OPEN-SOURCE SCRIPT
The Forbidden RSI [CHE]
My main goal of programming and publishing an indicator is that everyone should have the opportunity to use indicators that do not show false signals or where there is maximum practical use, so I publish this indicator:
This script is an advanced variant of the Onset Trend Detector, a technical indicator for trend analysis developed by John F. Ehlers.
It is based on a non-linear quotient transformation and expands upon Mr. Ehlers' previous studies, the Super Smoother Filter and the Roofing Filter,
to address the lag issue common to moving average type indicators.
The algorithm in this script registers the most recent peak value and normalizes it. The normalized value then decays slowly until the next
peak swing. The ratio of the previously filtered value to the corresponding peak value is then transformed using a quotient transformation to
provide the resulting oscillator.
This script implements an indicator called "The forbidden RSI" (TFRSI). This indicator was developed by chervolino as an improvement on the
standard Relative Strength Index (RSI), which is a technical indicator used to measure the strength of a trend and identify potential buy and sell signals.
The TFRSI is calculated based on the close price and is typically plotted on a scale from -20 to 120, with values above 100 indicating that
the asset is overbought (likely to decline in value) and values below 1 indicating that it is oversold (likely to increase in value). The script
allows the user to customize the length of the RSI and the length of the trigger used to smooth the signal.
In order to calculate the TFRSI, the script first initializes some constants and then performs a series of calculations to determine the value of
"HP", "ag", and "Sp". The RSI value is then calculated based on the values of "X", which is based on "ag" and "Sp", and "q1", which is based on "X"
and the trigger length. The RSI value is plotted in a chart along with upper and lower bounds and a filled region representing the background.
Please check it out, it works perfectly to find good analysis and entries for both, longs and shorts.
Best regards
Chervolino
Note: I hope that the moderators like my script and the explanation and don't delete it this time
This script is an advanced variant of the Onset Trend Detector, a technical indicator for trend analysis developed by John F. Ehlers.
It is based on a non-linear quotient transformation and expands upon Mr. Ehlers' previous studies, the Super Smoother Filter and the Roofing Filter,
to address the lag issue common to moving average type indicators.
The algorithm in this script registers the most recent peak value and normalizes it. The normalized value then decays slowly until the next
peak swing. The ratio of the previously filtered value to the corresponding peak value is then transformed using a quotient transformation to
provide the resulting oscillator.
This script implements an indicator called "The forbidden RSI" (TFRSI). This indicator was developed by chervolino as an improvement on the
standard Relative Strength Index (RSI), which is a technical indicator used to measure the strength of a trend and identify potential buy and sell signals.
The TFRSI is calculated based on the close price and is typically plotted on a scale from -20 to 120, with values above 100 indicating that
the asset is overbought (likely to decline in value) and values below 1 indicating that it is oversold (likely to increase in value). The script
allows the user to customize the length of the RSI and the length of the trigger used to smooth the signal.
In order to calculate the TFRSI, the script first initializes some constants and then performs a series of calculations to determine the value of
"HP", "ag", and "Sp". The RSI value is then calculated based on the values of "X", which is based on "ag" and "Sp", and "q1", which is based on "X"
and the trigger length. The RSI value is plotted in a chart along with upper and lower bounds and a filled region representing the background.
Please check it out, it works perfectly to find good analysis and entries for both, longs and shorts.
Best regards
Chervolino
Note: I hope that the moderators like my script and the explanation and don't delete it this time
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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