20, minval=1)
ROCLength = input(20, minval=1)
xPrice = close
hline(70, color=red, linestyle=line, title = "Upper")
hline(30, color=green, linestyle=line, title = "Lower")
nRes = rsi(roc(xPrice,ROCLength),RSILength)
plot(nRes, color=blue, title="RSI/ROC")
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Is this the one that Linda Rashske uses for her Momentum Pinball Strategy, with settings 3 to 1?
Phản hồi
HPotter cristian.d
@cristian.d, I do not know. Sorry.
Phản hồi
@HPotter, Can you please explain, ROCLength input 20 means difference between this day close price and the close price of the day 20 periods ago? and RSI length input 20 means RSI for 20 such ROCs?
+5 Phản hồi
That's a great idea. Thank you, HPotter!
Phản hồi
HPotter dorobou
You are welcome.
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