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Registered User
Joined: 3/24/2010
Posts: 4
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After Larry Connors presentation last Tuesday I read his article on Short term trading. He talks about using a cumulitive RSI where 2 or more Bars of RSIs are added together and charted on the same 0-100 scale as a regulare RSI. I am new here, but it seems like a matter of taking the current RSI formual and adding a summation statement. Could you guide me in the right direction?
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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If you add together the 2 most recent RSIs, the Value could run from 0 to 200 and if you add together the 3 most recent RSIs, the Value could run from 0 to 300. If you really want the Scale to run from 0 to 100, you would need to Average them instead of Summing them (unless you are allowing the RSI to run off the top of the Scale).
You can add a Moving Average to the RSI by just selecting Add Indicator | Moving Average and choosing the RSI as the Parent. You could change this to Sum by right-clicking on the Moving Average and selecting Edit, selecting Block Diagram and then right-clicking on the Moving Average Block in the Block Diagram and selecting Replace | Sum for Period.
-Bruce
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Registered User
Joined: 12/7/2004
Posts: 54
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Bruce,
In Active Trader magazine they discuss a Connors approach where they look for 3 consecutive days of lower Wilder RSI(2,1). I've constructed a PCF for this in Telechart. In SF5 do I need to write Real Code for this or is there an easier way?
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Registered User
Joined: 12/7/2004
Posts: 54
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Bruce, No need to answer. Didn't think enough about it. Easy to do using Rate of Change.
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Registered User
Joined: 12/7/2004
Posts: 54
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Bruce,
Another question. How do I reference a past value for Wilder RSI? I'm trying to compare values over the past several days. Do I need to do this in Real Code?
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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No, you don't need RealCode. If you add a 1-Period Simple Moving Average to the RSI, there should be an Offset setting that can be used to reference past Values. For example, if the Offset is 1, it will return yesterday's Value on a 1-Day Chart.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Registered User
Joined: 12/7/2004
Posts: 54
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Thanks Bruce, That worked fine. Interesting way to do it. Calculates quickly also.
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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You're welcome.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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