cI8DH

True Relative Strength Index (True RSI / TRSI) [cI8DH]

This indicator fixes RSI's bullish bias. This asymmetrical bias is illustrated in the chart below (the lower indicator pair).


This chart also shows that TRSI solves this issues (upper indicator pair). So, time to throw away your RSI . It has been fooling you all along.

FYI, this asymmetry is obvious in longer term charts (wide price ranges).

I kept this script simple for use as a reference. I will update my candle RSI indicator to implement this fix in addition to some other advanced features. So stay tuned :)


PS:
I included an option to display standard RSI as well for verifying the RSI equation I used. What you see in textbooks is a twisted version of the same equation.

Thanks @DennisLeeBTC for the name suggestion.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

Comments

Have you tried your normalization techniques on Momentum yet?
+1 Reply
cI8DH Neverstorm
@Neverstorm, no I haven't, I will do it if you are interested.
Reply
@cI8DH, Very much interested. Only if you have the time and motivation. Thanks! =)
+1 Reply
cI8DH Neverstorm
@Neverstorm, do u mean the built-in Momentum indicator? like the one in this chart
Reply
@cI8DH, Yeah thats basically what I had in mind. What do you think?
Reply
Fell completely in love with it the moment I saw it!
Reply
Thank you for sharing.
Reply
What code should I put in to insert the wick?
Reply
cI8DH ckd82
@ckd82, what do u mean by inserting wick?
Reply
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