This strategy illustrates the use of the recently published Delta-RSI Oscillator as a stand-alone indicator.
Delta-RSI represents a smoothed time derivative of the RSI, plotted as a histogram and serving as a momentum indicator.
There are three optional conditions to generate trading signals (set separately for Buy, Sell and Exit signals):
Zero-crossing: bullish when D-RSI crosses zero from negative to positive values (bearish otherwise)
Signal Line Crossing: bullish when D-RSI crosses from below to above the signal line (bearish otherwise)
Direction Change: bullish when D-RSI was negative and starts ascending (bearish otherwise)
Since D-RSI oscillator is based on polynomial fitting of the RSI curve, there is also an option to filter trade signal by means of the root mean-square error of the fit (normalized by the sample average).
minor changes that do not affect the script functionality
Nota Keluaran
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The look of the input window is improved by making use of new features available in TradingView, namely the possibility to arrange inputs in sections and lines.
Great script! Question: When I set to signal line on trade entry and Direction Change on exit, there are sometimes more than 1 exit plot ??
tbiktag
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@pleasantCardin94082, many thanks! As for your question, you can actually see this quite often when your exit condition is different from your entry condition. The point is that the script plots a signal every time it is triggered and does not sync the number of entry / exit alerts. Thus, there may indeed be several instances of Direction Change between two successive Signal Line Crossings. Direction Change also tends to give the “earliest” signals, but at the expense of a higher sensitivity to price volatility compared to the other two conditions. Personally, I prefer sticking to the same condition for entry and exit (usually SLC), but your approach might be also reasonable.
imazehost
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@tbiktag, For 1minute timeframe in input what settings i need ?