sharp rise in RSI

[GroundLoop]

Newbie to trading and scripting in TOS here. Is there documentation for the TOS scripting language? I looked but did not see it.

Looking for a way to detect a sharp rise in RSI. Would need to keep track of RSI value for X amount of previous candles to know when there is a sharp rise. Also do the same for volume. Could someone please just get me started. I am a software engineer and can probably figure it out once I see how the syntax works.

 

[rad14733]

https://toslc.thinkorswim.com/center/reference/thinkScript

 

[useThinkScript]

@GroundLoop
The standard syntax for momentum (rise) is current bar is greater than third previous bar
The syntax would be:

def rsiMOMO = rsi() > rsi()[3];
def volMOMO = volume > volume[3];

read more:
https://stockcharts.com/articles/dancing/2018/10/momentum--rate-of-change.html#google_vignette

For a SHARP rise, a percentage variable could be added:

def rsiMOMO = rsi() > rsi()[3] *1.3;
def volMOMO = volume > volume[3] *1.3;

To track that sharp rise, use a recursive statement:

def rsiMOMO = rsi() > rsi()[3] *1.3;
def volMOMO = volume > volume[3] *1.3;
def sharpRSI = if rsiMOMO then rsiMOMO else sharpRSI[1];
def sharpRSI = if rsiMOMO then rsiMOMO else sharpRSI[1];

 

[halcyonguy]

have to define what a sharp rise is.
rsi rises x amount, over how many bars ?

 

[halcyonguy]

here is a lower study to experiment with
pick a quantity of bars and a number for rsi up movement.
draw arrow when true

#rsi_fastrise

declare lower;

def na = double.nan;
def bn = barnumber();

input rsi_rise_within_bars = 3;
input rsi_rise_min = 8.0;

input length = 14;
input over_Bought = 70;
input over_Sold = 30;
input price = close;
input averageType = AverageType.WILDERS;
#input showBreakoutSignals = no;

# read RSI data from the study, using most of the parameters
def r = rsi(
 length = length,
 over_Bought = over_Bought,
 over_Sold = over_Sold,
 price = price,
 averageType = averageType);

plot z = r;


# look at prev x bars and find min rsi. start at prev bar
def rmin = lowest(r[1], rsi_rise_within_bars);

# find diff from current rsi to prev lowesr rsi
def rdiff = r - rmin;

# is the rsi diff more than the min ?
def isrise = rdiff >= rsi_rise_min;

plot z1 = if isrise then r*0.99 else na;
z1.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
z1.SetDefaultColor(Color.cyan);
z1.setlineweight(3);
z1.hidebubble();
#

RSI study
https://toslc.thinkorswim.com/center/reference/Tech-Indicators/studies-library/R-S/RSI
it lists the input parameters. these names are almost the same as the input code line variables in the study. if the parameter has a space in the name, when used as a parameter in code, replace the space with a _.
over bought becomes over_bought

the plots names are the same

inputs
input length = 14;
input over_Bought = 70;
input over_Sold = 30;
input price = close;
input averageType = AverageType.WILDERS;
input showBreakoutSignals = no;

plots
plot RSI = 50 * (ChgRatio + 1);
plot OverSold = over_Sold;
plot OverBought = over_Bought;
plot UpSignal = if RSI crosses above OverSold then OverSold else Double.NaN;
plot DownSignal = if RSI crosses below OverBought then OverBought else Double.NaN;