Hello Mac,
I do not use SuperCharts so I do not know how much flexibility you have when building Indicators but I would think you would be able to build a StochRSI.. Here is the formula in MSWIN:
Mov((RSI(14)- LLV(RSI(14),14)) /(HHV(RSI(14),14)-(LLV(RSI(14),14))),14,E)*100
StochRSI = (RSI - RSI "lowest RSI during period") / (RSI "highest RSI during period" - RSI "lowest RSI during period).
The period I use is 14 but many use 21..
Here is what Chande has to say about StochRSI:
As an RSI user, you may have been frustrated when the RSI did not reach an extreme value (above 80 or below 20) for months at a time. Perhaps you wanted an entry point into an ongoing trend, and were looking for a price extreme, but couldn't find one using RSI. The solution to your problem is the Stochastic RSI (StochRSI).
The StochRSI combines the two popular ideas behind the RSI and the Stochastic oscillator. The Stochastic oscillator measures the location of closing prices within the recent high to low range. Similarly, StochRSI measures the location of RSI within its recent range, showing short-term momentum extremes. It can be used as an antitrend or a trend-following tool.
The sensitivity of the StochRSI overcomes the disadvantages of using a fixed number of days in its calculation and the tendency of the built-in RSI smoothing to mask short-lived price extremes while showing swing failures in RSI. The ability to spot short-term extremes in RSI (and momentum) is its principal advantage. The StochRSI is a more consistent indicator of overbought and oversold conditions simply because we are measuring its position within the most recent range.
The above explanation of StochRSI was taken from "The New Technical Trader" by Tushar S. Chande and Stanley Kroll... It is a very good book that I would recommend to all...
Does this help Mac???? I'm hoping there are some SuperCharts users out there who can jump in and give us a hand coding it... I have SuperCharts BUT do not use it... I got as far as installing it and looking at ONE chart, then I went back to MSWIN, WOW, GET, and TC2000. I guess there are only so many packages I can stand to learn..... Dave Evans |
