This is a modification of the 'Ehlers Ideal RSI' script to include an EMA of the RSI, which acts as a follower!
The idea was a user suggestion and if you would like your suggestion made into an indicator, check the FAQ!
If you've never encountered the iRSI before, then you're in for a treat. This RSI will calculate the best period to use by itself.
The theory behind this math is called "Instantaneous Frequency Measurement" and is a big component of making terrible indicators (see RSI, Stoch, ADX) into usable ones!
No longer will you have to swap between different periods for different Stocks, Pairs, or Cryptos.
Compare it to the normal RSI and you'll see the underlying calculation is the same, but the period changes automatically.
The EMA provides an earlier indicator of breakouts.
You don't need to wait for this RSI to become "overbought" or "oversold" by crossing the typical 80/20 levels.
Simply observing when the RSI crosses the EMA line can act as confirmation for your other indicators much faster than typical momentum-based indicators.
FAQ
Why is your script Protected?
Users like to take my open-source code and charge to use it without my permission.
How do I use this to trade?
Add it to your chart and see what stacks up with your current setup. I trade Forex, so what looks bad on my charts might look golden on yours.
How long have you been doing this?
I've been coding for about 8 years and actively trading for 2 years. My degree is in Robotics Engineering and I became obsessed with investing at 22.
How do you trade?
Hurst + SNR + MESA MAMA + ATR + LSTM + Pure Grid. You can't completely code this setup using Pinescript, but if you learn C++ or Python you're there!
Are your returns good?
I average 0.68% every weekday or 22.65% monthly, using the method above.
Can you build my indicator or strategy?
Absolutely! If it hasn't been done before and it improves our community, then consider it done.
But can you build an indicator or strategy for me?
Citing the house rules, I cannot solicit for any purpose. So saying "PM me" would be a grievous violation of said rules, obviously.
The idea was a user suggestion and if you would like your suggestion made into an indicator, check the FAQ!
If you've never encountered the iRSI before, then you're in for a treat. This RSI will calculate the best period to use by itself.
The theory behind this math is called "Instantaneous Frequency Measurement" and is a big component of making terrible indicators (see RSI, Stoch, ADX) into usable ones!
No longer will you have to swap between different periods for different Stocks, Pairs, or Cryptos.
Compare it to the normal RSI and you'll see the underlying calculation is the same, but the period changes automatically.
The EMA provides an earlier indicator of breakouts.
You don't need to wait for this RSI to become "overbought" or "oversold" by crossing the typical 80/20 levels.
Simply observing when the RSI crosses the EMA line can act as confirmation for your other indicators much faster than typical momentum-based indicators.
FAQ
Why is your script Protected?
Users like to take my open-source code and charge to use it without my permission.
How do I use this to trade?
Add it to your chart and see what stacks up with your current setup. I trade Forex, so what looks bad on my charts might look golden on yours.
How long have you been doing this?
I've been coding for about 8 years and actively trading for 2 years. My degree is in Robotics Engineering and I became obsessed with investing at 22.
How do you trade?
Hurst + SNR + MESA MAMA + ATR + LSTM + Pure Grid. You can't completely code this setup using Pinescript, but if you learn C++ or Python you're there!
Are your returns good?
I average 0.68% every weekday or 22.65% monthly, using the method above.
Can you build my indicator or strategy?
Absolutely! If it hasn't been done before and it improves our community, then consider it done.
But can you build an indicator or strategy for me?
Citing the house rules, I cannot solicit for any purpose. So saying "PM me" would be a grievous violation of said rules, obviously.
Need Indicators/Strategies for TradingView? -> t.me/pinescripters_jobs
General questions about Pinescript? -> t.me/pinescripters
General questions about Pinescript? -> t.me/pinescripters