The Spearman Rank Indicator was created by John Ehlers (Stocks and Commodities July 2020 pg 6) and this works well as a trend confirmation indicator. This is obviously his take on the Spearman Ranking Correlation and make sure to let me know what you think! Buy when the line turns green and sell when it turns red.
Let me know if there are any other indicators you want me to publish!
Hey my friend, perhaps you can help me here....is this the same as the RCI (Rank Correlation Index)...I believe also called the Spearman Rank Indicator, but I do not know for sure. This being the code that Ive always used for it: res = 5 src = close ord(seq,idx,itv) => p = seq[idx] o = 0.5 for i=0 to res-1 d = p - seq[i*itv] o += (d<0 ? 1 : d==0 ? 0.5 : 0) o d(itv) => sum = 0.0 step = itv / res for i=0 to res-1 x = i + 1 - ord(src, i*step, step) sum += x * x sum rci(itv) => ta.sma(100.0 - (600 / res / (res * res-1)) * d(itv), math.ceil(itv / res))
either way thanks for your time and for all of the GREAT scripts youve put up in the past.
res = 5
src = close
ord(seq,idx,itv) =>
p = seq[idx]
o = 0.5
for i=0 to res-1
d = p - seq[i*itv]
o += (d<0 ? 1 : d==0 ? 0.5 : 0)
o
d(itv) =>
sum = 0.0
step = itv / res
for i=0 to res-1
x = i + 1 - ord(src, i*step, step)
sum += x * x
sum
rci(itv) => ta.sma(100.0 - (600 / res / (res * res-1)) * d(itv), math.ceil(itv / res))
either way thanks for your time and for all of the GREAT scripts youve put up in the past.