This is an onchart version of the RSI, that acts like a supertrend above and below price.
Upper and lower limit are set to 90 and 10.
It can be used as signal for entries and/or for stop loss.
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//################################################### // RSI as SuperTrend // coded by AlexF //################################################### rsiperiod=14 rsihiband=90 rsiloband=10 //RSI calculation ep=(2*rsiperiod)-1 auc=ExponentialAverage[ep](abs(MAX(close-close[1],0))) adc=ExponentialAverage[ep](abs(MAX(close[1]-close,0))) x1=(rsiperiod-1)*(adc*rsihiband/(100-rsihiband)-auc) x2 = (rsiperiod - 1) * ( adc * rsiLoBand / (100-rsiLoBand) - auc) if x1>=0 then ub=close+x1 else ub=close+x1*(100-rsihiband)/rsihiband endif if x2>=0 then lb=close+x2 else lb=close+x2*(100-rsiloband)/rsiloband endif z=(ub+lb)/2 return z |
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Esagerato!