RSI of Momentum Indicator

   Hi there, 

Hoping someone can show me a Bullscript for an RSI of Momentum rather than the usual RSI.

I don't know how to combine the 2 scripts into one oscillator. 

Specifically trying to replicate a formula from the Linda Bradford Raschke / Laurence Conners Book - "Street Smarts" as per below.

"There are lots of tricks one can do with short-term rates of change. This Pattern uses
a one-period rate of change or "momentum" function. This is simply, the difference
between today's close and yesterday's close. (i.e., if today;,, closing price was 592
and yesterday's closing price was 596, the difference is -4.) A three-period RSI of
this one period change is calculated."

Thanks in advance,

Jazza

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jazza Members Profile Send Private Message Find Members Posts Add to Buddy List Regular Joined: 10 Aug 2007 Posts: 33	Post Options Post Reply Quote jazza Report Post Quote Reply Topic: RSI of Momentum Indicator Posted: 21 Jan 2010 at 11:46pm
	Hi there, Hoping someone can show me a Bullscript for an RSI of Momentum rather than the usual RSI. I don't know how to combine the 2 scripts into one oscillator. Specifically trying to replicate a formula from the Linda Bradford Raschke / Laurence Conners Book - "Street Smarts" as per below. "There are lots of tricks one can do with short-term rates of change. This Pattern uses a one-period rate of change or "momentum" function. This is simply, the difference between today's close and yesterday's close. (i.e., if today;,, closing price was 592 and yesterday's closing price was 596, the difference is -4.) A three-period RSI of this one period change is calculated." Thanks in advance, Jazza < ="-" ="text/; =utf-8">< name="ProgId" ="Word.">< name="Generator" ="Microsoft Word 12">< name="Originator" ="Microsoft Word 12">

rcameron Members Profile Send Private Message Find Members Posts Add to Buddy List Moderator Group Joined: 04 Aug 2008 Posts: 21	Post Options Post Reply Quote rcameron Report Post Quote Reply Posted: 23 Jan 2010 at 12:52pm
	Jazza, I suggest that the best way to work through the bullscript and learn is to look at the various standard Bullcharts indicators of interest and it is relatively simple to pick up on what and how they are being calculated. Combining two standard indicators is relatively straight forward with Bullcharts, or it least it is after a bit of practise. Below I think I've combined the two indicators in the way that you had intended or at least it will give you a good idea of what needs to be done. Cheers Rod [description="Calculates the RSI of the Momentum indicator."] [target=Percent; category=Momentum;] [horzline=0,100] expr := expression("Expression"); n := input("Momentum periods",1,1); n2 := input("RSI periods",3,1); rsi((expr/hist(expr,n))*100,n2)

jazza Members Profile Send Private Message Find Members Posts Add to Buddy List Regular Joined: 10 Aug 2007 Posts: 33	Post Options Post Reply Quote jazza Report Post Quote Reply Posted: 25 Jan 2010 at 7:31am
	< ="-" ="text/; =utf-8">< name="ProgId" ="Word.">< name="Generator" ="Microsoft Word 12">< name="Originator" ="Microsoft Word 12"> Thanks Rod for your great prompt reply. I very much do appreciate the contributions from you and all the other talented script writers out there. (You know who you are)! That certainly does the trick. I have added a 70, 30 Horizon line and voila! Interesting to see the added dimension you get when you add these 2 indicators together and use different time frames. I was going to post a screen shot of the result but having trouble attaching. Using any of the icons or cut and paste does not seem to work. Lots of people are attaching screen shots to the forum. What’s the trick? Cheers for now, Jazza