Tushar Chande’s DMI (with RSX)

v10.3
Tushar Chande’s DMI (with RSX)

An indicator used in technical analysis that determines the overbought and oversold conditions of a particular asset. This indicator is very similar to the Relative Strength Index (RSI). The main difference between the two is that the RSI uses a fixed number of time periods (usually 14), while the Dynamic Momentum Index uses different time periods as volatility changes.

This indicator is interpreted in the same manner as the RSI where the readings below 30 are deemed to be oversold and more than 70 levels are deemed to be overbought. The number of time periods used in the dynamic momentum index decreases as the volatility of the underlying asset increases, making this indicator more sensitive to price changes than the RSI. This version has an additional smoothing in an RSX usage form for calculating the original RSI pitch. It has been added to make it a little more readable. The DMI Chande is less smooth than this original version and can raise more false signals. Using the RSX instead of RSI not add any lag at all, so we can say that using an RSX instead of RSI could be classified as “1% improvement” rule – which is sure it not be worse than the original Chande’s DMI.

(description found on internet). Indicator translated from Metatrader5 version by a request in forum.

Settings explanation:

_ MAStdDevMode : moving average type for smoothing the ATR value used to get the volatility of the current instrument

_ DmiLowerLimit & DmiUpperLimit : bounds for DMI periods (DMI calculated period can’t be less or more than these 2 limits)

 

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Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

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  1. macbartin • 01/31/2018 #

    Bonjour, merci pour l’indicateur, j’utilise un RSI de 7 période, sur du 1 min, est’il possible de changer sa base de période ? si oui comment faire ? merci encore j’avais pas pensé que le RSI pouvait avoir du retard !

    • Nicolas • 01/31/2018 #

      Changer la base de périodes du RSI original ? Le RSI a du “retard” puisqu’il est toujours nécessaire d’évaluer le terrain (et donc de regarder le passé) pour donner l’information sur la bougie courante.

    • macbartin • 01/31/2018 #

      merci, je voulais savoir quel paramètre il faut modifier sur votre indicateur pour le modifier sur la période 7 de votre indicateur

    • Nicolas • 01/31/2018 #

      Cet indicateur est dynamique, il n’utilise pas de période fixe

  2. falco44 • 01/31/2018 #

    Bonjour Nicolas,
    Lorsque j’importe l’indicateur via l’itf et que je l’attache au graphique, il apparait ce message “Erreur dans l’indicateur : PRC_DMI of RSX (5 8 0 15 10 50 60 40) — Un parametre de type entier positif est attendu avec SUMMATION”.
    Pourrais-tu m’eclairer à ce sujet stp ?
    Je suis sur la v11 de prt.
    Merci à toi,
    Cordialement,
    Romain

    • Nicolas • 01/31/2018 #

      Dans ce cas, il faut changer les lignes qui comportent l’instruction SUMMATION comme ceci: summation[max(1,RSIterm)]

  3. falco44 • 01/31/2018 #

    Bonjour Nicolas, je suis desolé mais cela ne fonctionne toujours pas …
    Merci de ton retour

  4. AG1 • 01/31/2018 #

    Hello Nicholas
    Is it possible to attach a revised code?
    I tried to change according to your instructions but the indicator is not working yet.
    Thanks in advance for your help
    Alex

    • Nicolas • 01/31/2018 #

      PFA below a revised version:
      //PRC_DMI of RSX | indicator
      //31.01.18
      //Nicolas @ http://www.prorealcode.com
      //Sharing ProRealTime knowledge
      //translated from MT5 code
      //https://www.prorealcode.com/topic/tushar-chandes-dmi-conversion-code-mq5-to-prorealtime/

      // — settings
      StdDevPeriod = 5 // Period of Standard Deviation
      MAStdDevPeriod = 8 // Period of smoothing
      MAStdDevMode = 0 // Mode of smoothing MA
      DMIPeriod = 15 // Dynamic Momentum Index Period
      DmiLowerLimit = 10 // Dynamic Periods Lower Bound
      DmiUpperLimit = 50 // Dynamic Periods Upper Bound
      LevelUp = 60 // Lower level
      LevelDown = 40 // Upper level
      // — end of settings

      if barindex>DMIperiod then
      SD = STD[StdDevPeriod](customclose)
      ASD = Average[MAStdDevPeriod,MAStdDevMode](SD)

      RSIterm = max(1,ROUND(DMIPeriod / (SD/ASD)))
      RSIterm = Max(Min(RSIterm,DmiUpperLimit),DmiLowerLimit)

      //RSI calculation
      plus = summation[max(1,round(RSIterm))](customclose-customclose[1]>0)
      minus = summation[max(1,round(RSIterm))](customclose-customclose[1]per then
      beta = 0.45*(per-1)/(0.45*(per-1)+2)
      if pow=1 then
      alpha = beta
      elsif pow=2 then
      alpha = beta*beta
      elsif pow=3 then
      alpha = beta*beta*beta
      elsif pow=4 then
      alpha = beta*beta*beta*beta
      elsif pow=5 then
      alpha = beta*beta*beta*beta*beta
      else
      alpha = beta
      endif

      tmp0 = (1-alpha)*plus + alpha*tmp0[1]
      tmp1 = (plus – tmp0[0])*(1-beta) + beta*tmp1[1]
      tmp2 = tmp0[0] + tmp1[0]
      tmp3 = (tmp2[0] – tmp4[1])*((1-alpha)*(1-alpha)) + (alpha*alpha)*tmp3[1]
      tmp4 = tmp4[1] + tmp3[0]
      avgplus = tmp4

      ftmp0 = (1-alpha)*minus + alpha*ftmp0[1]
      ftmp1 = (minus – ftmp0[0])*(1-beta) + beta*ftmp1[1]
      ftmp2 = ftmp0[0] + ftmp1[0]
      ftmp3 = (ftmp2[0] – ftmp4[1])*((1-alpha)*(1-alpha)) + (alpha*alpha)*ftmp3[1]
      ftmp4 = ftmp4[1] + ftmp3[0]
      avgminus = ftmp4

      endif

      RS = avgplus/avgminus
      DMIRSX = 100 – 100 / ( 1 + RS )

      r=100
      g=100
      b=100
      if DMIRSX>LevelUp then
      r=0
      g=255
      b=0
      elsif DMIRSX<LevelDown then
      r=255
      g=185
      b=15
      endif
      endif

      return DMIRSX coloured(r,g,b) style(line,3) as "Dynamic Momentum Index", levelup coloured(100,100,100) style(dottedline) as "level up", leveldown coloured(100,100,100) style(dottedline) as "level down"

  5. AG1 • 01/31/2018 #

    Thanks Nicolas
    Still a problem in line 29
    Please take a look.
    thanks again
    Alex

    • Nicolas • 01/31/2018 #

      code is modified in the above post, use that one.

    • AG1 • 01/31/2018 #

      Still a problem in line 29
      Please take a look.
      thanks again
      Alex

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