TSI_RSI_LongSignal
Function Name: TSI_RSI_LongSignal
Tags: None
Category: Trend
There are two RSI entry values to be identified. The first one is the entry value for trading when the trend condition (Close>MA50 or ROC(150)>0) is met and the second RSI value is the one for trades in case our trend condition isn't met. The idea is to have TSI to help define if the market is in a trending environment. So let's define a TSI>1.65 as trending vs. non-trending. So in total we have a matrix of 4 RSI entry values: Long condition is given (Close > MA(50) or ROC(150)>0):
- RSI1: TSI>1.65
- RSI2: TSI<1.65 Long condition is NOT given:
- RSI3: TSI>1.65
- RSI4: TSI<1.65 If the market is above 1.65 it's in a trending environment and we want to exit the trade later than in a non-trending environment. The best value to exit in a trending environment is above 61 while it's recommended to exit at 39 in a non-trending environment.
Parameters:
MAperiod, ROCperiod, RSIperiod: Period values for corresponding functions.
TSIthreshold: Trending vs nontrending value.
RSI1, RSI2, RSI3, RSI4: As defined in description above
RSIexit1, RSIexit2: RSI exit values in trending and nontrending environment, respectively.
ShowConsecutive: Toggles display of multiple consecutive buy/sell markers. If True, will show up to three consecutive buy (sell) markers.
Author: Frank Hassler
Source: "Combining TSI and RSI into a winning swing trading system" by Frank Hassler, engineering-returns.com
Link: http://engineering-returns.com/2010/07/13/tsi_rsi_system_parti/
Link: http://engineering-returns.com/2010/07/14/tsi_rsi_system_partii/
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MAperiod |
moving average period |
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Default Value: 50 | Minimum: 1 | Maximum: 9999 |
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Type: Numeric |
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ROCperiod |
rate of change period |
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Default Value: 150 | Minimum: 1 | Maximum: 9999 |
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Type: Numeric |
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RSIperiod |
used for short-term weakness detection |
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Default Value: 2 | Minimum: 1 | Maximum: 9999 |
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Type: Numeric |
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TSIthreshold |
trending vs nontrending threshold |
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Default Value: 1.6499999999999999 | Minimum: 0 | Maximum: 100 |
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Type: Numeric |
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RSI1 |
RSI threshold 1 |
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Default Value: 18 | Minimum: 0 | Maximum: 100 |
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Type: Numeric |
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RSI2 |
RSI threshold 2 |
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Default Value: 8 | Minimum: 0 | Maximum: 100 |
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Type: Numeric |
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RSI3 |
RSI threshold 3 |
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Default Value: 13 | Minimum: 0 | Maximum: 100 |
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Type: Numeric |
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RSI4 |
RSI threshold 4 |
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Default Value: 2 | Minimum: 0 | Maximum: 100 |
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Type: Numeric |
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RSIexit1 |
RSI exit threshold in trending |
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Default Value: 61 | Minimum: 0 | Maximum: 100 |
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Type: Numeric |
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RSIexit2 |
RSI exit threshold in non-trending |
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Default Value: 39 | Minimum: 0 | Maximum: 100 |
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Type: Numeric |
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ShowConsecutive |
display multiple buy/sell signals in a row |
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Default Value: 0 |
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Type: Boolean |