Multiframe RSI of RSI

Since on a daily chart EMA26 approximate in an excellent way the 50-line of the RSI (when close crosses under EMA26 the RSI crosses under 50) and EMA130 approximate in the same way the 50-line of the weekly data on the daily chart, I created this indicator that so far gave me really good profits per trade.

It’s sort of a daily RSI of a weekly RSI and uses a cut-off line based on standard deviations to stop the position. I traded with it only long and only on stock market.

I enter long when the indicator crosses into the positive area (I normally use a number between 0.3 and 0.9) and I sell when the indicator crosses under the cut line (I use normally 1.5 to 1.9 of correction for the standard deviation)

Blue skies

//computation of moving averages and standard deviation
//corr=2
a=exponentialaverage[130](close)
b=exponentialaverage[26](a)
diff=100*(a-b)/b
st=std[22](diff)
//computation of reference line (cut)
if barindex>26 then
 basso=diff-corr*st
 alto=diff+corr*st
 once cut=basso
 if diff crosses under cut then
  cut=alto
 endif
 if diff crosses over cut then
  cut=basso
 endif
 if diff>cut then
  if basso>cut then
   cut=basso
  endif
 endif
 if diff<cut then
  if alto<cut then
   cut=alto
  endif
 endif
 if diff>cut then
  r=0
 else
  r=205
 endif
endif
//return of data
return diff,0, cut coloured (r,0,0)