If you're looking to enhance your trading strategy, the RSI Rendiment is a powerful oscillating indicator that takes the traditional RSI to the next level. This logarithmic version of the RSI offers unique insights into market movements.
Here’s a quick rundown of its six adjustable parameters:
- RSI Period - This defines the period over which the RSI is calculated.
- Normalized - This option allows you to use normalization (Yes/No).
- Normalization Range - The range used for normalization.
- Rendiment X - The logarithm multiplier that impacts your calculations.
- Overbought - Set the level that indicates an overbought condition.
- Oversold - Set the level that indicates an oversold condition.
Calculations:
RRSI = (RSI + Rendiment) / 2.0
Where:
Rendiment = Rendiment X * LOG(Close/CloseRange)
Close = current Close price
CloseRange = Close price Normalization range bars ago
LOG - natural logarithm
Normalization helps to scale the Rendiment data into the standard RSI oscillator range:
NormRendiment = ((Rendiment - Min) / (Max - Min)) * 100.0
Where Max and Min represent the maximum and minimum values of Rendiment within the Normalization range.
Fig. 1. Normalized RSI Rendiment
Fig. 2. Non-normalized RSI Rendiment
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