OPEN-SOURCE SCRIPT
ZLEMA RSI [scimitar25]
Zero-Lag Exponential Moving Average RSI
Disclaimer
The following indicator should not be used as any investing or trading advice and is for educational purposes only.
Description
The Zero-Lag Exponential Moving Average RSI (ZLEMA RSI) is a trend following indicator that combines the lag-reducing ZLEMA with an RSI to create an oscillator.
Indicator Information
ZLEMA RSI is calculated in three steps.
1. Calculate lag period
Pine Script®
2. Calculate EMA to form our Zero-Lag EMA
Pine Script®
3. Finishing off our calculations we apply our RSI.
Pine Script®
Display Options
Pine Script®
The indicator features a display options Base and TPI. Base is the default option and displays the oscillator value. TPI mode displays the source data with the color indicator up or down trend. This mode is easier for determining time-coherency for your TPIs.
Cheers,
scimitar25
Disclaimer
The following indicator should not be used as any investing or trading advice and is for educational purposes only.
Description
The Zero-Lag Exponential Moving Average RSI (ZLEMA RSI) is a trend following indicator that combines the lag-reducing ZLEMA with an RSI to create an oscillator.
Indicator Information
ZLEMA RSI is calculated in three steps.
1. Calculate lag period
lag = math.floor((length - 1) / 2)
2. Calculate EMA to form our Zero-Lag EMA
zlema = ta.ema(src + (src - src[lag]), length = length)
3. Finishing off our calculations we apply our RSI.
rsi = ta.rsi(zlema, length = rsiLength)
Display Options
mode = input.string(defval = "Base", title = "Display Mode Options", options = ["Base", "TPI"])
The indicator features a display options Base and TPI. Base is the default option and displays the oscillator value. TPI mode displays the source data with the color indicator up or down trend. This mode is easier for determining time-coherency for your TPIs.
Cheers,
scimitar25
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.