LazyBear

Absolute Strength Index Oscillator [LazyBear]

This oscillator is derived from Absolute Strength Index, originally developed by Tudor Marcelin (Art Invest).

I made it an oscillator mainly to make it easy to identify the divergences and price-flows. There is not much documentation available online for Absolute Strength Index afaik, lets hope Mr.Tudor comes across this and provides us a detailed writeup :)

Quick testing showed lots of good signals (with minimal lag). Let me know what you guys find in your testing.

Indicator options support coloring bars based on the oscillator/signal values, and a histogram-only mode.

List of my public indicators: http://bit.ly/1LQaPK8
List of my app-store indicators: http://blog.tradingview.com/?p=970

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//
// @author LazyBear 
// 
// List of my public indicators: http://bit.ly/1LQaPK8 
// List of my app-store indicators: http://blog.tradingview.com/?p=970 
//
study("Absolute Strength Index Oscillator [LazyBear]", shorttitle="ABSSIO_LB")
sh=input(false, title="Show as Histo")
ebc=input(false, title="Enable Bar Colors")
lma=input(21, title="EMA Length")
ld=input(34, title="Signal Length")
osl=10 
calc_abssio( ) =>
    A=iff(close>close[1], nz(A[1])+(close/close[1])-1,nz(A[1]))
    M=iff(close==close[1], nz(M[1])+1.0/osl,nz(M[1]))
    D=iff(close<close[1], nz(D[1])+(close[1]/close)-1,nz(D[1]))
    iff (D+M/2==0, 1, 1-1/(1+(A+M/2)/(D+M/2)))

abssi=calc_abssio()
abssio = (abssi - ema(abssi,lma))
alp=2.0/(ld+1)
mt=alp*abssio+(1-alp)*nz(mt[1])
ut=alp*mt+(1-alp)*nz(ut[1])
s=((2-alp)*mt-ut)/(1-alp)
d=abssio-s
hline(0, title="ZeroLine")
plot(not sh ? abssio : na, color=(abssio > 0 ? abssio >= s ? green : orange : abssio <=s ? red :orange), title="ABSSIO", style=histogram, linewidth=2)
plot(not sh ? abssio : na, color=black, style=line,title="ABSSIO_Points", linewidth=2)
plot(not sh ? s : na, color=gray, title="MA")
plot(sh ? d : na, style=columns, color=d>0?green:red)
barcolor(ebc?(abssio > 0 ? abssio >= s ? lime : orange : abssio <=s ? red :orange):na)
Excellent work! :D It shows market strength rather well; the intensity of movement.
Reply
Great indicator
Reply
Is it possible to trigger alerts based on "overbought" and "oversold" ? I have changed the parameters to -/+37,5 (comparable to RSI - 25/75). I would like to trigger to alerts on short term timeframes, especially on Stock Indices. Is it possible with the code as it is or shall the code be altered ?. Thx a lot for the awesome tips. AB
+1 Reply
I like it. It's one of these rare cases where a formula which looks complicated actually produces something of value. Most times the opposite is true in my experience :)
+1 Reply
LazyBear ChartArt
Agree. I liked the initial testing results too.
+1 Reply
Here's Absolute Strength Index (not Oscillator):
http://pastebin.com/YZVswCKJ

+3 Reply
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