Relative Slope (RELS) Indicator with All Averages
This is the relative slope indicator:
Authored by Dimitris Tsokakis, the relative slope uses an Exponential Moving Average of the typical price (HLC/3), usually set to a 20-period EMA, though this can be adjusted. For each calculated value, it subtracts the previous value and divides the result by the total of the two values.
Finally, these outcomes are smoothed again using a 3-period EMA.
A common system for trading the RELS would be to buy when it has turned "positive":
RELS > 0 AND RELS.1 <= 0
and sell when it turned negative:
RELS < 0 AND RELS.1 >= 0
Formula
X = ema((HI+LO+CL)/3, P); Y = 2 * (X - X.1) / (X + X.1); RELS = 100 * ema(Y, 3); where: P=period parameter (user supplied, default=20) X=working variable Y=working variable HI=high LO=Low CL=Close EMA=exponential moving average function RELS=relative slope indicator
Left ema and typical price by default but added more averages and prices to choose. Have noticed for every average you will possibly need a different period to get good results.