This indicator was originally made to help users following along with one of our strategies that we call The Outback (hence the name).
One of the component indicators of that strategy is an RSI with a Hull Moving Average added on top of the RSI as an additional reference for the momentum of the RSI. Many people either had difficulty setting this up correctly, or were having issues with the Indicator on Indicator component, so we built this indicator to assist in that regard.
As we continued to use it, we found it to be a pretty sound momentum indicator that had much to offer by enhancing the more normal RSI, and wanted to make this indicator generally available to the public.
The basic premise of this indicator is as follows:
The core is a traditional RSI with a "normal" (usually Simple) moving average
The "secret sauce" is adding a 2nd moving average (a Hull Moving Average, inspired by Insilico's awesome Hull Suite) based off the RSI
By leveraging the RSI's position relative to both the Simple and Hull moving averages, you can better gauge the relative strength of the current momentum, as well as better visualize longer-term momentum direction and strength based on the moving average slopes and direction.
Release Notes
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Added alertconditions for the "Risk Entry" long (bullish) and short (bearish) conditions appearing
This in combination with Stoch RSI is giving me amazing results trading breakouts with Stair Master on the 5 minute timeframe. Over 10% this month alone. I'm using the settings you mentioned in your Youtube video. It is most profitable on NAS100 and US30. Thanks!
xmd1979
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great tool, thank you )
Parimal_S
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Thanks
TruckieTrader
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No output when applied to Weekly Timeframe. Why so high for RSI and MA setting?