We at Ekambit Technologies use it daily with consistent success in Indian markets, especially with NSE:NIFTY and NSE:BANKNIFTY .
ESI indicator rules:
1) Above mid-zone & rising: uptrend
2) Falling from high-zone: uptrend reversal
3) Below mid-zone & falling: downtrend
4) Rising from low-zone: downtrend reversal
Apply the same indicator to VIX (in the same chart!) or up to 3 correlated instruments to gain greater conviction for your trades, as shown in the chart.
In addition to the chart timeframe, optionally 3 higher weighted timeframes can be used in ESI computation.
In effect, ESI is a single indicator which provides an insight of 16 indicators (4 timeframes * 4 instruments).
In the example shown,
The same color coding is used for ESI indicator as well, and reasoning for each trade is shown in the chart based on ESI indicator values.
Use the link below to obtain 7-days free access to this indicator.
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Yes it is made to appear like RSI for the same of simplicity and usage familiarity, but there are significant calculations and configurations which will provide you with an edge.
It works for us. The proof is not just in the pudding, but in the eating.