Rsi (var) - Hull - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resources

As has been explained several times, RSI in its original form is calculated using what is sometimes called the Wilders EMA (numerically, it is exactly the same as the SMMA (Smoothed Moving Average)). Replacing this average with another type produces a completely different type of RSI than the original RSI.

This version uses Alan Hull's Moving Average, which serves two purposes:

It is a "full Hull" RSI(oma) (the Hull average is used wherever the average can be used or substituted. Additionally, this version has a "divisor" parameter. This parameter, if set to 2.0, will produce the exact same Hull average as the original. Any value less than 2 will "slow down" the Hull average, and any value greater than 2.0 will "speed up" it (but will also increase the overshoot - you will notice those periods where the overshoot suddenly appears) "trending" RSI changes occur - This is a result that is "too fast" and then some adjustment of the divisor parameter is a sensible solution) So a balance in how to use this parameter has to be found and some experimentation is recommended when using this parameter. In conclusion, the Hull Average sometimes produces "too fast" RSI values, but the results are interesting enough to use it as it seems to be a potentially useful tool if set up correctly.

Attachment download

📎 rsi2vartzhull7.mq5 (17.98 KB)

Source: MQL5 #22836