This is a variation of Wilder's RSI that was altered by Michael Harris .
CALCULATION
I have added some signals and filtering options with moving averages:
The signals I added are just some potential ideas, always backtest your own strategies.
CALCULATION
- The average change of each of the length's source value is compared to the more recent source value.
- The average difference of both positive or negative changes is found.
- The range of 100 is divided by the divided result of the average incremented and decremented ratio plus one.
- This result of the above is subracted from the range value of 100
I have added some signals and filtering options with moving averages:
- Trend OB/OS: Uptrend after above Overbought Level. Downtrend after below Oversold Level\n(For the traditional RSI OB=60 and OS=40 is used)
- OB/OS: When above Overbought, or below oversold
- 50-Cross: Above 50 line is uptrend, below is downtrend
- Direction: Moving up or down
- RSI vs MA: RSI above MA is an uptrend, RSI below MA is a downtrend
The signals I added are just some potential ideas, always backtest your own strategies.