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Custom Relative Strength Index (RSI) for Metastock

star123 over 15 years ago Metastock

  • Rating:
    4 / 5 (Votes 3)
  • Tags:
    oscillator, metastock

This custom RSI will allow you to select which price data to use when you plot it. The standard RSI uses the close value as Welles Wilder did when he created the indicator. This custom indicator will allow you to use the other price fields including volume.

Indicator / Formula

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Q:=Input("Time Periods",1,1000,14);

B:=Input("Field: 1=Close, 2=Open, 3=High, 4=Low, 5=Volume",1,5,1);

Z:=If(B=1,Wilders(If(ROC(C,1,$)>0,ROC(C,1,$),0),LastValue(Q)),If(B=2,Wilders(If(ROC(O,1,$)>0,ROC(O,1,$),0),LastValue(Q)),If(B=3,Wilders(If(ROC(H,1,$)>0,ROC(H,1,$),0),LastValue(Q)),If(B=4,Wilders(If(ROC(L,1,$)>0,ROC(L,1,$),0),LastValue(Q)),Wilders(If(ROC(V,1,$)>0,ROC(V,1,$),0),LastValue(Q))))));

Y:=If(B=1,Wilders(If(ROC(C,1,$)<0,Abs(ROC(C,1,$)),0),LastValue(Q)),If(B=2,Wilders(If(ROC(O,1,$)<0,Abs(ROC(O,1,$)),0),LastValue(Q)),If(B=3,Wilders(If(ROC(H,1,$)<0,Abs(ROC(H,1,$)),0),LastValue(Q)),If(B=4,Wilders(If(ROC(L,1,$)<0,Abs(ROC(L,1,$)),0),LastValue(Q)),Wilders(If(ROC(V,1,$)<0,Abs(ROC(V,1,$)),0),LastValue(Q))))));

RS:=Z/Y;

100-(100/(1+RS))

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