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I would like to first thank everyone who participated in the discussion regarding RSI and the different formulas between Metastock & Reuters. After further investigation, I found that in fact Reuters does use a different formula for the RSI (however still refers it to RSI). Apparently Reuters uses smoothing in their formula (which is also different from Wilders Smoothing). I would like very much to duplicate this on my Metastock, however I will need some assistance. The following is the formula:
up movesi = max (( vi - vi-1),0) down movesi = max (( vi-1 - vi),0)
If ((EMAi (Up moves, n)=0) AND (EMAi (Down moves,n)=0)) then RSIi = 50
Else RSIi = 100 * EMAi (Up moves,n)_____________
(EMAi (Up moves,n)+EMAi (Down moves,n))
Where:
RSIi = Relative Strength Index at i th interval V = Input Data Set vi = value of V at i th interval EMAi (V,n) = Exponential Moving Average of V with period n max (a,b, ... , z) = maximum of a, b, ..., and z
I was using Metastock's formula as a beginning point and tried to make the changes which did seem a good idea, but I was trying to simplify it so it would only calculate for the close (rather than give it a field for high/low/open/close). It seemed a little easier.
Again, thanks for all your help.
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