CutlersRSI

Description

Where Wilder's RSI is calculated by determining the difference between the open and the close, Cutler's RSI is calculated by determining the difference between the previous bar's close and the current close (the net change).

Formula

CutlersRSI(SERIES, Periods=14, Bate=6)=begin

  SumUp = 0

  SumDown = 0

  RS = 1

  currentPrice = NONUM

  previousPrice = NONUM

  difference = 0

  for i = -1 to (Periods - 2) begin

    currentPrice = GetPrice($1, Bate, i, Periods)

    previousPrice = GetPrice($1, Bate, (i + 1), Periods)

    difference = currentPrice - previousPrice

    if difference > 0 then SumUp = SumUp + difference

    if difference < 0 then SumDown = SumDown + abs(difference)

  end

  if SumDown > 0 then RS = SumUp / SumDown

  retval = GetRS(RS)

  retval

end

Parameters

SERIES

The SERIES directive makes this formula available as a Formula Study. SERIES refers to the instrument in a chart. SERIES does not become a study parameter.

Periods

The number of periods, or length, of the RSI. The default is 14.

Bate

The Bate parameter determines what price (open, high, low, last, bid, ask, etc.) is used in calculating. The default is 6, or BATE_CLOSE.

Return Value

Cutler's RSI

Examples

Comments

NA