RedKTrader

RedK Vol_Weighted RSI: Extending the power of the classic RSI

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Let's take the classic Relative Strength Index ( RSI ) and give it couple of modern upgrades - the results are better visuals with improved signals and trade decision support:

Options and features:
- Dual period: look at the short term RSI vs a backdrop of a longer period RSI (expressing the longer-term "prevailing sentiment") - get clearer "re-entry" points in long bull or bear runs
- Longer period RSI has a "Step" option - since what we won't be really interested in the fractions, but more of the broad "strength" of the sentiment (weak, medium..) - default set to a step of 5. please experiment with what works best for you.
- Option to make the RSI volume-weighted. (On by default) - won't say much here, but possibly this is the biggest and most important added feature for those keen on the combined price - volume effect (and Wyckoff'ians)
- Smoothing option -- i would keep this set to 3 to avoid extra lag due to the smoothing
- scaled to +100 / -100 with zero as the signal line - that's how i like oscillators to work
- Adjustable optional overbought / oversold levels - can also be used to also mark strong up/down levels
- designed for the "visually oriented" -- like me :)
- code is open and commented

What Values to use:
many setting combinations possible. play around and find your sweet spot based on what/how you trade. for me, i usually prefer what i set as defaults in the study.
tip: if you set Length = 14, smoothing = 1, Sent. factor =1, Vol Weighted = No, you're back (almost) with a classic RSI - the only difference would be that i use Weighted Moving Average in my calculation of the RSI (i tend to believe WMA is the most naturally-suited for looking at "market price" data series)


Please feel free to use, share or give feedback.
Release Notes: - added an up/down signal for when the RSI line changes color (i.e, direction). Note that the signal will be shifted by -1 bar, and will plot after the bar closes if it's triggered
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