TheLark

FREE INDICATOR: Laguerre RSI

16917 24 2401
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           //
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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)
Returning to our discussion -- looks very much like original RSI showed up -- lots of flat tops and bottoms, as I remember.

Don't have time now, but will get back to the subject somehow.

Thanks a lot!
Reply
Yes it is, I've always liked these switches, great for programming :)
+1 Reply
AKA...The Coding Genius......Strikes Again...Showing us all up with the THREE color Option...

LEGEND!!!
+3 Reply
TheLark PRO ChrisMoody
XD I just have the advantage of coding in a very similar language for 3 years, that's all :)
+1 Reply
No reason to be modest.....Your TV's Premier Programmer...Uncontested...
Reply
Vincent121 ChrisMoody
what do they mean exactly please?
Reply
Which language, if you don't mind ? :)
Reply
I model most things in ThinkScript for its ease, then to python
+1 Reply
The code you wrote is even more beautiful than the indicator mate, love it.
+1 Reply
Thanks glaz! I know how you feel about Laguerre so I'm not sure how good the code actually is ;P
+1 Reply
l330n nice work on this indicator well done...thx u
Reply
And thank you for taking the time to comment!
+1 Reply
Nice work
Reply
TheLark PRO VolHunter
Thanks kindly volhunter!
+1 Reply
SurfDude TheLark
Thanks for coding this indicator. I have it on my futures chart to show when to stay in a trend as it usually stays over bought or oversold until a true trend change occurs, once you have the right settings for it. Great job!
+1 Reply
TheLark PRO SurfDude
Awesome to hear SurfDude! Comments like this are the reason why I like posting scripts :)
I recently found that the calculation in a bit different from the original. I had thought I did it right at first, but now I know it is not.
Does this mean it's useless? Nope. It still gives relevant signals as you've noted, and still uses the main concept. It's just not exactly what Ehlers created, and actually what he created, can't be made exactly here in TV.
+1 Reply
Nice, thank you
Reply
Thanks a lot. Really helps me. I am not using it for setups, but it helps me to determine my stops (which causes me the most trouble)
+1 Reply
thank you very much
Reply
I am seeing awesome results on the forex with standard settings an coupled with TRIX (10 periods)

Thanks again! :)
Reply
Hi Lark. What would it take to make this multitimeframe-able? Thanks in advance
Reply
accidentjev2 accidentjev2
Lark, tried it myself and succeeded. Gr
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
Reply
Hi, very good indicator :) is it possible to make it multi time frame? Thanks in advance.
Reply
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