Normalized RSI AFL
The Normalized RSI AFL indicator in Amibroker assists traders in evaluating the strength of a security’s price movement. This AFL computes the Relative Strength Index, normalizing it to a specific range for improved readability and accuracy. By integrating this AFL into Amibroker, traders can effectively gauge overbought or oversold conditions, aiding in timely entry or exit decisions.
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// Normalized RSI AFL by Karthikmarar for the thread "Experiments in Technical Analysis" at Traderji.com
_SECTION_BEGIN("NPO");
_N(Title = StrFormat("{{NAME}} - {{INTERVAL}} {{DATE}} Open %g, Hi %g, Lo %g, Close %g (%.1f%%) {{VALUES}}", O, H, L, C, SelectedValue( ROC( C, 1 ) ) ));
n=Param("period",60,5,100,1);
J=RSI(15);
np = (j - MA(j,n))/StDev(j,n);
npo=(np+(2*Ref(np,-1))+(2*Ref(np,-2))+Ref(np,-3))/6;
Plot(npo,"Normalized RSI",colorBlack,1);
PlotGrid(2,colorRed);
PlotGrid(3,colorYellow);
PlotGrid(-2,colorRed);
PlotGrid(-3,colorYellow);
graphx=10;
PlotGrid(1,colorPink);
PlotGrid(-1,colorPink);
PlotOHLC( npo,npo,1,-1, "", IIf( npo> 1, colorLime ,colorRed), styleCloud | styleClipMinMax, -1, 1);