Webby's RSI (Really Simple Indicator)
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Webby's RSI (Really Simple Indicator) is a technical indicator designed to gauge the health of an uptrend. The concept of Webby's RSI and the original implementation was created by Mike Webster: @mwebster1971 on Twitter .
Often used with the Nasdaq Composite , Webby's RSI is the percentage of the low versus the 21-day moving average. At the beginning of a bull market, the higher the value, the better. As an uptrend continues, the ideal range is between 0.5% and 2.0%.
You can customize the plot type as histogram, column, line or area. The moving average shown is over a 10 day period. The length and color of the moving average can also be configured.
The moving averages shown on the chart are:
21-day EMA: green
50-day SMA: red
200-day SMA: blue
Pine Script version of Webby's RSI:
@JohnMuchow on Twitter
PlayTheTrade-dot-com
Often used with the Nasdaq Composite , Webby's RSI is the percentage of the low versus the 21-day moving average. At the beginning of a bull market, the higher the value, the better. As an uptrend continues, the ideal range is between 0.5% and 2.0%.
You can customize the plot type as histogram, column, line or area. The moving average shown is over a 10 day period. The length and color of the moving average can also be configured.
The moving averages shown on the chart are:
21-day EMA: green
50-day SMA: red
200-day SMA: blue
Pine Script version of Webby's RSI:
@JohnMuchow on Twitter
PlayTheTrade-dot-com
Technical analysis, indicators and tutorials: https://PlayTheTrade.com
Follow me on Twitter: https://twitter.com/JohnMuchow
Follow me on Twitter: https://twitter.com/JohnMuchow
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