The ARSI is an upper indicator that works like a moving average but based on RSI... It works well for scalping which is what drew my original interest... While the standard RSI uses a length of 14 it is recommended to use a shorter length for this indicator and 3 is a good length for scalping on lower timeframes...
I will be adding more details as well as more images as time allows...
I will be adding more details as well as more images as time allows...
Ruby:
# ARSI
#hint: Adaptive Relative Strength Index Indicator for Thinkscript
# Created by rad14733 for usethinkscript.com
# Based on Tradingview ARSI @ https://www.tradingview.com/script/tSpy2kw2-Adaptive-RSI/
# Plots a colored line on the upper chart based on trend direction.
# v1.0 : 2021-03-28 : Initial Release
# v1.1 : 2021-05-13 : Added trend indicating ARSI value chart label
# v1.2 : 2021-07-07 : Added reversal arrows - credit to @je®emy & @SleepyZ
input length = 14;
input price = close;
input averageType = AverageType.WILDERS;
input showLabel = no;
input showReversals = no;
def rsi = 2 * AbsValue(rsi(length, price, averageType) / 100 - 0.5);
def arsiData = rsi * price + (1 - rsi) * (if isNaN(arsiData[1]) then 0 else arsiData[1]);
plot arsi = arsiData;
arsi.DefineColor("UpTrend", Color.GREEN); #GREEN
arsi.DefineColor("DownTrend", Color.RED); #RED
arsi.SetLineWeight(3);
arsi.SetPaintingStrategy(PaintingStrategy.LINE);
arsi.SetStyle(Curve.FIRM);
arsi.AssignValueColor(if arsi > arsi[1] then arsi.Color("UpTrend") else arsi.Color("DownTrend"));
AddLabel(showLabel, "ARSI: " + arsi, if arsi > arsi[1] then arsi.Color("UpTrend") else arsi.Color("DownTrend"));
plot bull = arsi[2] > arsi[1] and arsi > arsi[1];
bull.SetDefaultColor(Color.GREEN);
bull.SetlineWeight(1);
bull.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
bull.SetHiding(!showReversals);
plot bear = arsi[2] < arsi[1] and arsi < arsi[1];
bear.SetDefaultColor(Color.RED);
bear.SetLineWeight(1);
bear.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
bear.SetHiding(!showReversals);
# END - ARSI
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