Download: rsiosc.ela
File Includes:
Indicator - Pivot Point Levels
PaintBar - RSI Above 50
Paintbar - RSI Below 50
Category: Oscillator > RSI Oscillator
Description:
This is an indicator presented in the article mentioned above.
The Autor tried to use it as a trend identificator.
Usage:
If RSI is greater than 50 - the trend is uptrend
If RSI is lower than 50 - the trend is downtrend
Inputs:
Price - price data to use
RSILen - number of bars to calculate RSI
HistGram - plots as a histogram
Line - plots as a line
EasyLanguage Code:
INPUTS: PRICE(CLOSE), RSILEN(14), HISTGRAM("Y"), LINE("N");
VARS: RSIVAL(0);
RSIVAL = RSI(PRICE, RSILEN);
IF UPPERSTR(HISTGRAM) = "Y" OR UPPERSTR(HISTGRAM) = "YES" THEN BEGIN
IF RSIVAL >= 50 THEN
PLOT1(RSIVAL - 50, "+RSI_OSC")
ELSE
PLOT2(RSIVAL - 50, "-RSI_OSC");
END;
IF UPPERSTR(LINE) = "Y" OR UPPERSTR(LINE) = "YES" THEN
PLOT3(RSIVAL - 50, "RSI_OSC");
PLOT4(0, "EVEN-LINE");
IF RSIVAL CROSSES BELOW 50 OR RSIVAL CROSSES ABOVE 50 THEN
ALERT = TRUE;
{
COPYRIGHT C 1997, TECHNICAL ANALYSIS, INC.
}