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Works for me!
Another one which is plotted on price and very similar:
{TASC APR 2008 METASTOCK: RSI BANDS
François Bertrand's article, "RSI Bands," describes the calculation
and use of these bands. The MetaStock formulas and instructions for
adding it to MetaStock are as follows:
1. In the Tools menu, select Indicator Builder.
2. Click New to open the Indicator Editor for a new indicator.
3. Type the name of the formula: "RSI Bands"
4. Click in the larger window and type in the following formula.
5. Place indicator on price plot:}
topv:=Input("overbought level",1,100,70);
botv:=Input("oversold level",1,100,30);
tp:=Input("RSI Time Periods",1,100,14);
change:= ROC(C,1,$);
Z:=Wilders(If(change>0,change,0),tp);
Y:=Wilders(If(change<0,Abs(change),0),tp);
tx:=(tp-1)*(Y*topv/(100-topv)-Z);
bx:=(tp-1)*(Y*botv/(100-botv)-Z);
tband:=If(tx>0,C+tx,C+tx*(100-topv)/topv);
bband:=If(bx>0,C+bx,C+bx*(100-botv)/botv);
tband; bband; (tband+bband)/2; {end}
enjoy,
Preston
--- In equismetastock@xxxxxxxxxxxxxxx, Code 2 <Code2@xxx> wrote:
>
> Here is the system. Let us know what your research turns up.
>
> {Written by Code 2 January 12, 2009 based on Active Trader
Magazine's
> November 2005 article entitled Adaptive RSI System for Futures.
This
> system replaces RSI's typical overbought and oversold levels with
> levels that adapt for volatility. Volatility, in this case, is
> measured by standard deviation from a simple moving average of RSI}
>
> {Request parameters}
> RSIPeriods:= Input("RSI periods",1,1000,14);
> BBandPeriods:= Input("Bollinger Band periods",1,1000,100);
> BBandSD:= Input("Bollinger Band standard deviations",1,3,2);
>
> {Calculate RSI and related upper and lower Bollinger Bands}
> RSIndex:= RSI(RSIPeriods);
> OBought:= BBandTop(RSIndex,BBandPeriods,S,BBandSD);
> OSold:= BBandBot(RSIndex,BBandPeriods,S,BBandSD);
>
> {Plot}
> RSIndex;
> OBought;
> OSold;
>
>
>
> From: Alvin Yu <alvinyu2005@xxx>
> To: equismetastock@xxxxxxxxxxxxxxx
> Date: Sunday, January 11, 2009, 6:28:54 AM
> Subject: [EquisMetaStock Group] Re: New formula required Please
>
> Hi Ross
> Any formula that is available for this adaptive RSI system ? It
look interesting to me
>
> rgds
>
>
>
> From: jawjahtek <jawjahtek@xxx>
> To: equismetastock@xxxxxxxxxxxxxxx
> Sent: Sunday, 11 January 2009 9:41:08
> Subject: [EquisMetaStock Group] Re: New formula required Please
>
> Here is a link to an article that makes an RSI trading system
adaptable
> to market conditions:
>
> Free article download: Adaptive RSI system
>
> Through Wednesday, January 21, you can download the following
article
> from the November 2005 issue of Active Trader magazine for
> free: "Trading System Lab: Adaptive RSI system (futures)." This
system
> uses Bollinger Bands to create dynamic overbought and oversold
levels
> for the Relative Strength Index. The strategy is tested on a
portfolio
> of 20 futures contracts over a 10-year period. Click here to go to
the
> article link in the Active Trader store:
> http://store. activetradermag. com/futures_ tsl1105.pdf
>
> Ross
>
>
>
> --- In equismetastock@ yahoogroups. com, Claud Baruch <claudba@ >
wrote:
> >
> > Many thanks. The links don't work, but I've been using a
variation of
> this
> > indicator which has produced some rather good results. It is
> especially
> > useful for volatile stocks and indexes....AND. ....there really
isn't
> much
> > of a lag the way I use it.
> > Thanks again Preston.
> >
> > Claud
>
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