Editors' picksOPEN-SOURCE SCRIPT
Delta-RSI Oscillator Strategy
Updated
Delta-RSI Oscillator Strategy:
This strategy illustrates the use of the recently published Delta-RSI Oscillator as a stand-alone indicator.
Delta-RSI represents a smoothed time derivative of the RSI, plotted as a histogram and serving as a momentum indicator.
There are three optional conditions to generate trading signals (set separately for Buy, Sell and Exit signals):
Since D-RSI oscillator is based on polynomial fitting of the RSI curve, there is also an option to filter trade signal by means of the root mean-square error of the fit (normalized by the sample average).
My original D-RSI Oscillator script can be found here:
This strategy illustrates the use of the recently published Delta-RSI Oscillator as a stand-alone indicator.
Delta-RSI represents a smoothed time derivative of the RSI, plotted as a histogram and serving as a momentum indicator.
There are three optional conditions to generate trading signals (set separately for Buy, Sell and Exit signals):
- Zero-crossing: bullish when D-RSI crosses zero from negative to positive values (bearish otherwise)
- Signal Line Crossing: bullish when D-RSI crosses from below to above the signal line (bearish otherwise)
- Direction Change: bullish when D-RSI was negative and starts ascending (bearish otherwise)
Since D-RSI oscillator is based on polynomial fitting of the RSI curve, there is also an option to filter trade signal by means of the root mean-square error of the fit (normalized by the sample average).
My original D-RSI Oscillator script can be found here:
Release Notes
Added alerts conditionsRelease Notes
minor changes that do not affect the script functionalityRelease Notes
The look of the input window is improved by making use of new features available in TradingView, namely the possibility to arrange inputs in sections and lines.Also, check out the much-requested version of the script that is compatible with the Strategy Tester and features several filters and risk management options:
Release Notes
.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 publication is governed by House rules. You can favorite it to use it on a chart.
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DISCLAIMER: I am not a financial advisor, and my scripts are for educational purposes only. Any trades you make are at your own risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.