RevEngRSI channel on upper chart


Well-known member
Added smoothing and I like how it works on upper chart as channel with midline.

#built from reverseneginner rsi. just added mid, upper and lower
#and removed "wilders" for simplicity. Remember widlers = 2xEMA (backtested this)

input length = 28; #14x = 28 ema
input price = close;
input rsiHi = 70.0;
input rsiMid = 50.0;
input rsiLow = 30.0;
input smooth=5;

script RevEngRSI
input length = 14;
input price = close;
input RSIValue=50.0;

def coeff = rsiValue / (100 - rsiValue);
def chg = price - price[1];
def  diff =  (length - 1) * (ExpAverage(Max(-chg, 0), length) * coeff - ExpAverage(Max(chg, 0), length)) / 2;
def value = price + if diff >= 0 then diff else diff / coeff;
plot RevEngRSI = compoundValue(1, value[1], Double.NaN);

plot pRSIHi= expaverage(revEngRSI(length,price, RSIHi),smooth);
plot pRSIMid=  expaverage(revEngRSI(length,price, RSIMid),smooth);
plot pRSILow=  expaverage(revEngRSI(length,price, RSILow),smooth);
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I had looked at the ReverseEngineered RSI in ToS. Decided not to use it. This looks like an improvement. Nice creative thinking,

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