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Rsi bands for Amibroker (AFL)
Rating:
2 / 5 (Votes 3)
Tags:
oscillator, amibroker
RSI bands provide an intuitive way of visualizing how the price movement causes RSI to move with in its range (0-100). Upper/Lower bands signify overbought and oversold levels respectively (Default: 70/30). These bands closely match what Constance Brown explains in her book “Technical Analysis for the Trading Professional”.
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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 | // RSI Bands use a variation of the RSI calculations to figure// out what price level a stock should be at to be considered// overbought/oversold.//// This sample code was built off the "BuiltInRSIEquivalent"// sample RSI calculation code found on the AmiBroker website.function BuiltInRSIEquivalent_RSI_Band_Version( period, TargetRSILevel ){ P = N = 0; result = Null; for( i = 1; i < BarCount; i++ ) { // Standard RSI code diff = C[ i ] - C[ i - 1 ]; W = S = 0; if( diff > 0 ) W = diff; if( diff < 0 ) S = -diff; // Compute the hypothetical price close to reach the// target RSI level based on yesterday's RSI and close// Depending on whether we would need the price to// or decrease, we use a different formula if(result[i-1] > C[i-1]) HypotheticalCloseToMatchRSITarget = C[i-1]+P-P*period-((N*period)-N) *TargetRSILevel/(TargetRSILevel -100); else HypotheticalCloseToMatchRSITarget = C[i-1]-N-P+N*period+P*period+(100*P) /TargetRSILevel-(100*P*period)/TargetRSILevel ; // Optional clamping code // Uncomment this section if parameters used cause // too much volatility (generally caused by using a very // short period) This will keep the RSI Bands within // roughly 10% of the price // if( (HypotheticalCloseToMatchRSITarget - C[i]) > 0.1*C[i]) // HypotheticalCloseToMatchRSITarget = C[i]*1.1; // if( (HypotheticalCloseToMatchRSITarget - C[i]) < - 0.1*C[i]) // HypotheticalCloseToMatchRSITarget = C[i]*0.9; // Resume standard RSI code to update the // running P and N averages P = ( ( period -1 ) * P + W ) / period; N = ( ( period -1 ) * N + S ) / period; // Store result if( i >= period ) result[ i ] = HypotheticalCloseToMatchRSITarget ; } return result;}Plot( BuiltInRSIEquivalent_RSI_Band_Version(14,80), "RSIB80", colorBlue );Plot( BuiltInRSIEquivalent_RSI_Band_Version(14,20), "RSIB20", colorBlue );//--François Bertrand |
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