OPEN-SOURCE SCRIPT
Harris RSI
This is a variation of Wilder's RSI that was altered by Michael Harris.
CALCULATION
I have added some signals and filtering options with moving averages:
The signals I added are just some potential ideas, always backtest your own strategies.
CALCULATION
- The average change of each of the length's source value is compared to the more recent source value.
- The average difference of both positive or negative changes is found.
- The range of 100 is divided by the divided result of the average incremented and decremented ratio plus one.
- This result of the above is subracted from the range value of 100
I have added some signals and filtering options with moving averages:
- Trend OB/OS: Uptrend after above Overbought Level. Downtrend after below Oversold Level\n(For the traditional RSI OB=60 and OS=40 is used)
- OB/OS: When above Overbought, or below oversold
- 50-Cross: Above 50 line is uptrend, below is downtrend
- Direction: Moving up or down
- RSI vs MA: RSI above MA is an uptrend, RSI below MA is a downtrend
The signals I added are just some potential ideas, always backtest your own strategies.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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Scripts and content from TanHef are solely for information and education. Past performance does not guarantee of future results.
Scripts and content from TanHef are solely for information and education. Past performance does not guarantee of future results.
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