The Laguerre RSI Indicator is a modification of the well-known relative strength indicator or RSI. John F. Ehlers, the famous trader who created the Laguerre RSI, tried to avoid whipsaws (noise) and lag produced by smoothing technical indicators by applying a filter and some changes to the original relative strength indicator. The result is a technical indicator that is more responsive and has much less noise than the original RSI indicator.
The multi-time frame LRSI is used to have multiple RSI oscillators on the screen at once that are derived from different intervals. This allows the trader to see setups in multiple time frames.
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Updated to Version 3 compatibility.
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Updated to version 3 and fixed defaults.
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Fixed repainting issues. Desired intervals greater than the chart interval will now show incremental updates. Let me know through the comments section if it is desired to add smoothing to help with the noise that is generated because of this.
Added option to lock each of the intervals onto the chart interval to enable easy flipping between chart intervals and have each LRSI update accordingly.
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Fixed session security function call, forget that it needs the lookahead flag added for version 3. i.e.
start = security(tickerid, rez, time, lookahead = true)
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Changed the main script window TF to 15m, updates complete for this cycle.
I'm having the issue reported previously by @Rooster100 .
different time frames generate the same line when the chart is viewed in the highest of them.
Example : choose 2h, 4h, and 1d. view the chart in 1d tf, you will see three coincident lines.
view the chart in 4h, you will see 2h and 4h be coincident and 1d as a seperate line.
view the chart in 2h, you will be able to see three different lines.
mortdiggiddy
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@gsecer, Because it is not possible to get chart information for 2H and 4H while on a higher time frame. This is normal. You can only view a MTF interval from a lower chart time frame interval. How would you plot 2HR information on a day chart?
ctc100
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Excellent work. You even made me post for 1st time on TV.
ProValueTrader
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Hi! Many thanks for all your scripts! They are great!
is it possible if you can explain what this lines of code does?
I've downloaded well over 1000 Tradingiew scripts over 3 years. This is probably the best indicator I've ever used. mortdiggiddy....you're on another level.
Karaman90
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please make mtf in macd
gsecer
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I'm having the issue reported previously by @Rooster100 .
different time frames generate the same line when the chart is viewed in 1d time frame.
Rooster100
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Hi there, thanks, just started trying this last week and really starting to find it useful. However, now shows all 3 timeframes as the same (Day) and I can't get it to show all 3 at once any more. Has one of the update changes broken bit perhaps?
mortdiggiddy
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@Rooster100, Could you describe the exact scenario you are using the settings and the chart interval?
different time frames generate the same line when the chart is viewed in the highest of them.
Example : choose 2h, 4h, and 1d. view the chart in 1d tf, you will see three coincident lines.
view the chart in 4h, you will see 2h and 4h be coincident and 1d as a seperate line.
view the chart in 2h, you will be able to see three different lines.