RSI Experiment - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resources - MetaTrader 5 Resources

This version of RSI is "experimenting" with different ways of calculating RSI internally. Welles Wilder uses what is commonly called the "Wilders EMA" and is actually identical to the smoothe MA (SMMA).

So, in this version, we can choose which of the 4 basic moving averages to use for RSI calculations, so we can get 3 completely new types of odf RSI.

Additionally, the price can be smoothed before the RSI is calculated, in which case we get what is often called the MA's RSI (rsioma), and even then we get a completely new version of the MA's RSI. Through this "experiment" - through a simple average type change in the calculation, we get a completely new type of rsi/rsioma.

Attachment download

📎 rsi_experiment_extended.mq5 (11.55 KB)

Source: MQL5 #16840