EZ Advanced Dynamic RSI
$0
Type: Indicators
Seller: Danijel Plesa
Published: 11 October 2024
Updated:
Version: 1.0
Downloads: 600
Advanced Dynamic RSI – The Evolution of the Classic RSI
Advanced Dynamic RSI is based on the work of technical analyst J. Welles Wilder and has been further developed.
This improved indicator combines Wilder's proven RSI calculation with modern features and a dynamic smoothing method,
which delivers more precise and flexibly adjustable signals, allowing traders to analyze market volatility and price movements with greater accuracy.
Features and Key Characteristics
- Dynamic Levels: The Advanced Dynamic RSI calculates overbought and oversold levels based on moving averages and standard deviations. It adapts to various market conditions and reacts dynamically to volatility fluctuations.
- Smoothing Options: Inspired by Wilder's original smoothing method, this indicator offers improved smoothing. The smoothing factor ensures a smoother line, less sensitive to short-term market fluctuations.
- Visual Customization: Choose colors and style options for the overbought/oversold lines to customize the chart setup and ensure a user-friendly experience.
Input Parameters and Their Functions
- RSI Period (inpPeriod):
Defines the number of periods for RSI calculation.
Default value: 10 – Suitable for short- to mid-term analysis.
- Price Source (inpPrice):
Determines which price (e.g., closing price or opening price) is used in the calculation.
Options include Close, Open, High, Low, Median, Typical, and Weighted.
- Overbought and Oversold Levels (Overbought_Level & Oversold_Level):
Classic fixed values for identifying overbought and oversold markets.
Default values: 70 and 30 – These can be adjusted to switch to dynamic levels.
- Smoothing Factor (Smoothing_Factor):
Controls the smoothing of the RSI and provides a smoother representation.
Range: 0.0 (no smoothing) to 1.0 (maximum smoothing).
- Dynamic Levels (DynamicLevels):
Enables the dynamic calculation of overbought/oversold levels based on moving averages and standard deviations.
Options: True (enabled) / False (disabled).
- Dynamic Period and Standard Deviation Factor (DynamicPeriod & StdDev_Factor):
Define the time frames and multipliers for dynamic levels. Higher values widen the overbought/oversold areas and reduce sensitivity to short-term fluctuations.
- Color and Style Customization (Overbought_Color, Oversold_Color, Level_Line_Style):
Set colors and styles for visual display. Adjust the lines to your preferences, e.g., with solid or dashed lines.
Application and Benefits
The Advanced Dynamic RSI is ideal for traders who focus on overbought/oversold signals while benefiting from dynamic adjustments. The indicator is suitable for both scalping strategies in the short term and trend analysis on higher time frames. Its flexibility and precision make it an excellent tool for improving trading decisions while adapting to market conditions.
