Dynamic RSI
Dynamic Relative Strength Index (RSI) in Amibroker adjusts RSI values based on evolving market dynamics. Utilizing the Amibroker data feed, it provides traders with a flexible RSI indicator, helping identify changing overbought or oversold conditions in the market.
/_SECTION_BEGIN("DynRsi");
// --- begin AFL ---
// Dynamic RSI Thresholds -- J. Varney
/*
Instead of the traditional fixed RSI = 30 and 70 thresholds to define
oversold and overbought, this AFL uses standard deviation to determine
dynamic overbought and oversold theshold lines.
*/
Period = Param("Period", 14, 2, 30, 1);
myRSI = RSI(Period);
Adev = StDev(myRSI, 3*Period);
Hiline = 50 + 1.8*Adev;
Loline = 50 - 1.8*Adev;
Plot(myRSI,"",colorBlue,8);
Plot(Hiline,"",colorRed,1);
Plot(Loline,"",colorGreen,1);
Title = " " +Name() +
" Dynamic RSI Threshold, t = " +
WriteVal(period, format=1.0) + " ";
// --- end AFL ---
_SECTION_END();