OPEN-SOURCE SCRIPT
[fikira] RDSI
Relative Double Strength Index
Splits the RSI in 2 components, the rising and the falling part
- Rising: when RSI is higher than its previous value, this value is stored, otherwise 0.
- Falling: when RSI is lower than its previous value, this value is stored, otherwise 0.
A mean average (multiple settings possible) is calculated for both values, giving this indicator
Things to look for:
Rising > falling line = bullish
Rising < falling line = bearish
Spikes could possible be a turning point.
Sign for strength, for example, when the falling line is falling,
and the rising is rising -> bulllish
Examples of different mean averages:
VWMA
WMA
Hull
Also with different lengths for 1, 2, 12h, D and W
Splits the RSI in 2 components, the rising and the falling part
- Rising: when RSI is higher than its previous value, this value is stored, otherwise 0.
- Falling: when RSI is lower than its previous value, this value is stored, otherwise 0.
A mean average (multiple settings possible) is calculated for both values, giving this indicator
Things to look for:
Rising > falling line = bullish
Rising < falling line = bearish
Spikes could possible be a turning point.
Sign for strength, for example, when the falling line is falling,
and the rising is rising -> bulllish
Examples of different mean averages:
VWMA
WMA
Hull
Also with different lengths for 1, 2, 12h, D and W
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Who are PineCoders?
tradingview.com/chart/SSP/yW5eOqtm-Who-are-PineCoders/
TG Pine Script® Q&A: t.me/PineCodersQA
- We cannot control our emotions,
but we can control our keyboard -
tradingview.com/chart/SSP/yW5eOqtm-Who-are-PineCoders/
TG Pine Script® Q&A: t.me/PineCodersQA
- We cannot control our emotions,
but we can control our keyboard -
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Who are PineCoders?
tradingview.com/chart/SSP/yW5eOqtm-Who-are-PineCoders/
TG Pine Script® Q&A: t.me/PineCodersQA
- We cannot control our emotions,
but we can control our keyboard -
tradingview.com/chart/SSP/yW5eOqtm-Who-are-PineCoders/
TG Pine Script® Q&A: t.me/PineCodersQA
- We cannot control our emotions,
but we can control our keyboard -
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.