The indicator incorporates a volume filter to ensure that the RSI only moves when the volume is above the moving average of the volume.
The filtered RSI is then used to calculate the Bollinger Bands and moving averages, providing insights into the market dynamics.
It also gives you insight into the bigger timeframes so you can monitor momentum!
Volume Filter Length: Input parameter for the length of the volume filter moving average.
Overview of code:
The filtered RSI is then used to calculate the Bollinger Bands and moving averages, providing insights into the market dynamics.
It also gives you insight into the bigger timeframes so you can monitor momentum!
Volume Filter Length: Input parameter for the length of the volume filter moving average.
Overview of code:
- rsiPeriod: Input parameter for the RSI period.
- bandLength: Input parameter for the length of the Bollinger Bands.
- lengthrsipl: Input parameter for the length of the fast moving average (MA) on the RSI.
- volumeFilterLength: Input parameter for the length of the volume filter moving average.
- volumeAvg: Calculates the moving average of the volume using the ta.sma() function with the specified volume filter length.
- filteredRsi: Uses the ta.valuewhen() function to obtain the RSI value only when the volume is greater than or equal to the volume moving average. This creates a filtered RSI based on the volume filter.
- offs: Calculates the offset value for the Bollinger Bands. It is derived by multiplying 1.6185 with the standard deviation of the filtered RSI using the ta.stdev() function.
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