Volume Weighted Relative Strength Index (VWRSI) [AlgoAlpha]

AlgoAlpha Updated   
Volume Weighted Relative Strength Index πŸ“ˆβœ¨

The Volume Weighted Relative Strength Index (VWRSI) by AlgoAlpha enhances traditional RSI by incorporating volume weighting, providing a more nuanced view of market strength. It uses custom range detection to measure consolidation strength, applying dynamic scoring to highlight trend phases. The indicator includes customizable moving averages (SMA, EMA, WMA, VWMA) and color-coded visual cues for uptrends and downtrends. Additionally, it marks significant bullish and bearish trend points with symbols, making it easier to identify potential trading opportunities. This powerful tool helps traders make informed decisions by combining volume, price action, and trend analysis.

✨ Key Features:
  • πŸ“Š Volume-Weighted RSI: Combines RSI with volume for better accuracy.
  • πŸ”„ Range Detection: Identifies consolidation phases.
  • 🎨 Customizable MAs: Choose from various moving averages.
  • πŸ”” Alert Capabilities: Set notifications for trend points.

πŸš€ How to Use:
  1. πŸ›  Add Indicator: Add the indicator to favorites, and customize the settings to suite your trading style.

  2. πŸ“Š Analyze Market: Watch RSI and range score for trends.

  3. πŸ”” Set Alerts: Get notified of bullish/bearish points.

✨ How It Works:

The Volume Weighted Relative Strength Index (VWRSI) combines traditional RSI with volume weighting to offer a more comprehensive view of market momentum. It calculates the RSI using the closing price, then weights it by volume to enhance the accuracy of the trend analysis. The indicator also includes a custom range detection feature that evaluates consolidation strength by dynamically scoring the RSI over a specified period. This scoring helps identify phases of strong trends and consolidations. Visual elements like color-coded trend fills and symbols for bullish and bearish points make it easier to spot key market movements and potential trading opportunities.

Stay ahead with VWRSI by AlgoAlpha! πŸ“ˆπŸ’‘
Release Notes:
Added RSI Moving Average. Useful for confirmation after reversal signals are printed.

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