HPotter

Smoothed RSI

This is new version of RSI oscillator indicator, developed by John Ehlers .
The main advantage of his way of enhancing the RSI indicator is smoothing
with minimum of lag penalty.
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?
////////////////////////////////////////////////////////////
//  Copyright by HPotter v1.0 03/09/2014
// This is new version of RSI oscillator indicator, developed by John Ehlers. 
// The main advantage of his way of enhancing the RSI indicator is smoothing 
// with minimum of lag penalty. 
////////////////////////////////////////////////////////////
study(title="Smoothed RSI")
Length = input(10, minval=1)
xValue = (close + 2 * close[1] + 2 * close[2] + close[3] ) / 6
CU23 = sum(iff(xValue > xValue[1], xValue - xValue[1], 0), Length)
CD23 = sum(iff(xValue < xValue[1], xValue[1] - xValue, 0), Length)
nRes = iff(CU23 + CD23 != 0, CU23/(CU23 + CD23), 0)
plot(nRes, color=blue, title="Smoothed RSI")
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Comments

Just started using this, pretty solid dude, will play with it.
+1 Reply
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