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Modified RSI Indicator(5) for Amibroker (AFL)
Rating:
4 / 5 (Votes 5)
Tags:
oscillator, amibroker
This modified RSI Indicator shall be used with the basic candle pattern to identify the positive and negative divergences.But check the other candles while using the buy sell signals.Good luck.
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Indicator / Formula
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_SECTION_BEGIN("MODIFIED RSI by Gowtham ");
SetChartBkColor(ParamColor("Panel color ",colorBlack));
//hellogowtham@gmail.com
RP = Param("RSI",7,2,20,1);
UL= Param("Upper Limit",70,0,100,1);
LL= Param("Lower Limit",30,0,100,1);
PlotGrid(UL,colorBlue);
PlotGrid(LL,colorBlue);
R= RSIa(C, RP);
Plot(R, "MODIFIED RSI", colorLime, styleThick);
Overbought=70;
Oversold=30;
Plot(Overbought,"Overbought Zone",colorBlue);
Plot(Oversold,"Oversold Zone",colorGreen);
Overbought=70;
Oversold=30;
Buy = Cross(R, Oversold) AND R > Oversold;
Sell = Cross(Overbought, R) AND R < Overbought;
PlotShapes(IIf(Sell, shapeDownArrow , shapeNone), colorRed);
PlotShapes(IIf(Buy, shapeUpArrow , shapeNone), colorGreen);
_SECTION_END();
MaxGraph=10;
Period1=Param("Period 1", 10, 5, 50, 1);
Period2=Param("Period 2", 10, 5, 50, 1);
EMA1= EMA(R,Period1);
EMA2= EMA(EMA1,Period2);
Difference= EMA1 - EMA2;
ZeroLagEMA= EMA1 + Difference;
PR=abs(ZeroLagEMA);
Graph0=PR;
MoveAvg=MA(PR,5);
Graph1=MoveAvg; //Remove the // if you want a Crossover MA to plot
Graph1Color=colorTan;
Graph0Style=4;
upbar= PR>= MoveAvg AND PR>= Ref(PR,-1) ;
downbar=(PR < MoveAvg) OR PR>= MoveAvg AND PR< Ref(PR,-1) ;
barcolor = IIf( downbar,colorRed, IIf( upbar, colorBrightGreen, 7));
Graph0BarColor = ValueWhen( barcolor != 0, barcolor );
Graph2=30;
Graph3=70;
Graph2Style=Graph3Style=Graph4Style=1;
Graph4Color=2;
Graph2Color=5;
Graph3Color=4;0 comments
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