TransparentTrader wrote: ↑

Fri Mar 17, 2023 1:52 pm

"Relative Double Strength Index" (RDSI) by fikira

Official TradingView Link

Code:

Code: Select all

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © fikira
//    ≠ ≈ ◊ ~ ∞ ‡ ∂ ƒ ¬ π º † • ∏ ª Ω ∑ ∆ · | \ ı ∫ √ 
//@version=4

study(title="[fikira] RDSI", shorttitle="RDSI", overlay=false) 
// Relative Double Strength Index

lnW    = input(3    , title="RDSI Length W"                                              ) 
lnD    = input(8    , title="RDSI Length D"                                              ) 
ln12   = input(17   , title="RDSI Length 12h"                                            ) 
ln4    = input(36   , title="RDSI Length 4h"                                             ) 
ln1    = input(313  , title="RDSI Length 1h"                                             ) 

choice = input("WMA", title="XMA", options=["SMA", "EMA", "WMA", "VWMA", "RMA", "HullMA"])

xma(source, len) =>
     choice == "SMA"    ?  sma(source,len) : 
     choice == "EMA"    ?  ema(source,len) : 
     choice == "WMA"    ?  wma(source,len) : 
     choice == "VWMA"   ? vwma(source,len) : 
     choice == "RMA"    ?  rma(source,len) :  
     wma(2 * wma(source, floor(len / 2)) - wma(source, len), round(sqrt(len))) 

rs          = 
 timeframe.period == "60"  ? rsi(close, ln1 ) :
 timeframe.period == "240" ? rsi(close, ln4 ) :
 timeframe.period == "720" ? rsi(close, ln12) : 
 timeframe.period == "D"   ? rsi(close, lnD ) : 
 timeframe.period == "W"   ? rsi(close, lnW ) :
                             rsi(close, ln12)

Rup = 0.0
Rdn = 0.0

rsiDiff = rs - rs[1]
Rup := rsiDiff < 0 ? 0 : rsiDiff
Rdn := rsiDiff > 0 ? 0 : rsiDiff

//plot(Rup, color=color.lime, title="Rup")
//plot(Rdn, color=color.red , title="Rdn")

sUp =  
 timeframe.period == "240" ?  xma(Rup, ln4 ) :
 timeframe.period == "720" ?  xma(Rup, ln12) :  xma(Rup, lnD)

sDn = 
 timeframe.period == "240" ? -xma(Rdn, ln4 ) :
 timeframe.period == "720" ? -xma(Rdn, ln12) : -xma(Rdn, lnD)

up  = plot(sUp, color=sUp > sDn ? #00fff9 : color.new(#00fff9, 50), title="RDSI up"  )        // #00fff9   #004d40 
dn  = plot(sDn, color=sUp > sDn ? color.new(#e40505, 50) : #e40505, title="RDSI down")        // #880e4f   #e40505

fill(up,    dn, color=sUp > sDn ? #00fff9 : #e40505)

//	up = change(rs)
//	down = -change(rs)

Pictures:


rdsi 1.jpg



VWMA
rdsi vwma.png



WMA
rdsi wma.png



Hull
rdsi hull.png


Creator's Description:





My Comments:

kvak, mrtools, I was wondering if you would be able to convert this indicator from TradingView into MT4 format. I wasn't sure if it would have been better to place this in the thread for RSI indicators or the thread for MT4 indicator requests.

Either way, the RDSI caught my attention at first glance because it looks surprisingly similar to the Buy Sell Pressure (BSP) indicator I mentioned a few months ago.

I'd be curious to see if RDSI is better or worse than BSP when it comes to entering trades earlier, staying in trends longer, and/or exiting trades at a more optimal time. Especially on Renko charts as I haven't found anything better than BSP for milking all the movement out of a strongly trending market.

If I was able to make a list of additional features to add to this indicator, it would be the ones below:

• Adding all averages via the eAverages pack
• I want to ask for AHTF/MTF capabilities, but based on the code it doesn't appear as if that would be viable unless there's an inefficiency in the code I'm not seeing despite being less than 60 short lines total. On TradingView it was possible for me to plot this indicator on a timeframe lower than M1 despite nothing in the input menu of this indicator allowing me to input a length setting for anything lower than the H1 timeframe. I hope this can be fixed so we can adjust length regardless of timeframe we are on.
• Arrows for buy/sell entries
• Coloring the candles to reflect when the indicator reflects buying/selling pressure
• Alerts to help us know when to look for a trade, especially on the higher timeframes
• A button so we can turn the indicator appearance on and off when we want

Many thanks to any programmer who is able to take this small project on!

mrtools wrote: ↑

Sun Mar 19, 2023 8:10 am

Did this version.

FoxFoxicle wrote: ↑

Sun Mar 19, 2023 12:17 pm

TransparentTrader wrote: ↑

Sun Mar 19, 2023 10:18 am

Thank you! I'm eager to test this out and see if it can have a unique application compared to how I am currently using the BSP.

If not, at the very least I'm sure it will be useful to somebody else in this forum.

EDIT: I noticed on the TradingView version, there is the option to select WMA (weighted moving average) as your moving average type. Is this same option available in your version?

FoxFoxicle wrote: ↑

Sun Mar 19, 2023 12:17 pm

Hello RSI pips.

I have heard that oscillator indicators like RSI have limits and that is the reason why they are showing divergence compared to price.

So, does it mean that we are not really seeing divergences but the inherent limitation of an indicator?

Please enlighten me especially the coders.

Thanks.