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Dynamic RSI for Amibroker (AFL)

Rating:
3 / 5 (Votes 6)
Tags:
oscillator, amibroker

A nice, smoothed RSI that adapts dynamically to price levels. I use it to spot divergence setups faster than regular RSI.

Screenshots

Indicator / Formula

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// AFL for Dynamic RSI
//============================================================
_SECTION_BEGIN("Dynamic RSI");

DZbuy = Param("Buy Zone Probability",0.1,0.1,0.5,0.1);
DZsell = Param("Sell Zone Probability",0.1,0.1,0.5,0.1);
Period = Param("Period", 14, 2, 30, 1);

Lb = Param("LookBack Period",60,40,120,1);
RSILine = RSI(Period);
jh = HHV(RSILine,Lb);
jl = LLV(RSILine,Lb);
jc = (WMA((jh-jl),Period)*0.50)+WMA(jl,Period);
Hiline = jh-jc*DZbuy;
Loline = jl+jc*DZsell;
//midline = (jh-jl)/2;
Plot(HiLine,"",colorDarkRed, styleThick| styleDashed);
Plot(LoLine,"",colorDarkRed, styleDashed|styleThick);
Plot(jc,    "",colorGrey40,   styleDashed|styleThick);

R =  ( 4 * RSILine + 3 * Ref(RSILine,-1) + 2 * Ref(RSILine,-2) + Ref(RSILine,-3) ) / 10;
Plot(R,"",IIf(R>jc,colorLime,colorRed),styleThick);
kh = IIf(R>Hiline, R,Hiline);
PlotOHLC( kh,kh,Hiline,Hiline, "", IIf(R>HiLine,colorLime,colorBlack), styleCloud );
kl = IIf(R <Loline, R,Loline);
PlotOHLC( Loline,Loline,kl,kl, "", IIf(R<HiLine,colorRed,colorBlack), styleCloud );
Title = Name() + "- Floating Level RSI V1.0(" + WriteVal(period, 1.0) + ")"; 

3 comments

1. SADAI

VERY GOOD LOGIC.CONGRATS

2. Yuvan

Very good

3. Bursana

Hi, thank you for sharing.
May I know if the upper and lower limits are based on Bollinger Band?

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