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I use trendlines for all my basic indicators. RSI was an oscillator
example and may be repeated for all [0,100] oscillators.
Please do not use it for negative indicators [like CCI], it will not
be accurate because of Peak/Trough functions.
For the main Close trendlines pattern you may see
http://www.amibroker.com/library/detail.php?id=105
comment 1 [Pattern recognition graph]
Sometimes you may see interesting details in a Stochastic pattern,
for example, not visible in the main Close graph.
Oscillators are o/b or o/s and it is easily detectable.
Dimitris Tsokakis
--- In amibroker@xxxxxxxxxxxxxxx, "mmaker452002" <mmakeryhoo@xxxx>
wrote:
> I have been looking at two formulas posted in the AFL Library.
>
> One is the "RSI Trendlines and Wedges" posted by Dimitris Tsokakis
> and the other is "Support Resistance levels" posted by Graham
> Kavanagh.
>
> Many thanks to both these gentlemen for their work.
>
> I am attempting to modify both to work from price action i.e. off
the
> closing price.
>
> Question...why do you think it is preferable to try and derive
> trendlines or support and resistance levels from the RSI?
>
> Is it because the price may contain too many spikes?
>
> For me price action is king and indicators rank a distant second.
>
> Also Graham....your formula says it is using RSI but the s r lines
> seem to work off price as i want...i am a bit confused about this
> even though the formula has RSI written all throughout it. Is it
> using price or rsi?
>
> Anyways thanks to both of you for sharing your work.
>
> Dimitris if i can get your formula to work from closing price i
will
> post it.
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