This is an improvement of my RSI Volume indicator.
I have made a session based RSI indicator which helps to aid the decision making upon session opens and gives a good indication of trend during. It also has various fixes for bugs found in the above indicator.
It has multiple settings to configure:
Use session: This toggles the RSI to be session based mode.
Session - Time: The session hours for the RSI . Session - Days of Week: This is the days for the session based RSI to use. Session - Mode: The RSI is reset when a new session starts. This mode adjusts how the initial value of the RSI is calculated:
OC: RSI uses the absolute open - close * volume value. TR: RSI uses the true range * volume value. VOL: RSI uses the volume value.
TF - Resolution: This is the lower time frame to be used in calculating the wick adjusted buy and sell volume used in the calculation of Volume weighted RSI . A lower time frame produces more accurate buy and sell volumes. Use Volume: Enabling this produces a Volume weighted RSI . Disabled produces a normal RSI . Use Wicks: Enabling this adjusts the calculation for buy and sell volume by taking wicks into account. RSI - Length: This is the length to be used for the RSI . If session based this is the maximum value the RSI length can be - length can be shorter to not include previous session data. RSI - Overbought: This is the "overbought" level for the RSI . RSI - Oversold: This is the "oversold" level for the RSI . RSI - Threshold: This is the threshold used to indicate trend change colours on the RSI .