How to calculate RSI2 at a price

Vonasi · 2018-09-24T14:20:14+00:00

I’m trying to calculate what the value of RSI[2] would be if on the next bar price had dropped to a certain value. I’ve tried several ideas but nothing seems to return the correct values. Anyone know how to do this?

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09/24/2018 at 3:20 PM #81210 quote

Vonasi
Moderator

Master

I’m trying to calculate what the value of RSI[2] would be if on the next bar price had dropped to a certain value.

I’ve tried several ideas but nothing seems to return the correct values. Anyone know how to do this?

09/24/2018 at 3:28 PM #81213 quote

Nicolas
Keymaster

Legend

You can try to reverse engineer the RSI or start from this version: RSI Reverse Engineering indicator

09/25/2018 at 9:21 AM #81267 quote
Vonasi
Moderator

Master
I’ve reverse engineered the reverse engineered RSI indicator!… and I think I have something that works. In this code the value for RSI2 is returned if price is at the Average[2](Low).

My plan was to have RSI2 based position sizing and buy on a pending order if price fell to the Average[2](low) so hopefully this can now be done. I’m sure there is most likely a more elegant solution to find this info but I’ll use this until someone else can tell me what that solution is.
```
RSIPeriod = 2

for i = 0 to 10000
RSIRevValue = i/100

REM Original RSI values
RSIOri = RSI[RSIPeriod](close)
UPOri = MAX(0, close - open) //higher close then previous
DOWNOri = MAX(0, open - close) //lower close then previous
upMAOri = wilderAverage[RSIPeriod](UPOri)
downMAOri = wilderAverage[RSIPeriod](DOWNOri)
 
 
REM Reversed Engineered RSI Value to Price
RSRev = (100/((-1*RSIRevValue)+100))-1
 
if RSIRevValue < RSIOri THEN
upMARev = upMAOri*(1-(1/RSIPeriod))
downMARev = upMARev/RSRev
DOWNRev = (downMARev - (downMAOri * (1-(1/RSIPeriod))))/(1/RSIPeriod)
RSIPriceRev = close - DOWNRev
elsif RSIRevValue > RSIOri THEN
downMARev = downMAOri*(1-(1/RSIPeriod))
upMARev = downMARev*RSRev
UPRev = (upMARev - (upMAOri * (1-(1/RSIPeriod))))/(1/RSIPeriod)
RSIPriceRev = close + UPRev
endif

if RSIPriceRev >= average[2](low) then
myRSI = RSIRevValue
break
endif
next

//Dummy Trade
if average[2] = -1 then
buy at market
endif

graph myRSI
 
```
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