Ultimate RSI Indicator for ThinkorSwim

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horserider

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A double RSI indicator with standard deviation bands of the RSI. The very important RSI 50 line and coloring of the RSI lines for strength and weakness with a could to show when the two RSI lines separate. This would indicate a stronger move.

The Midline of the RSI bands works the same as the Market Mover with crossover of the RSI and Midline giving the signals.

The bands and 80 / 20 lines will show when RSI is very strong in one direction or the other. It can be traded the same as BBs by trading from top to bottom band and vice versa, that would be for the most adventurous trader.

The cross of the RSI and Midline would be the next step down in risk for a trade, while that same cross along with a cross of the 50 line would be the conservative trade entry or exit.

The RSI is not an oversold/overbought indicator, it is a strength indicator. So when RSI is high it is telling you the trend is strong, low shows trend is weak. So even when high and falling if it does not break the 50 line the up trend is most likely to continue. So always keep in mind the importance of the 50 line.

I will put up two versions one for scalping types which will match Market Mover signals (without scaling problems and zooming) and one for swing trading types.

Any feedback or questions are welcome.

Short term
Long term
Skeleton of RSI and SMA short term



Short term
http://tos.mx/N6WBa1

Long term
http://tos.mx/lpvzpv
 
D

doeman

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I like your indicator and wanted advice. I watched a You Tube video for VectorVest using the Larry Connors RSI 2 system. But they want you to buy a $2400 course and it will be included in their software and will also have a watch list such as S&P500 etc to scan. How can I get a script for TOS. The rules are: find a stock that is "above" the 200 day SMA, is "below" the 5 day SMA and a 2 period RSI "below" 10. I have not been able to find this combination. Any help would be appreciated. I don't know coding so be gentle. LOL. Thank You,
Mike d.
 
markos

markos

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@doeman as it's the weekend, things are a little slow. I have a Connors RSI 2 system that's gathering dust somewhere.
Don't wait for me, I might not find it.
Your homework: 😀
  • In the Tutorial section is this: https://usethinkscript.com/threads/how-to-drive-the-tos-scanner.284/
  • I'm pretty sure stockcharts.com has something on it as well. Google Connors RSI 2, you'll find rabbit holes to go down.
  • Dig through the videos on YouTube under Theotrade, one of the instructors there explained the system and possibly had a share included.
If, after going through the Scan Tutorial, you still need help, just ask here and someone should be able to help you make one. Markos
 
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horserider

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@doeman Thanks
I looked at your RSI 2 strategy. It does present trades but you did not specify what the exit is, so I assumed it was RSI > 90. The charts show how it might work. Only trade long when over 200 SMA or short when under . THe exit was to be when price breaks 5 SMA . It ends up close to RSI > 90 exit. The RSI 2 has been proven to be a winning strategy but I believe takes lots of trades and may be best if the trading is automated.
Gray circles entry , orange exit.
Since this is Ultimate RSI thread I highlighted how you might have traded it.



Since mainly designed for shorter trading here it is at 5 min.
 
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Tanp82

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@doeman Thanks
I looked at your RSI 2 strategy. It does present trades but you did not specify what the exit is, so I assumed it was RSI > 90. The charts show how it might work. Only trade long when over 200 SMA or short when under . THe exit was to be when price breaks 5 SMA . It ends up close to RSI > 90 exit. The RSI 2 has been proven to be a winning strategy but I believe takes lots of trades and may be best if the trading is automated.
Gray circles entry , orange exit.
Since this is Ultimate RSI thread I highlighted how you might have traded it.



Since mainly designed for shorter trading here it is at 5 min.
can you share the link to this chart?
 
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horserider

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@Tanp82 Sorry that is my testing chart. I erased it already. Any specific question you have?
 
Shinthus

Shinthus

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LOL I think people want that RSI2 now that you showed it to everyone, @horserider. XD
 
L

leakywaders

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I like your indicator and wanted advice. I watched a You Tube video for VectorVest using the Larry Connors RSI 2 system. But they want you to buy a $2400 course and it will be included in their software and will also have a watch list such as S&P500 etc to scan. How can I get a script for TOS. The rules are: find a stock that is "above" the 200 day SMA, is "below" the 5 day SMA and a 2 period RSI "below" 10. I have not been able to find this combination. Any help would be appreciated. I don't know coding so be gentle. LOL. Thank You,
Mike d.
Hi first post here! Thought Id' contribute as I ran into this awesome RSI study by accident. I actually just finished creating the Connors Indicator,Cumulative RSI, Connors TPS, and Connors 3R's along corresponding chart studies with labels.

The chart labels for the Connors RSI, which you asked about specifically, includes the next day entry limit target per the Connor RSI strategy. The limit for the further pullback is customizable, but since I was in a hurry the percentages you have use decimals - e.g closing with 10% of low you would input .10 and for the limit entry the next day if 6% you would input .06. Here are the lower indicators(that also include signals if the conditions are me) and the chart studies. Hope this helps you. I made these for myself so they are quick and dirty but work as intended. The Connors RSI strategies are all available as PDFs

Connors RSI Lower

Connors RSI Chart Study with entries

Cummulative RSI2 Lower

Cummlative RSI2 with chart labels

Im super busy with life but please look at these and make adjustments as you see fit. Should be easy if you like the studies to change the parameters and make them look more appealing. Thanks!
 
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leakywaders

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Hi [email protected] Many thanks for the indicators! I could strip away and get the lower indicator version myself - But since you already have it and I'm really busy could you send me the lowest indicator on the first post? I don't need the bollinger bands, or cloud but graphically I like the RSI lines, color, plotting and styles of the RSI and RSI average plots. Also think the lowest version would have a very good chance of working on mobile. So if you could kindly provide the stripped down versions it will save me some coding time. Really appreciate it!
 
markos

markos

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Hi first post here! Thought Id' contribute as I ran into this awesome RSI study by accident. I actually just finished creating the Connors Indicator,Cumulative RSI, Connors TPS, and Connors 3R's along corresponding chart studies with labels.
The Connors RSI strategies are all available as PDFs

Connors RSI Lower

Connors RSI Chart Study with entries

Cummulative RSI2 Lower

Cummlative RSI2 with chart labels

Im super busy with life but please look at these and make adjustments as you see fit. Should be easy if you like the studies to change the parameters and make them look more appealing. Thanks!
Hi @leakywaders , could you post a link for where to locate the Pdf's, please, Many thanks for your contribution.
 
markos

markos

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Anything else about the Connors RSI2 and such, please post in the Connors Thread. Thanks!
 
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Craighaber71

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I added these studies and nothing came up???? Is it just me.
 
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horserider

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@Craighaber71 Yep, just you. Just kidding. What ones did you ad?
 
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horserider

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@Craighaber71 Sorry. DTEK ones are not my studies. Cannot help with those. Try daily chart, I think they show up there.
 

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