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Was hoping someone could help in plotting an indicator, Linear Regression Slope of RSI(14), "LinRegSlope(RSI(14),20)", so that it is normalized to oscillate above and below 100 rather than above and below zero.
I want to be able to get away from the zero line to more accurately see peaks and troughs.
Thank you for any help.
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Rank: Advanced Member
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Never fails... just after asking for help I think I got it.
Thank you. This is a great forum.
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:lol: I wish the forum would work its magic for everyone like that :P
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TK- would you share your solution? I'm sure this would be of interest for all sorts of oscillator indicators.
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Rank: Advanced Member
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I'm sorry, I should have posted it.
I'm not the programming type, so don't laugh. All I did was add 100 to the value:
LRSRSI100:=LinRegSlope(RSI(14),20) + 100;
LRSRSI100
You will have to combine it with some type of trending indicator (moving average, pp+, etc). If your stock is in an uptrend (higher lows, higher highs), it might help you spot bottoms. Tops if your stock is trending down for shorts.
I was playing around with the peak/trough functions with it, but because it oscillated around zero, values close to the zero line tended to fire a lot of unnecessary signals.
Any crits welcome.
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You can get around the zero-line proximity problem by using points-based Peak/Trough functions, such as used in the ZigZag-based set indicator.
jose '-)
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