JohnMuchow

Webby's RSI (Really Simple Indicator)

JohnMuchow Premium Updated   
Webby's RSI (Really Simple Indicator) is a technical indicator designed to gauge the health of an uptrend. The concept and original implementation was created by Mike Webster, previously a portfolio manager for William O'Neil, founder of Investor's Business Daily.

Most often used with the Nasdaq Composite (IXIC), 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 we want to see power.

Using the zones shown on the chart:
0.5% and 2.0% - Ideal
2.0% to 4.0% - Caution
4.0%+ - Warning

Release Notes: Version 2.0

▪ Optional background color shown as a gradient.
▪ Customize plot type, color & moving average.
▪ Show/hide zone lines.





30+ years experience in software development and technical analysis.

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Open-source script

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Disclaimer

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