TheLark

FREE INDICATOR: Laguerre RSI

About:
Averages, and the way they are compared and calculated make up a large amount of the indicators out there, so the fun thing about new averages, is how they open up a whole new group of indicators.

Usage:
This is Laguerre RSI . You'll notice it acts a little different than your normal RSI , and it can be traded in different ways. It can be used as a switch, or to view bursts of momentum. Combine with your style and see if you notice anything. It might just be what you were looking for! Stay tuned for more scripts & ideas by following me on TradingView.

Grab the source code here: http://pastebin.com/e7DEYe7y
Installation video by @ChrisMoody here : http://blog.tradingview.com/?p=265

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                                                               I'd like as many people as possible to get it :)
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study(title = "TheLark Laguerre RSI",overlay=false)

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//           LAGUERRE RSI BY THELARK           //
//                 ~ 2-17-14 ~                 //
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//                     •/•                     //
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//    https://www.tradingview.com/u/TheLark    //
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//•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•//

// Averages, and the way they are compared and calculated make up a large amount
// of the indicators out there, so the fun thing about new averages, is how they
// open up a whole new group of indicators. 
// This is Laguerre RSI. You'll notice it acts a little different than your normal RSI,
// and it can be traded in different ways. It can be used as a switch, or to view bursts
// of momentum. Combine with your style and see if you notice anything. It might just
// be what you were looking for! Stay tuned for more scripts & ideas by following me on TradingView.

//setups
h = high
l = low
c = close
//inputs
g = input(0.75, title="Gamma")
ob = input(0.80,title="Over Bought")
os = input(0.20,title="Over Sold")
smooth = input(1,minval=1,title="Smoothing (1 = off)")
coloring = input(true,type=bool,title="3 colors?")
//calc
p = c
L0 = ((1 - g)*p)+(g*nz(L0[1]))
L1 = (-g*L0)+nz(L0[1])+(g*nz(L1[1]))
L2 = (-g*L1)+nz(L1[1])+(g*nz(L2[1]))
L3 = (-g*L2)+nz(L2[1])+(g*nz(L3[1]))
cu = (L0>L1?L0-L1:0)+(L1>L2?L1-L2:0)+(L2>L3?L2-L3:0)
cd = (L0<L1?L1-L0:0)+(L1<L2?L2-L1:0)+(L2<L3?L3-L2:0)
//plots
lrsi=ema((cu+cd==0?-1:cu+cd)==-1?0:(cu/(cu+cd==0?-1:cu+cd)), smooth)
hline(ob)
hline(os)
col1 =  lrsi > lrsi[1] and lrsi > os ? #00FF7B : lrsi < lrsi[1] and lrsi < ob ? #FF3571 : lrsi == lrsi ? #ECA700 : #ECA700
col2 =  lrsi > lrsi[1] and lrsi > os ? #00FF7B : lrsi < lrsi[1] and lrsi < ob ? #FF3571 : lrsi < os ? #FF3571 : lrsi > ob ? #00FF7B : lrsi == lrsi ? #ECA700 : #ECA700
col = coloring ? col1 : col2
plot(lrsi, color=col, linewidth=2,style=line)
This indicator is literally the best thing that’s ever happened to me. In my life.
Thank you, sir.
I could cry...but i won’t (sniff)
Reply
@nxzeee, haha, thanks for the laugh! Glad you found a profitable way to add this to your system :)
Reply
nxzeee TheLark
@TheLark, ;)
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@nxzeee, I am curious to know how good this was for you. Did you use it with ETFs? I've been watching it closely and it's my first indicator I check. I've been watching this and it slowly turns into my most important decision factor.

I plan to buy ETFs after watching this more.
Reply
nxzeee americanx
@americanx, never with ETFs. Stocks & Crypto. Incredible with crypto (may be because i know the space well)...doesn't trigger as many buy signals w/ stocks but market is shite at the mo so....I say do some extensive back-testing and decide. That's what i did. And came up w/ a couple rules for when to jump in on a signal and it really hasn't failed me yet.
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do you have a contact sir?
email, skype?
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I don't get how I should interpret it, can you please make a quick explanation? Your description isn't very explanatory. What's the difference between normal RSI and how should I interpret different colors?
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Hi, very good indicator!!!!
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Hi, very good indicator :) is it possible to make it multi time frame? Thanks in advance.
+3 Reply
Hi i like r strategy. but can you code for this strategy a sound signal with arrow. like wen we hawe 3 grean lines then we got buy signal and wen we hawe 3 purple we got sell signal
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