The RSI ( Relative Strength Index ) indicator is a widely used and accepted oscillator indicator that is excellent in seeing not only trends but divergence in overbought or oversold areas.
There is however a limitation with it in that only one type of price ( with the standard indicator ) can be chosen at any one time as the data for the plot, and that the indicator can turn earlier than price does in extreme areas.
The Brooky Auto Switching RSI Indicator addresses these limitations by Auto switching between High, Low and Close prices at various levels between 0 and 100, thereby delaying the indicator at extremes a little longer, and also plotting additional spike points at price mode changes that can be used as points upon which trendlines can be drawn.
The differences between the standard RSI ( which the indicator can also plot ) and the Brooky Auto Switching RSI are subtle but give additional information not normally available from the RSI indicator.
In addition to the RSI plot, a volatility band is drawn around the plot allowing additional calculations and analysis when trading as is an averaging plot that assists in seeing longer term RSI movements.
The following inputs are available in the indicator’s properties window and can be defined by the app user:
auto_switch_on: This turns the Auto switch feature ON.
rsi_standard_on_close: This uses either Close price or High or Low price as main data to switch.
switch_HiLo: If not using Close prices, this will use Low price at High extremes and High price at Low extremes. This results in the delay effect wanted as it is using Higher Lows to check if price is increasing and Lower Highs to see if price is still decreasing.
rsi_period: The period of averaging for all data.
rsi_smooth_period: A smoothing plot that can act as a general RSI trend line.
band_period: The period of the volatility envelope.
band_deviation: The deviation of the volatility envelope.
print_buffer_log: Will print values to journal if desired.
The application displayed on this page does not take in to consideration your individual personal circumstances and trading objectives. Therefore it should not be considered as a personal recommendation or investment advice. Past performance is not indicative of future results. There is no guarantee that the systems, trading techniques, trading methods, and/or indicators will result in profits or not result in losses.
This indicator is only compatible with FXCM Trading Station Desktop software. Additionally, an FXCM account is required (including free FXCM demo accounts).
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