OPEN-SOURCE SCRIPT

Ultra RSI [DW]

Updated

This is an RSI Variation with six different averaging methods to choose from.

The averaging methods I've included in this script are:
- Exponential Moving Average
- Simple Moving Average
- Smoothed Moving Average
- Weighted Moving Average
- Volume Weighted Moving Average
- Arnaud Legoux Moving Average

Each method produces a different, yet significant gauge of relative strength.

Custom bar colors are included.

Release Notes

Updates:
- Added two more averages, Coefficient of Variation Weighted Moving Average and Kaufman's Adaptive Moving Average, to the available averaging methods.
- Added a Laguerre mode to the script, which calculates the RSI using the Laguerre method instead of the conventional method when enabled.

Release Notes

Updates:

Updated the filter types for RSI calculation
The available filters for RSI calculation are:
-> Exponential Moving Average
-> Double Exponential Moving Average
-> Simple Moving Average
-> Smoothed Moving Average
-> Weighted Moving Average
-> Volume Weighted Moving Average
-> Arnaud Legoux Moving Average
-> Coefficient of Variation Moving Average
-> Kaufman's Adaptive Moving Average

The filter type and RSI type are selectable via easy to use dropdown menus.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

DonovanWall

For my full list of premium tools, check the blog:
wallanalytics.com/

Reach out on Telegram:
t.me/DonovanWall

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Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.