# Indicators: 6 RSI variations

35454 views
As we all know, as published by Wilder, RSI makes use of "CLOSE" values. You probably have experimented changing the input to hl2 or hlc3 . 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 - -- 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.

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.

Want to use this script on a chart?
//
// @author LazyBear
//
// If you use this code in its original/modified form, do drop me a note.
//
study("RSI + Volume [LazyBear]", shorttitle="RSIVolume_LB")
length=input(14)
ob=input(80, title="Overbought")
os=input(20, title="Oversold")

WiMA(src, length) =>
MA_s=(src + nz(MA_s[1] * (length-1)))/length
MA_s

calc_rsi_volume(fv, length) =>
up=iff(fv>fv[1],abs(fv-fv[1])*volume,0)
dn=iff(fv<fv[1],abs(fv-fv[1])*volume,0)
upt=WiMA(up,length)
dnt=WiMA(dn,length)
100*(upt/(upt+dnt))

rsi_v = calc_rsi_volume(close, length)

u=plot(ob)
l=plot(os)
fill(u,l,red)
plot(50)
plot(rsi_v, color=red, linewidth=1)
List of my free indicators: http://bit.ly/1LQaPK8
List of my indicators at Appstore: http://blog.tradingview.com/?p=970

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:

study("RSI MACD ", 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 * (length-1)))/length
MA_s

calc_rsi(fv, length) =>
up=iff(fv>fv,abs(fv-fv),0)
dn=iff(fv<fv,abs(fv-fv),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)
Najska
Nice. Thx for sharing the script.
Najska
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!
i can only see code for the rsi volume one, am i doing something wrong?