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Oscillators > RSI Oscillator

Article/Author: "Using Fibnacci Ratios and Momentum", Thom Hartle, S&C Magazine, Traders Tips, 11/1997

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.
}