HPotter

Reverse Engineering RSI, by Giorgos Siligardos

Reverse Engineering RSI , by Giorgos Siligardos
The related article is copyrighted material from
Stocks & Commodities .
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?
////////////////////////////////////////////////////////////
//  Copyright by HPotter v1.0 02/09/2014
// The related article is copyrighted material from
// Stocks & Commodities.
////////////////////////////////////////////////////////////
study(title="Reverse Engineering RSI, by Giorgos Siligardos", overlay = true)
Value = input(50, minval=1)
WildPer = input(14,minval=1)
ExpPer = 2 * WildPer - 1
K = 2 / (ExpPer + 1)
AUC = iff(close > close[1], K * (close - close[1]) + (1 - K) * nz(AUC[1], 1), (1-K) * nz(AUC[1], 1))
ADC = iff(close > close[1], (1-K) * nz(ADC[1], 1), K * (close[1] - close) + (1 - K) * nz(ADC[1], 1))
nVal = (WildPer - 1) * (ADC * Value / (100 - Value) - AUC)
nRes = iff(nVal >= 0, close + nVal, close + nVal * (100 - Value) / Value)
plot(nRes, color=blue, title="Reverse Engineering RSI")
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Comments

What does this indicator tell a trader? What price would be required for RSI to cross downwards or what? Thank you
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