is a momentum oscillator developed by J. Wilder. The original version of rescaled the measurement to range. While the rescaling is useful for readability, This non-rescaled version tells the exact average of the movement for the past period, and give another way to put the reading into context of current market condition.
█ Description & How To Use
1. The (+/-) in value indicates the direction
Example 1: of 2.33 means average gain is 2.33 bigger than average loss for the past period (Equivalent to 70)
Example 2: of -2.33 means average loss is 2.33 bigger than average gain for the past period (Equivalent to 30)
Example 3: of 0 means average gain is equal to average loss for the past period (Equivalent to 50)
Look at comparison below:
2. You can use it exactly how you would use RSI: Overbought/Oversold state, Divergence, Trend identification, Failure Swings etc..
- Overbought/Oversold line still maintainable as standard level (70,30) in user input screen. The script will recalculate and plot the ob/os level accordingly
- Value Label to indicate the and RS value
- Custom Gradient Color Scheme
The absolute value is capped at 20 to avoid ratio value too big(or too small). This is enough to get accurate equivalent of reading between 5-95
Past performance is not an indicator of future results.
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I strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
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