Description:
This Indikator is a little improvment, based on the well known RSI. Surprisingly it is not part of NT. The Idea is, to compare Momenti instead of Prices over a given Period. The Distance between the two Prices within a Momentum ist specified by the "Shift" Parameter.
How to Use:
Period works like in the RSI. With "Shift = 1" the RMI shows the same behavior like the RSI. While increase the shift, the RMI becomes smoother compared to the RSI.
---> Erich Florik "New Trader Dimensions" suggest Values like 3/8 or 5/13 for very clear and better Trendsignals compared to the RSI
Interpretation:
above the upper Line (70-80) we have an up-Trend, below the lower Line (30-20) we have a down-Trend. But UNLIKE the RSI we have no oversold/overbought Situation in these regions!
To Import
1. Download the attached file to your desktop
2. From the Control Center window select the menu File > Utilities > Import NinjaScript
3. Select the downloaded file
Exported with NT 7.0.0.15
UPDATE 5/20/2010:
Now also should work with NT 6.5
This is an enhancement of SMI4 (which was an enhancement / combination of the SMI2 and Cory's SMI2) which added a price bar coloring option, a background coloring option, an option to draw a vertical line on the price panel when trend changes and an option to play a sound upon the formation of a new price bar).
Cory contributed code to color the region between +20 / -20 which indicates a possible chop zone.
The background coloring differs from SMI4, which painted the background based on whether the SMIEMA was above or below the zero line.
This version changes the background color when the SMIUP / SMIDOWN dots rise or fall above the SMIEMA line, indicating a possible change in price direction, for potential earlier entry into the move.
Examples of how I use this indicator can be found in the WizardsDen (HolyGrail II) thread.
March 23, 2010: Update
REPAINTING:
Fixed a "repainting" problem that other members discovered. Cleaned up the code. Changed the text that read "very over bought / very over sold" to "chop zone upper" & "chop zone lower". Removed the ChopFilter function, as it added nothing to help in keeping you out of chop.
ADDED TEXT ALERTS:
"POSSIBLE CHOP" when SMI dot enters the +20 / -20 zone
"LONG BREAKOUT" when SMI dot exits above the +20 zone
"SHORT BREAKOUT" when SMI dot exits below the -20 zone
(Re-uploaded March 23, 2010, 7:29 pm CST. Original post did not contain the .zip file, just the .jpg file)
May 17th UPDATE:
This fix addresses several problems that were discovered.
Mindset contributed code to color the bars hollow when price is rising & solid when price is falling eDanny contributed code to remove errant arrows, vertical lines, text messages and also code to clean up the conditions when the warning sounds play.
The arrow code has been changed to (offset*ticksize) so that when you use it on currencies, you shouldn't have to adjust the OFFSET parameter in order to get the arrows to show. They should show automatically now.
I changed it so that it colors the arrows to whatever color you set in the VERTICAL LINE UP/DOWN option. That way, you can have Red/Blue price bars & Magenta / Lime arrows (they are a little easier to spot, I think, when they're not the same color as the price bars).
March 23rd, 2010
Size: 11.30 KB
Downloaded: 4707 times
393
TheWizard
I enhanced Cory's SMI2 and added a price bar coloring option, as well as background coloring option and the option to draw a vertical line on the price panel when trend changes. You can also put this indicator in panel 1 and turn off all the plots (Set all plots & alert line to TRANSPARENT) and just using the background colors to color the background of the price panel, if you desire. I altered the default settings and some of the plots so that it now looks more like the Eco2 (Ergodic) indicator, and is (I think) a little easier to read than Eco2.
March 23, 2010: Update
REPAINTING:
Fixed a "repainting" problem that other members discovered. Cleaned up the code. Changed the text that read "very over bought / very over sold" to "chop zone upper" & "chop zone lower". Removed the ChopFilter function, as it added nothing to help in keeping you out of chop.
ADDED TEXT ALERTS:
"POSSIBLE CHOP" when SMI dot enters the +20 / -20 zone
"LONG BREAKOUT" when SMI dot exits above the +20 zone
"SHORT BREAKOUT" when SMI dot exits below the -20 zone
October 11th, 2015 12:43 PM gpokc thanks for ths indicator.
October 6th, 2011 12:08 AM Default User
May 20th, 2010 12:04 AM chrisflow Neat! But it crashes my NT7 every time I try to use an input other than standard minute or range bars etc. i.e. it crash