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Raw RSI

In my opinion, the Welles Wilder RSI (Relative Strength Index) is a good momentum oscillator that works well for small period values ​​(from 2 to 20).

Proposed RSI

The main idea of ​​the proposed RSI is to use larger periods to better detect signal overbought/oversold conditions for better trend detection on any time frame.

To do this, I made some changes to it to perform well with larger periods (e.g. 120), introducing a gain variable.

So if you were using 120 periods in the original Wilder RSI, you could inject gain to see the graph as well as the small periods.

Parameter description:

- period: original RSI period

- Gain: Inject gain for better visualization for longer time

Example 1: Advantages of larger cycles using Wilder RSI gain injection in the first half of EUR/USD

- In the picture we have two indicators comparing: Wilder RSI (blue) x Figurelli RSI (red)

- Our goal is to better detect signal points [1] and [4]

- Note that the original RSI detection points [3] and [6] with period 14 are almost identical, but points [1] and [4] are very different

- In Figure lli RSI, with period 120 and gain 10, we can see points [2] and [5] for better detection of signal overbought/oversold conditions

Example 2: Advantages of larger periods using Wilder RSI gain injection in EUR/USD D1

- Same as example 1, in the chart we have two indicators to compare: Wilder RSI (blue) x Figurelli RSI (red)

- Our goal is to better detect signal points [1], [2] and [3]

- Note that the Wilder RSI point [1] is oversold, while the Figurelli RSI point [2] is oversold

Adjustment tips:

- If you use a gain of 1, Figurelli RSI will be equal to Wilder RSI

- If you increase periods try increasing gain so for 120 periods you can try gain 10 to better see the great Wilder RSI visibility even in longer periods

Attachment download

📎 Figurelli_RSI.mq4 (3.08 KB)

Source: MQL5 #10539