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Connors RSI - Connors RSI
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NedKelly  
#1 Posted : Wednesday, March 13, 2013 2:43:48 AM(UTC)
NedKelly

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Can anyone help me with the code for the Connors RSI indicator. I know it's in Metastock version 11 but I am a lowly version 10 user.

Thanks for your help.
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eddie.m  
#2 Posted : Wednesday, March 13, 2013 9:40:32 AM(UTC)
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Hi Ned, [:)]

1). You can run a search on Yahoo.com about Connor's RSI.

2). You can see the formula which you must adapt for MS language for buy & sell signals at the bottom of the page at http://stockcharts.com/school/doku.php?id=chart_school:trading_strategies:rsi2 [:S]

3). You can also forget about Connor's RSI altogether and use RSI as it is in your MS V10.
How much more profits do you think you will make with Connor's RSI than with simple, standard RSI?

Why do you need to look hard for something you do not have when you could easily use that which you already have? (This is a question I keep asking myself thousands of times! ... )

PS: and one more thing. [:D]
Someone on this forum is about to tell you to study Metastock's Formula Primer. [:O]
Don't listen to him! [6]
You will always find somebody to help you. When you ask for help, you need an
answer, not advice. [:)]
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NedKelly  
#3 Posted : Wednesday, March 13, 2013 2:45:57 PM(UTC)
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The reason I am interested in the Connors RSI is because a friend of mine swears by it. He uses Amibroker and the code is readily available for this charting package. The Connors RSI is much more complicated than a standard 2 period RSI as it also incorporates a duration of trend and magnitude of price change.

If the code is available in version 11 of Metastock I would hope someone in the community might like to post it here.
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eddie.m  
#4 Posted : Wednesday, March 13, 2013 9:46:38 PM(UTC)
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NedKelly wrote:
The reason I am interested in the Connors RSI is because a friend of mine swears by it. He uses Amibroker and the code is readily available for this charting package. The Connors RSI is much more complicated than a standard 2 period RSI as it also incorporates a duration of trend and magnitude of price change.

If the code is available in version 11 of Metastock I would hope someone in the community might like to post it here.

Hi there, [:)]

1). I do not have Connor's RSI in my MS v11. [:(]

2). Did you read the article at the link above? At the very bottom there is the code for your query.
Can you encode it in MSL? [:O]

3). Run a search for "connor's rsi for metastock" on yahoo.com, perhaps you will get what you are looking for.

4). Can your friend trade (half of) your money?

5). It's great to have trader friends but only for beers. You trying to imitate your friend WILL NOT produce the results like his, and the losses you will take might make you lose him as a friend.
I do not believe that the two of you know what you are doing (this is me the brutally honest guy I am), but if you find a system in Metastock that YOU UNDERSTAND and paper trade it for a while, there are some chances for you to progress.

Never do things others (me included) tell you to do. Follow your heart and please shine with education!

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eddie.m  
#5 Posted : Friday, March 15, 2013 3:52:02 PM(UTC)
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Hello Ned, [:)]

I thought of giving you a surprise and some homework for you to do this weekend. [:D]
Please see below.

Here are four links with info about your friend’s favorite system you may want to read:

http://www.trade2win.com/boards/trading-systems/32170-rsi-bounce-system.html

http://www.thinkscripter.com/indicator/cumulative-rsi-trading-system

http://blog.equametrics.com/connors-and-alvarez-cumulative-rsi-strategy

http://www.traderslaboratory.com/forums/automated-trading/12596-rsi-how-profit.html

They all refer to Connors RSI, with different name(s).

In Metastock’s Indicator Builder, click New, put name RSI CONNORS CUMULATIVE

In Formula field write

Code:
Sum(RSI(2),2)
click OK.

Create a new Expert Advisor, RSI CONNORS CUMULATIVE

In Trends, Bullish, write

Code:
C>Mov(C,200,E)
Bearish, write
Code:
C<Mov(C,200,E)
, apply appropriate colors by clicking on Ribbon button.

In Highlights, click New, put name RSI2 CUMULATIVE and in Condition field, write

Code:
Sum(RSI(2),2)<25 AND C>Mov(C,200,E)
click OK.

Click New, name it 5EMA, in Condition field write

Code:
Cross(C,Mov(C,5,S))
click OK.

In Symbols, click New, put name Buy, in Condition field write

Code:
Sum(RSI(2),2)<25 AND C>Mov(C,200,E)
click OK. Choose arrows by clicking on the Graphic tab.

Click New, put name Sell, in Condition field write

Code:
Cross(C,Mov(C,5,S))
click OK. Choose dots to mark the exits by clicking on the Graphic tab.

You may change “25” as you wish, but leave “200” untouched.

To see the basic system, click the chart of PG below. UserPostedImage

(Picture will be available only for six months from today).

In the chart, you can see RSI CUMULATIVE on top of standard RSI(2) for easy comparison.

The chart, which is only for LONG trades, will tell you more than I can type in here if you look at it long enough.

My opinion?

This is not an original system. Many money managers in their search to diversify among trading systems, re-invent already existing systems by tweaking them. They failed to come up with something new, and then they attach their name to a little gimmick in an existing Indicator.

Connors probably fiddled with EMAs applied to RSI and came across the 'cumulative’ possibility. No big deal! [:S]

If I were to do the same, I’d adjust RSI to 100, add some Volume and call it RSI EDDIE. No big deal either.

More entry rules could be added to the logic of Connors RSI.

Instead of using 200EMA and modified RSI, one can easily use 200EMA and 13EMA or do many other combinations provided he already sharpened his chart observation skills.

I personally did not use Connors RSI because I use only truly original concepts discovered by technical analysis masters or myself.

Lesson to be learnt

Instead of using your friend’s system, please rise to the point when your friend uses YOUR system.

After that, rise more to enlighten the rest of us with something we did not know until you showed up. [:D]

Let us know how you are doing.
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mstt  
#6 Posted : Saturday, March 16, 2013 12:32:22 AM(UTC)
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Hi Ned

Connors RSI has recently been discussed on the "equismetastock" Yahoo group. There's also code converted from AmiBroker that appears to meet the criteria for Connors RSI.

Roy
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NedKelly  
#7 Posted : Saturday, March 16, 2013 12:46:18 AM(UTC)
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Eddie, thanks for that. I now have enough homework to keep me up all night as well as day.

Roy, that's a great link, it is almost exactly what I need.

I'll let you know how I get on.

Once again, thanks guys!
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eddie.m  
#8 Posted : Saturday, March 16, 2013 8:17:20 PM(UTC)
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Hi Ned, [:)]

FREE LESSON

The chart above indiscriminately shows the real Sell exits and the mathematically correct, theoretical exits (brown dots).

The chart below shows the real Sell exits (green rhombuses) together with the theoretical ones (brown dots) which have no practical value, unless new entries are found.

UserPostedImage

The chart below shows only Buy signals (green arrows) and their corresponding Sell signals (green rhombuses). This is what you have been looking for.

UserPostedImage

(These two charts will expire in 6 months from today).

Now take a close look at the last chart and tell me what you see.
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eddie.m  
#9 Posted : Sunday, March 17, 2013 6:51:17 PM(UTC)
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Hi Ned,

Here below you can now see a clean chart with just the Buy signals (green arrows) pointing up to green bars and Sell signals (green rhombuses) above blue bars.

UserPostedImage

(This picture will expire in six months from today).

Can you reply describing here in this thread what you see?
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NedKelly  
#10 Posted : Sunday, March 17, 2013 7:54:57 PM(UTC)
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I don't know what you are trying to show me. I am still trying to get the Connors RSI working in Metastock at the moment.
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eddie.m  
#11 Posted : Monday, March 18, 2013 4:31:06 AM(UTC)
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NedKelly wrote:
I don't know what you are trying to show me.

Hello Ned,

1). This happens to you because you did not learn techncial analysis or Metastock well until now.
This is something YOU have to work on if you are to progress.

NedKelly wrote:
I am still trying to get the Connors RSI working in Metastock at the moment.

2). Connors RSI should have worked in your MS v10 by now. All the formulas above are not new in MS v10. You got the formulas on March 15, @ 17:52 as per this thread. You should have typed them in MS v10 with excitement that evening and began your studies immediately. You want to become a profitable trader, don't you?

3). The remedy for now is for you to open the chart of your favorite stock, update it every day, and when you get a Buy signal, post it here.

Example: XYZ Buy @ .... (your price).

For you not to wait too long for a Buy signal to show up in just one stock, have 10 or more unrelated stocks updated everyday.

Enforce discipline on yourself: no more talk. Just do as told.
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wabbit  
#12 Posted : Monday, March 18, 2013 5:43:54 AM(UTC)
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NedKelly wrote:
The reason I am interested in the Connors RSI is because a friend of mine swears by it. He uses Amibroker and the code is readily available for this charting package. The Connors RSI is much more complicated than a standard 2 period RSI as it also incorporates a duration of trend and magnitude of price change.


I don't have MS11 installed on this machine (I am using some older versions, for my own reasons)... so I cannot tell you what is coded in MS11 for the Connors RSI, so we can re-create it as we need. I am working through the description given at : http://www.marketcalls.in/wp-content/uploads/2013/02/ConnorsRSI-Pullbacks-Guidebook.pdfne as Roy mentioned (modified here for consistency with the Connors documentation and AmiBroker implementation):

Code:

lenStreak:=2;
UpDays:=BarsSince(C<=Ref(C,-1));
DownDays:=BarsSince(C>=Ref(C,-1));
Streak:=If(upDays>0,upDays,If(downDays>0,-downDays,0));
StreakRSI:=RSI(Streak,lenStreak);


The final part is where things start getting a little sticky as we need the percentile rank of the data... but unfortunately percentile rank is not a well defined statistical term; it changes all the time to suit different statisticians needs. I have taken the AmiBroker implementation of PercentileRank() but be warned it uses the infamous PREV function, so can be a little slow to process if using large quantities of data.

Code:

lenPctRank:=100;
larger:=Sum(data>LastValue(data+PREV*0),lenPctRank);
PctRank:=100 * larger / lenPctRank; {edited code}


If I've understood the directions clearly enough, then we find the average of the three components, which should end up looking something similar to the AmiBroker implementation.

Code:

data:=CLOSE;

lenRSI:=3;
lenStreak:=2;
lenPctRank:=100;

WildersRSI:=RSI(data, lenRSI);

UpDays:=BarsSince(C<=Ref(C,-1));
DownDays:=BarsSince(C>=Ref(C,-1));
Streak:=If(upDays>0,upDays,If(downDays>0,-downDays,0));
StreakRSI:=RSI(Streak,lenStreak);

larger:=Sum(data>LastValue(data+PREV*0),lenPctRank);
PctRank:=100 * larger / lenPctRank; {edited code}

ConnorsRSI:=(WildersRSI + StreakRSI + PctRank) / 3;

{plot}
ConnorsRSI;




wabbit [:D]

{edited code}
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NedKelly  
#13 Posted : Monday, March 18, 2013 3:55:21 PM(UTC)
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Wabbit, your formula works fine. I also got the formula from the Yahoo Groups that Roy suggested. When I put both up together they look identical. Thanks for your help.
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wabbit  
#14 Posted : Monday, March 18, 2013 5:54:22 PM(UTC)
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It's odd the results of my code looks similar to the other, because I forgot to include the PercentRank scalar multiplier, i.e. my code is scaled [0..1] when it needs to be multiplied by 100 to be scaled [0..100].

Will edit the code in the post above.



wabbit [:D]

P.S. Thanks to Roy for spotting that omission.
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NedKelly  
#15 Posted : Monday, March 18, 2013 6:10:23 PM(UTC)
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Well they do, here is the chart. Your Connors RSI is at the top.


http://img836.imageshack.us/img836/4498/greenshot20130319100101.png

UserPostedImage

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wabbit  
#16 Posted : Monday, March 18, 2013 7:27:27 PM(UTC)
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The shape of the charts may look the same, which is because of the weighting of the two major factors in the computation, but notice the values are different.

I have been chatting with another trader and we have also noticed a few other errors/omissions/stuff ups in my code; namely: The text description of what the PercentRank values should be in AB and what is returned by the AB pseudo code are inverted, and, I should have used a comparison between the ROC of the data instead of just comparing the data to itself.

So, my modified code goes something like:

Code:

data:=CLOSE;

lenRSI:=3;
lenStreak:=2;
lenPctRank:=100;

WildersRSI:=RSI(data, lenRSI);

ch:=ROC(data,1,%);

up:=BarsSince(ch<=0);
dn:=BarsSince(ch>=0);
StreakRSI:=RSI(up-dn, lenStreak);

count:=Sum(ch<LastValue(ch+PREV*0),lenPctRank);
PctRank:=100 * count / lenPctRank;

ConnorsRSI:=(WildersRSI + StreakRSI + PctRank) / 3;

{plot}
ConnorsRSI;


I would like to compare the results of this code with AB, but I have found that my version of AB doesn't have the PercentRank function (which was allegedly incorporated into AB3.4 but doesn't exist in my AB5.3 ??) and me re-writing the PercentRank function defeats the purpose of the cross-application checking.... and I don't know of any other reliable source of data to check this with.



wabbit [:D]
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NedKelly  
#17 Posted : Tuesday, March 19, 2013 1:02:48 AM(UTC)
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I have attached a chart of the same stock over the same period from AB (version5.60.3 I believe). The lower part of the RSI looks the same but there is a difference in the high values. This isn't really an issue for me as I only intend buying stock not shorting.

UserPostedImage

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NedKelly  
#18 Posted : Thursday, March 21, 2013 1:08:12 AM(UTC)
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wabbit, I have used your new code and it works fine. It is in agreement with AB's numbers as well.
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wabbit  
#19 Posted : Thursday, March 21, 2013 2:15:02 AM(UTC)
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Thanks for letting me know.



wabbit [:D]
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GameTime  
#20 Posted : Thursday, March 21, 2013 7:54:47 AM(UTC)
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David Varadi's DV(2) might be worth checking out, otherwise known as the RSI(2) Killer.

http://marketsci.wordpress.com/2009/07/16/rsi2-vs-dv2/
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