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RSI Smoothed by John Ehlers

In "The RSI Smoothed" in this issue, John Ehlers bases his calculations on an RSI
calculation that sums the changes in the closing price. While some technical analysis programs use this version, Welles Wilder's book New Concepts In Technical Trading Systems defines the RSI slightly differently. Wilder smoothes the sums using his own averaging method before he calculates the final ratio. Since MetaStock uses Wilder's method of calculating the RSI, we are including both John Ehlers' formula, as presented in his article in this issue, and a formula for adding Ehlers' smoothing to the standard RSI.

To create an indicator in MetaStock, select Indicator Builder from the Tools menu, click New, and enter the following formula:


Smoothed Relative Strength Index (Ehlers)

len:=10;
smooth23:=(C+(2*Ref(C,-1))+(2*Ref(C,-2))+Ref(C,-3))/6;
change:= ROC(smooth23,1,$);
cu23:=Sum(If(change>0,change,0),len);
cd23:=Sum(If(change<0,Abs(change),0),len);
cu23/(cu23+cd23)

 


Smoothed Relative Strength Index (w. Wilder's Smoothing)

len:=10;
smooth23:=(C+(2*Ref(C,-1))+(2*Ref(C,-2))+Ref(C,-3))/6;
change:= ROC(smooth23,1,$);
Z:=Wilders(If(change>0,change,0),len);
Y:=Wilders(If(change<0,Abs(change),0),len);
RS:=Z/Y;
100-(100/(1+RS))

 

--William Golson
Equis International
www.equis.com
Source / From: TOP
http://www.traders.com

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