OBV_RSI_MA Indicator For ThinkOrSwim
Requested by @AnimalMother. Here is the first attempt.
Requested by @AnimalMother. Here is the first attempt.
Code:
# OBV_RSI_MA
# 20211121 - barbaros
#
declare lower;
input length = 14;
input over_Bought = 70;
input over_Sold = 30;
input src = close;
input averageType = AverageType.WILDERS;
input showBreakoutSignals = yes;
#net volume of positive and negative volume
def obv = if (src - src[1]) > 0 then volume else
if (src - src[1]) < 0 then -volume else 0 * volume;
def cnv = TotalSum(obv); #cumulative net volume
def price = cnv;
def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;
plot RSI = 50 * (ChgRatio + 1);
RSI.SetDefaultColor(GetColor(8));
#Moving Averages
input MALength = 8;
input AverageType1 = AverageType.SIMPLE;
input MALength2 = 26;
input AverageType2 = AverageType.SIMPLE;
input MALength3 = 57;
input AverageType3 = AverageType.SIMPLE;
input MALength4 = 180;
input AverageType4 = AverageType.SIMPLE;
# plot the Moving Averages
def MA = MovingAverage(AverageType1, RSI, MALength);
plot pMA = MA;
def MA2 = MovingAverage(AverageType2, RSI, MALength2);
plot pMA2 = MA2;
def MA3 = MovingAverage (AverageType3, RSI, MALength3);
plot pMA3 = MA3;
def MA4 = MovingAverage(AverageType4, RSI, MALength4);
plot pMA4 = MA4;
plot mid = 50;
mid.SetPaintingStrategy(paintingStrategy = PaintingStrategy.DASHES);
mid.AssignValueColor(COLOR.magenta);
plot OverSold = over_Sold;
plot OverBought = over_Bought;
OverBought.SetDefaultColor(GetColor(5));
OverSold.SetDefaultColor(GetColor(5));
plot UpSignal = if pMA3 crosses above mid then mid else Double.NaN;
UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
UpSignal.SetLineWeight(3);
UpSignal.SetHiding(!showBreakoutSignals);
Last edited by a moderator:
The only way you will know what works best for you is to play with the settings and see how the indicator compares to the "old rsi 14" and with your other indicators. To determine if this indicator brings value, analyze it over different timeframes, across history and with multiple instruments.
