■Purpose of this script Back-calculate the stock price based on WILDER's RSI* formula. *Relative Strength Index
■Logic Overview This time, RSI calculation formula by WILDER is adopted. WILDER's formula is generally used.
Unlike Cutler's RSI, which is calculated from the ratio of the simple sum of price increases and decreases, this formula uses a modified moving average.
Therefore, more weight is placed on recent stock price.
This script back-calculates future stock prices from past stock price data and set RSI values.
Therefore, you can receive the offer of the buy price in the oversold phase and the offer of the sell price in the overbought phase with reference to the RSI index.
■How to use Enter the following on the parameters input screen
Sauce (usually close)
Reference period（14 is optimal by J.W. Wilder）
Base Date(usually 100)
RSI target value (Generally, buy below 30 and sell above 70）
When to ask for stock price (After the latest bar closing price is decided: next. The latest bar is moving: current.） For example, when selecting a daily chart, before trading hours: [before], during trading hours: [current] when selecting a weekly chart, the closing price is not fixed, for example on Wednesday: [current]
Indicator is Good, I am Use Old Indicator but this Indicator is Different typeof indicator how to use this indicator Sir????
Manakana77
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@micrographics2000, Thanks for your comment. There are two types of RSI, the widely used one is this script (WILDER's RSI Back-calculation). The usage is the same as the old type. The only difference is that there is an input field for "Base Date", but you can use the default value of 100.
how to use this indicator Sir????