Cyclic RSI High Low With Noise Filter

RozaniGhani-RG Updated   
This indicator displays Cyclic Relative Strength Index based on Decoding the Hidden Market Rhythm, Part 1 written by Lars von Thienen.
To determine true or false for Overbought / Oversold are unnecessary, therefore these should be either strong or weak.
Noise for weak Overbought / Oversold can be filtered, especially for smaller timeframe.

  • Display calculated Cyclic Relative Strength Index.
  • Zigzag high low based on Cyclic Relative Strength Index.
  • Able to filter noise for high low.

◍ Weak Overbought / Oversold
OB ▼ = Strong Overbought
OS ▲ = Strong Oversold

  • Recommend to be used for Harmonic Patterns such as XABCD and ABCD.
  • Condition 1 (XABCD) : When ▼ and ▲ exist side by side, usually this outline XA, while the next two ◍ can be BC.
  • Condition 2 (ABCD) : When ▼ and ▲ exist side by side, usually this outline AB, while the next one ◍ can be BC, strong ABCD.
  • Condition 3 (ABCD) : When ▼ or ▲ exist at Point A, the next two ◍ can be Point B and Point C, medium ABCD.
  • Condition 4 (ABCD) : When ◍ exist at Point a, the next two ◍ can be Point b and Point c, weak ABCD usually used as lower case as abcd.

Release Notes:
Remove hline(0) and hline(100) for better visibility.
Release Notes:
Add switch for RSI and Cyclic RSI.
Update name for input.
Add option for noise label.
Add credits into comment.
Release Notes:
Add Collapsible code sections for line 13, 24, 34, 39, 52, 77, 90 and 128
Release Notes:
Add alert.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.


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