Ehler's (Yet Another) Improved RSI For ThinkOrSwim

[MerryDay]

Ehler's (Yet Another) Improved RSI For ThinkOrSwim
Copied this from the TASC free download for a poster request. Have not used it. Please post your comments if you find a use for it.
The indicator is pictured in the 1st lower study with the ToS RSI in the 2nd lower chart for comparison.

Read more here:
http://traders.com/Documentation/FEEDbk_docs/2022/01/TradersTips.html
Shared Study Link: http://tos.mx/sveoBDR Click here for --> Easiest way to load shared links

declare lower;

input length = 14;

def cu = fold i = 1 to length + 1 with up do up + if GetValue(close, i - 1, length - 1) > GetValue(close, i, length) then (1 - Cos(2 * Double.Pi * i / (length + 1 ))) * (GetValue(close, i - 1, length - 1) - GetValue(close, i, length)) else 0;
def cd = fold j = 1 to length + 1 with down do down + if GetValue(close, j, length) > GetValue(close, j - 1, length - 1) then (1 - Cos(2 * Double.Pi * j / (length + 1 ))) * (GetValue(close, j, length) - GetValue(close, j - 1, length - 1)) else 0;

plot RSIH = if (cu + cd) != 0 then (cu - cd) / (cu + cd) else 0;
plot ZeroLine = 0;
plot overbought = .70;
plot oversold = -.70 ;

ZeroLine.SetDefaultColor(GetColor(7));

# plots contributed by @bigboss
overbought.SetDefaultColor(COLOR.RED);
oversold.SetDefaultColor(COLOR.GREEN);
zeroline.SetDefaultColor(COLOR.GRAY);
RSIH.AssignValueColor(if RSIH < RSIH[1] then COLOR.RED else if RSIH > RSIH[1] then COLOR.GREEN else COLOR.WHITE);

 

[Takata]

declare lower;

input length = 14;

def cu = fold i = 1 to length + 1 with up do up + if GetValue(close, i - 1, length - 1) > GetValue(close, i, length) then (1 - Cos(2 * Double.Pi * i / (length + 1 ))) * (GetValue(close, i - 1, length - 1) - GetValue(close, i, length)) else 0;
def cd = fold j = 1 to length + 1 with down do down + if GetValue(close, j, length) > GetValue(close, j - 1, length - 1) then (1 - Cos(2 * Double.Pi * j / (length + 1 ))) * (GetValue(close, j, length) - GetValue(close, j - 1, length - 1)) else 0;

plot RSIH = if (cu + cd) != 0 then (cu - cd) / (cu + cd) else 0;
plot ZeroLine = 0;

RSIH.SetDefaultColor(GetColor(4));
ZeroLine.SetDefaultColor(GetColor(7));

 

[BillW]

I like a lot of Ehlers' indicators. I added RSI on the zeroline with OB OS of 60 40 and it's now a decent secondary confirmation indicator.
edit Mobius' Supertrend on chart

input RSI_Wilder_length = 8;
input RSI_Wilder_over_bought = 60;
input RSI_Wilder_over_sold = 40;
input RSI_Wilder_price_type = close;
def RSIplot = reference RSI(RSI_Wilder_length, RSI_Wilder_over_bought,
RSI_Wilder_over_sold,
RSI_Wilder_price_type);
plot RSI_line = 0;
RSI_line.SetPaintingStrategy(PaintingStrategy.POINTS);
Rsi_line.SetLineWeight(5);
RSI_line.AssignValueColor(if RSIplot >= RSI_Wilder_over_bought then CreateColor(255,255, 0) else if
RSIplot <=
RSI_Wilder_over_sold then CreateColor(255,0, 0) else CreateColor(0,0, 0));

 

[WildTiger99]

I like a lot of Ehlers' indicators. I added RSI on the zeroline with OB OS of 60 40 and it's now a decent secondary confirmation indicator.
edit Mobius' Supertrend on chart

input RSI_Wilder_length = 8;
input RSI_Wilder_over_bought = 60;
input RSI_Wilder_over_sold = 40;
input RSI_Wilder_price_type = close;
def RSIplot = reference RSI(RSI_Wilder_length, RSI_Wilder_over_bought,
RSI_Wilder_over_sold,
RSI_Wilder_price_type);
plot RSI_line = 0;
RSI_line.SetPaintingStrategy(PaintingStrategy.POINTS);
Rsi_line.SetLineWeight(5);
RSI_line.AssignValueColor(if RSIplot >= RSI_Wilder_over_bought then CreateColor(255,255, 0) else if
RSIplot <=
RSI_Wilder_over_sold then CreateColor(255,0, 0) else CreateColor(0,0, 0));

View attachment 13272

Interesting way to plot RSI. Thx!!