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Sentimental rsi for Amibroker (AFL)

Rating:
4 / 5 (Votes 5)
Tags:
oscillator, amibroker

Just like any other indicator it has whipsaws but responsive and smooth compared to the traditional RSI where the noise factor reduces and helps you to focus on mean reversion trades.

The Color Transition from Red to Yellow indicates possible mean reversion from negative to positive trend

The Color Transition from Green to Blue indicates possible mean reversion from positive to negative trend

The Color Transition from Yellow to Green indicates possible positive trend continuation.

The Color Transition from Green to Blue indicates possible negative trend continuation.

Indicator suits to understand the underlying sentiment on the higher timeframes like 4h, Daily. Helps you to understand the underlying trend setup during your pre-trade analysis.

Screenshots

Indicator / Formula

Copy & Paste Friendly
source = (H+L+C)/3;
length = Param("Period",7,1,100,1);
hullma = wma(2*wma(source, length/2)-wma(source, length), round(sqrt(length)));
Hrsi = RSIa(hullma,length);
bcolor = iif( hrsi-50 > 0, 
		iif( hrsi > nz(Ref(hrsi,-1)), colorlime, colorblue),
		iif( hrsi < nz(Ref(hrsi,-1)), colorred, coloryellow));
plot(hrsi-50,"Smoothed RSI", bcolor, styleHistogram,Null, Null,0,0,4 );

6 comments

1. rajenvyas

Kindly give due credits to the author. The person who has posted is not the author.

2. administrator

@rajenvyas if you know who the author is or have a link. Post it here in the comments.

3. parfumeur

Do not know if he is the author, R. Rajandran, but here is a link:

https://www.tradingview.com/script/bgPfrp1k-Sentimental-RSI-Marketcalls/

4. satishshah002

wery nice indicator

5. farid79

Excellent work.

6. MANGESHSP

REALLY GOOD

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