The Volume RSI (Relative Strength Index) is quite similar to the price based RSI with difference that up-volume and down-volume are used in the RSI formula instead changes in price. If price RSI shows relation between up-moves and down-moves within an analyzed period of time by revealing which moves are stronger, the Volume RSI indicator shows the relation between volume traded during these price up-moves and down- moves respectfully by revealing whether up-volume (bullish money flow) or down-volume (bearish money flow) is stronger.
This indicator estimates the buy and sell volume of each candle by using a configurable lower time-frame and uses the buy and sell volume in the calculation of the RSI Volume (VoRSI)
Happy trading Hancock
Release Notes
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Various fixes for NA values breaking the reliability of the volume weighted RSI
Happy trading Hancock
Release Notes
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Updated screen shot
Release Notes
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Updated UI to be more visual.
Added threshold values for RSI to indicate trend change.
@cd1603, does it repaint or is it because you have not waited for the close ? in the inputs check your source. I have combined this with traditional renkos charts and with the right configuration seems to be working well.
blackcat1402
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thanks for sharing this indicator
navyreal7
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hello, is this your script in another language, for example MQL 4 OR 5?