shayankm

RSI + Composite Index [SHK]

One of the most powerful indicator based and divergence strategies i have ever seen was made by Constance Brown.

The Composite Index:
The best way to think of the Composite Index as it applies to the RSI is to think of the RSI as Windows 3.0 and the Composite Index as Windows 10. Constance Brown discovered that the RSI , while it does create and detect divergences, does is not as accurate as it could be. It’s a bit of an oxymoron to say this but the RSI is a momentum indicator without any momentum calculation attached to it. The RSI actually misses a significant amount of important moves and even generates some bad moves. What Constance Brown did with the RSI is to input a momentum calculation within the RSI itself.

Usage:
1. Check hidden and regular divergences on RSI+COMPOSITE_INDEX and PRICE+COMPOSITE_INDEX.
2. After finding divergence wait for COMPOSITE_INDEX to cross under/over it's moving averages to trigger.

Useful Note:
"RSI overbought/oversold as filter", "RSI and COMPOSITE_INDEX trendline as trigger", "RSI 50 Over/Under as trend direction detection", ... can be add to this strategy.


Enjoy!
즐겨찾기 스크립트에서 빼기 즐겨찾기 스크립트에 넣기
@shayankm I am using composit index for last 2 days and found it to be very useful, though I have not understood it properly ( I am senior citizen ). Can you please explain what is thick Red line and thin red and green lines? And also how does one correctly interpret. I am just following thick red line now.
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shayankm Vijaykhanna
@Vijaykhanna,
Thick red line = Composite Index
Thin red line = Faster moving average on composite index
Thin green line = Slower moving average on composite index

Please read description of the indicator above.
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@shayankm, Which conditions can i use for alerts ?
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shayankm dpanday
@dpanday, You can't set true conditions for this strategy.
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Amazing work ! Thank you for being so kind to share your genius work :)
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shayankm PaulLucky
@PaulLucky, Don't mention it, Hope you enjoy
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Great job, thanks!
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shayankm jmhpro
@jmhpro, My pleasure
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Very cool script, I'm very surprised, very well thought of and coded. Thanks!
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홈으로 스탁 스크리너 포렉스 스크리너 크립토 스크리너 이코노믹 캘린더 사용안내 차트 특징 프라이싱 하우스룰(내부규정) 모더레이터 웹사이트 & 브로커 솔루션 위젯 차팅 솔루션 라이트웨이트 차팅 라이브러리 헬프 센터 프렌드 리퍼하기 기능 개발/개선 요청 블로그 & 뉴스 잦은물음 위키 트위터
프로화일 프로화일설정 계정 및 빌링 프렌드 리퍼하기 나의 서포트 티켓 헬프 센터 공개아이디어 팔로어 팔로잉 비밀메시지 채팅 로그아웃