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Alvin,
The TASC APR 2008 article does not mention any rules. Part 2 may
include them but I do not believe it is out yet.
The bands are another way of visualizing a RSI indicator. To see
this load a price chart then drop the bands on them. Next plot a 14
day RSI with horizontal lines at 30 and 70. What you will see is
that as price approaches a band it will also approach the same
horizontal line on the indicator. It is also convenient to see the
price trend at the same time.
Preston
--- In equismetastock@xxxxxxxxxxxxxxx, Alvin Yu <alvinyu2005@xxx>
wrote:
>
> Hi Preston
> Â Â Â Is there some instrutions on the use of this RSI band to
locate good entry point ?
> rgds
>
>
>
>
> ________________________________
> From: pumrysh <no_reply@xxxxxxxxxxxxxxx>
> To: equismetastock@xxxxxxxxxxxxxxx
> Sent: Wednesday, 28 January 2009 6:43:53
> Subject: [EquisMetaStock Group] Re: Speaking of the StochRSI...
>
>
> Big,
>
> The midband is an exclusive just for the members here. :-)
>
> It will help you to find some excellent entry points.
>
> Preston
>
> --- In equismetastock@ yahoogroups. com, "Big Papa"
> <denver69692002@ ...> wrote:
> >
> > Thanks, missed the part about putting it onto the price plot.
> >
> > I haven't heard of using the mid point of a band yet.
> >
> >
> > --- In equismetastock@ yahoogroups. com, pumrysh <no_reply@>
wrote:
> > >
> > > Big,
> > >
> > > On Jan.12th in message #28493 this was the indicator that I
> posted
> > > complete with its instructions:
> > >
> > > {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,$);
> > > Z:=Wilders(If( change>0, change,0) ,tp);
> > > Y:=Wilders(If( change<0, Abs(change) ,0),tp);
> > > tx:=(tp-1)*( Y*topv/(100- topv)-Z);
> > > bx:=(tp-1)*( Y*botv/(100- botv)-Z);
> > > tband:=If(tx> 0,C+tx,C+ tx*(100-topv) /topv);
> > > bband:=If(bx> 0,C+bx,C+ bx*(100-botv) /botv);
> > > tband; bband; (tband+bband) /2; {end}
> > >
> > > Notice that I included a midband which is (tband+bband) /2.
> > > Also notice that the bands are to be placed on a price plot.
> > >
> > > The StochRSI is an indicator that should be in its own window.
> > >
> > > Unless you rewrite the RSI Bands formula to become a StochRSI
> > Bands
> > > Formula, the StochRSI would never cross the RSI Bands.
> > >
> > > Another option is to simply use both formulas as written. You
> > would
> > > therefore look for the close to be either above or below the
> > midband
> > > and have the stochrsi generate either a buy or sell signal.
> > >
> > > BTW, the last parenthesis in your StochRSI is not needed.
> > >
> > > Hope this helps,
> > >
> > > Preston
> > >
> > >
> > >
> > >
> > > --- In equismetastock@ yahoogroups. com, "Big Papa"
> > > <denver69692002@ > wrote:
> > > >
> > > >
> > > > I have coded the StochRSI as an Indicator:
> > > > (Sum(RSI(10) -LLV(RSI( 10),10),3) /Sum(HHV( RSI(10),10) -LLV
(RSI
> > > > (10),10),3)) *100)
> > > >
> > > > I have also coded the RSI Bands from TASC as an Indicator:
> > > >
> > > > topv:=Input( "overbought level",1,100, 90);
> > > > botv:=Input( "oversold level",1,100, 10);
> > > > tp:=Input("RSI Time Periods",1,100, 14);
> > > > change:=ROC( C,1,$);
> > > > 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
> > > >
> > > > Now, if I want to create a buy signal when the StochRSI
crosses
> > > > below the bottom band of the RSI band, how do I code that?
> > > > Cross(StochRSI formula),(The RSI Band formula?)??
> > > > The expert advisor doesn't like using the RSI Band formula
as a
> > buy
> > > > point on its own.
> > > >
> > > > Please help, so close, yet so far. I was able to figure out
the
> > > code
> > > > when you do an entry based on the StochRSI and a number,
then
> > exit
> > > > out when the close of the stock price penetrated a SEB, but
> > trying
> > > > to code in the exit when the StoRSI penetrates the RSI bands
is
> > a
> > > > little trickier.
> > > >
> > > > Thanks,
> > > > Big
> > > >
> > >
> >
>
>
>
>
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>
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