rsi momentum indicator (Mega RSI [SHK])

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11/24/2019 at 7:59 PM #113515 quote
LUCASSEN
Participant

Veteran
One of the most powerful indicator based and divergence strategies i have ever seen was made by Constance Brown.

Is it possibel for somewone to write this indi for pro realtime, i think it is very useful for everyone, thank you very much. the indicator is coming from tradingview from someone.

The Composite Index:
The best way to think of the Composite Index as it applies to the RSI is to think of the RSI as Windows 3.0 and the Composite Index as Windows 10. Constance Brown discovered that the RSI , while it does create and detect divergences, does is not as accurate as it could be. It’s a bit of an oxymoron to say this but the RSI is a momentum indicator without any momentum calculation attached to it. The RSI actually misses a significant amount of important moves and even generates some bad moves. What Constance Brown did with the RSI is to input a momentum calculation within the RSI itself.

Usage:
1. Check hidden and regular divergences on RSI+COMPOSITE_INDEX and PRICE+COMPOSITE_INDEX.
2. After finding divergence wait for COMPOSITE_INDEX to cross under/over it’s moving averages to trigger.

Useful Note:
“RSI overbought/oversold as filter”, “RSI and COMPOSITE_INDEX trendline as trigger”, “RSI 50 Over/Under as trend direction detection”, … can be add to this strategy.
Attachments:
```
study(title="Mega RSI [SHK]", shorttitle="Mega RSI [SHK]")

i1 = 120
i2 = i1 + 120

rsi_length=input(14, title="RSI Length")
rsi_mom_length=input(9, title="RSI Momentum Length")
rsi_ma_length=input(3, title="RSI MA Length")
ma_length=input(3, title="SMA Length")
fastLength=input(13)
slowLength=input(33)

r=rsi(close, rsi_length)
rsidelta = mom(r, rsi_mom_length)
rsisma = sma(rsi(close, rsi_ma_length), ma_length)
s=rsidelta+rsisma

plot30 = plot(30,color=#FFFFFF00)
plot70 = plot(70,color=#FFFFFF00)
fill(plot30,plot70,color=#22222204)

hline(30,color=green,linestyle=dashed)
hline(50,color=black,linestyle=dotted)
hline(70,color=red,linestyle=dashed)

plot(s / 2 + i1, color=red, linewidth=2)
plot(sma(s, fastLength) / 2 + i1, color=green)
plot(sma(s, slowLength) / 2 + i1, color=red)
plot(r,color=#880e4f,linewidth=2)
```
Alai-n thanked this post
11/24/2019 at 8:03 PM #113516 quote

Vonasi
Moderator

Master

Do you have a question or a request or are you just posting random code for others to admire?

11/25/2019 at 8:30 PM #113591 quote
Lighthouse
Participant

Master
```
plot1=Momentum[9](RSI[14])
plot2=Average[3](RSI[3])
Composite1=plot1+plot2
Composite2=Average[13](Composite1)
Composite3=Average[33](Composite1)
return Composite1 as "Composite Index", Composite2 as "SMA13", Composite3 as "SMA33"
```
Nicolas thanked this post
11/25/2019 at 8:49 PM #113592 quote

LUCASSEN
Participant

Veteran

Thank you very much Ciccio, i have copied into a new indi rsimomentum and its very useful again thank you for your help.

Greetings Lucassen

11/25/2019 at 11:37 PM #113598 quote
Fr7
Participant

Master
```
//PRC_Mega RSI | indicator
//25.11.2019
//Fr7 @ www.prorealcode.com
//Sharing ProRealTime knowledge
//converted from Tradingview code

// --- settings
i1 = 120
//i2 = i1 + 120
length=14
momlength=9
malength=3
fastLength=13
slowLength=33
// --- end of settings
r=RSI[length](close)
rsidelta =Momentum[momlength](r)
rsisma = average[malength](rsi)
s=rsidelta+rsisma
m=average[fastLength](s) / 2 + i1
m2=average[slowLength](s) / 2 + i1

CompositeIndex=(s / 2 + i1)
return 30 coloured(0,0,255) style(dottedline,1)as "30",70 coloured(255,0,0) style(dottedline,1)as "70",50 coloured(0,0,0) style(dottedline,1)as "50",CompositeIndex as "Composite Index",r as "RSI",m coloured(0,0,255)as "SMA13",m2 coloured(255,0,0)as "SMA33"
```
Nicolas, ginko and stephane thanked this post
11/26/2019 at 4:04 PM #113639 quote

LUCASSEN
Participant

Veteran

Thank you Fr7 for your effort. Greetings Lucassen

10/12/2020 at 11:39 AM #147143 quote

MigueLiTOoo
Participant

New

Hello, The script doens’t work anymore ? Can you adapt pls ? Many Thanks

10/12/2020 at 12:14 PM #147148 quote

robertogozzi
Moderator

Master

Which script?

Why do you doubt it may no longer work?

10/12/2020 at 12:28 PM #147150 quote

Nicolas
Keymaster

Master

It is working fine for me, even on Prorealtime v11.

10/12/2020 at 12:35 PM #147156 quote

MigueLiTOoo
Participant

New

Hi Roberto,

I’ve copy the code in prorealtime and I’ve got several error messages.

10/12/2020 at 12:43 PM #147158 quote

MigueLiTOoo
Participant

New

Hi All,

Find the printscreen of the error messages in attach. Thx a lot for your help.

10/12/2020 at 1:19 PM #147161 quote

Nicolas
Keymaster

Master

The first code is from another programming language, use this translated version instead: https://www.prorealcode.com/topic/rsi-momentum-indicator/#post-113598

thanked this post

08/28/2022 at 9:04 PM #199765 quote

pp_playaflamenca
Participant

Junior

Perhaps a little change for a suitable translation from the original Tradingview:

rsimalength=3
rsisma = average[malength](rsi[rsimalength](close))
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