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Profile: Barc1169
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User Name: Barc1169
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Joined: Tuesday, October 16, 2007
Last Visit: Tuesday, February 17, 2009 11:56:51 PM
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Topic: Net change calculation based on Indicator
Posted: Monday, February 2, 2009 11:06:39 PM
Nevermind I figured it out.
Topic: Net change calculation based on Indicator
Posted: Monday, February 2, 2009 10:27:08 PM

Hello,
   So I have Wilder's RSI as an indicator.  I want to Filter my watchlist to find stocks that meet this criteria
Wilder's RSI Yesterday - Wilder's RSI Today = 0  OR in other words, I want to filter for a net change of 0 to Wilder's RSI from yesterday to today.  Any ideas on how to do this.

Topic: RSI2 Scan
Posted: Friday, January 30, 2009 8:15:20 PM

     I think there may be some confusion surrounding RSI vs. Wilder's RSI.  If you are referring to the 2 Day RSI that people are talking about as a change from the traditional 14 day RSI then what they are actually referring to is is Wilder's RSI. 
   The simple way to do this is to create a PCF using the RSI in the formula builder.  RSI2.1 > 98 ( I use 98 because it has a better chance of being down 5 days later) I then create an Easy Scan using this formula as well as other criteria like Price Per Share > $5.00 and Volume 90 Day (value 3000+).  Using RSI2.1 > 98 returns tons of stocks simply because this formula is actually incorrect because without  Wilder's smoothing stocks tend to = RSI 100 all the time.  
   SO.... Once I have created my Easy Scan I then add an indicator to my chart ,  THe indicator is WIlder's RSI 2 day avg 1 with "Use Wilder's Smoothing" Checked.  I run my easy scan then I sort based on the Indicator Wilder's RSI (using Visual Value or Actual value) this will give you the sort values = to the RSI value.  Sorted from highest to lowest the top values should be the ones closer to the 95-99 range. 
    I also plot an 11 day moving average as a product of Wilder's and then a 5 day ROC as a product of the 11 day moving average this shows some interesting entry points.  Be careful with 2 Day RSI because I have been using it and it is awesome but it cost me because you need to enter at the right time and many a time RSI 2 can reach  95 and continue to inch up all the way to 99.99 over the next 5-7 days WHILE the stock moves up.  The 11 day MAVG and 5 day ROC show me the entry points. If you need more info here is my email address (email removed by moderator)