Here is the standard and Filtered DRSI (Directional RSI) for MT4 coded by Mladen which is essentially an RSI based on Directional Movement.
The study on the Directional RSI was published by the University of Hong Kong back in 2011. And Mladen generously created the indicator based on the papers (attached below).
As explained by Mladen:
Directional RSI
RSI that is based on Directional Movement.
Filtered DRSI
Fooling a bit with the DRSI (kept its name since there are differences in values compared to demarker indicator due to a bit different conditions checking) and made this version that uses Gaussian filter for high low prices differences prior to calculation. Here is the comparison of the "non-filtered" (upper) and the Gaussian filtered (lower) versions.
Attachments forums
Re: RSI Indicators for MT4
Jimmy, Wed May 29, 2019 8:23 pm
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- drsi.mq4 Downloaded 728 times 1.95 KiB
- drsi_filtered.mq4 Downloaded 810 times 3.2 KiB
- Directional RSI - University of Hong Kong.pdf Incorporating the directional movement (DM) information into the Relative Strength Index (RSI) is an uncharted area in technical analysis. This paper shows that the performance of RSI can be improved by including the information of daily highest and lowest prices. Compared to conventional RSI, higher annual returns are obtained by DRSI in the markets of Shanghai A, Dow Jones, CAC 40 and NIKKEI 225. Downloaded 551 times 218.86 KiB
