Support Board
Date/Time: Mon, 25 Nov 2024 07:45:54 +0000
Post From: How can I add Connors RSI indicator on Sierra Chart?
| [2024-03-29 12:19:11] |
| felixcorrales - Posts: 6 |
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Can you please help me add the following Connors RSI indicator, since the one you added to Sierra Chart cannot configure all the Connors RSI parameters, the following is the correct formula (Amibroker Program), however you have to transform it to the Sierra Chart programming language: //Connor's RSI (Larry Connors). Code for function provided by Connors Research paramLenRSI = Param("RSI Closes Length", 3, 2, 100, 1); paramLenUD = Param("RSI UpClose Length", 2, 2, 100, 1); paramLenRank = Param("PerecentRank Length", 100, 10, 200, 1); function ConnorsRSI(lenRSI, lenUD, lenROC) { upDays = BarsSince(C <= Ref(C,-1)); downDays = BarsSince(C >= Ref(C,-1)); updownDays = IIf(upDays > 0, upDays, IIf(downDays > 0, -downDays, 0)); crsi = ( PercentRank(ROC(C,1), lenROC) + RSIa(updownDays,lenUD) + RSI(lenRSI))/3; return crsi; } Plot( ConnorsRSI(paramLenRSI,paramLenUD,paramLenRank) , "ConnorsRSI("+paramLenRSI+","+paramLenUD+","+paramLenRank+")" , colorYellow, styleLine, 0, 100); /* Connors RSI is a composite indicator consisting of the mathematical summation of 3 components: 1. Price Momentum: By default, ConnorsRSI uses a standard 3 period Wilder RSI for the 1st component. 2. Duration of Up Trend vs. Down Trend "Streak" days: Connors research shows that the longer the number of consecutive days up OR down, the more likely the security is likely to bounce when it reverts to the mean. Likewise, the *magnitude* of the mean reversion snap-back is correlated with the streak length. The 2nd indicator uses integer values to quantify the number of streak days, AND applies a default 2 Day Wilder RSI to this integer series. 3. Relative Magnitude of Price Change: This 3rd component uses the PercentRank function over a default value of 100 days (approx. 5 months) to measure price change as a percentage of the previous Day's price, AND rank the current value over the lookback period. Large positive returns will have a rank closer to 100, large negative returns will have a percent rank closer to 0. The final oscillator takes this form (default values): ConnorsRSI(3,2,100) = [RSI(Close,3) + RSI(Streak,2) + PercentRank(100)] / 3 Connor's Research purports this robust indicator is more effective than any of the three components use individually, AND in fact the blended effect of the mathematical summation allows the strong value from one indicator to compensate for a slightly weaker value from another, in a way yielding superior results than a voting system between the 3. /* Date Time Of Last Edit: 2024-03-29 12:23:45
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