RSI (with) Averages in .ELD or .PLA

[laurus12 10]

Hi guys!

 

I am wondering if someone have the RSI with two averages of the RSI in .ELD or .PLA code?

 

Ideally I am looking for a RSIAvgs.ELD/PLA where there are four lines instead of the two standard 70/30 levels and where one can choose between simple, exponential, and linear calculations for both of the two averages.

 

If someone could help out I would very much appreciate it.

 

Thanks.

-Laurus

[EasyTrader_I 10]

Hi laurus12,

 

Just to be clear in what you are expecting...

 

The standard RSI Indicator has three lines, and Now you want one more line which is an Average of RSI. And you want an Option to choose whether it is a SMA or EMA, or WMA..Right?

 

Please let us know...

 

EasyTrader_I.

[laurus12 10]

Thank you very much for your reply EasyTrader_I.

 

If you look at the picture you see what I am thinking about. It shows the RSI itself with two additional smootings of the RSI. One fast 13 SMA and one slow 33 EMA.

 

I this version for MT4, there is the option to choose from Simple, Exponential, Smoothed, and Linear for each of the averages of the RSI.

 

As you see there is also the 80, 70, 30, and 20 levels.

 

Thanks,

Laurus

[EasyTrader_I 10]

Hi laurus12,

 

Try this code. and Let me know..

inputs:
Length( 14 );

variables:  MyRSI( 0 ) ;

MyRSI = RSI( Close, Length ) ;

Plot1( MyRSI, "RSI" ) ;
Plot2( 70, "OverBot" ) ;
Plot3( 30, "OverSld" ) ;
Plot4( 80, "OverBot1" ) ;
Plot5( 20, "OverSld1" ) ;

//Calcualte RSI Average

Inputs:
MA_Period1( 34 ),
MA_Period2(21),
MA_Method1( 0{ 0=SMA, 1=XMA, 2=SmoothedAvg, 3=WMA }),
MA_Method2( 0{ 0=SMA, 1=XMA, 2=SmoothedAvg, 3=WMA });

Variables:
vApplied_Price( 0 );

vApplied_Price = MyRSI;

Var:MyRSIMA1(0), MyRSIMA2(0);

If MA_Method1 = 0 then MyRSIMA1 = Average(vApplied_Price, MA_Period1)
else
If MA_Method1 = 1 then MyRSIMA1 = XAverage(vApplied_Price, MA_Period1)
else
	If MA_Method1 = 2 then MyRSIMA1 = SmoothedAverage(vApplied_Price, MA_Period1)
	else
		If MA_Method1 = 3 then MyRSIMA1 = WAverage(vApplied_Price, MA_Period1);

If MA_Method2 = 0 then MyRSIMA2 = Average(vApplied_Price, MA_Period2)
else
If MA_Method2 = 1 then MyRSIMA2 = XAverage(vApplied_Price, MA_Period2)
else
	If MA_Method2 = 2 then MyRSIMA2 = SmoothedAverage(vApplied_Price, MA_Period2)
	else
		If MA_Method2 = 3 then MyRSIMA2 = WAverage(vApplied_Price, MA_Period2);


Plot11(MyRSIMA1, "RSIMAvg1");
Plot12(MyRSIMA2, "RSIMAvg2");

 

EasyTrader_I

[laurus12 10]

Fantastic EasyTrader_I !!! :thumbs up:

 

Tried it and it works perfectly.

 

Have no experience with EasyLanguage, but I am able to see the logic in the set up. So I learned something about coding also.

 

Changed the order of the plotting and entered the RSI as plot13 down at the bottom to get it in front and the OverSld and OverBot lines in the back. Went fine with compilation, but hope it does not cause any hidden troubles.

 

Thank you very very much.

 

Laurus

[Tams 20]

MultiCharts layers the plots in the reverse order of TradeStation's.

[laurus12 10]

Thank you Tams. Good to know.

[Hayoob 10]

What I use is Bollinger Bands applied to the RSI, as I discussed in my Nov 2010 presentation to the SF Bay Area Tradestation User Group. This provides more meaningful thresholds. As validation, please note that if you set your Bollinger period to a very large number like 500, what you get are two almost-straight lines at about 30 and 70.

[laurus12 10]

  Hayoob said:

What I use is Bollinger Bands applied to the RSI, as I discussed in my Nov 2010 presentation to the SF Bay Area Tradestation User Group. This provides more meaningful thresholds. As validation, please note that if you set your Bollinger period to a very large number like 500, what you get are two almost-straight lines at about 30 and 70.

 

Hello Hayoob. Sounds interesting. Have previously read about RSI volatility bands, but have never had the chance to acctually check it out. Would you care share som code with us?

 

Laurus