RSI Strategy

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strRSI.efs  EFSLibrary - Discussion Board
  

File Name: strRSI.efs


Description:
RSI Strategy


Formula Parameters:
nLength : 5
Overbought : 70
Oversold : 30

Notes:
The RSI is a very popular indicator that follows price activity.
It calculates an average of the positive net changes, and an average
of the negative net changes in the most recent bars, and it determines
the ratio between these averages. The result is expressed as a number
between 0 and 100. Commonly it is said that if the RSI has a low value,
for example 30 or under, the symbol is oversold. And if the RSI has a
high value, 70 for example, the symbol is overbought.

Download File:
strRSI.efs




EFS Code:






/*********************************Provided By:      eSignal (Copyright c eSignal), a division of Interactive Data     Corporation. 2009. All rights reserved. This sample eSignal     Formula Script (EFS) is for educational purposes only and may be     modified and saved under a new file name.  eSignal is not responsible    for the functionality once modified.  eSignal reserves the right     to modify and overwrite this EFS file with each new release.Description:            RSI Strategy    Version:            1.0  05/12/2009    Formula Parameters:                     Default:    nLength                             5    Overbought                          70    Oversold                            30Notes:    The RSI is a very popular indicator that follows price activity.     It calculates an average of the positive net changes, and an average     of the negative net changes in the most recent bars, and it determines     the ratio between these averages. The result is expressed as a number     between 0 and 100. Commonly it is said that if the RSI has a low value,     for example 30 or under, the symbol is oversold. And if the RSI has a     high value, 70 for example, the symbol is overbought. **********************************/var fpArray = new Array();var bInit = false;function preMain() {    setPriceStudy(true);    setColorPriceBars(true);    setStudyTitle("RSI Strategy");    setDefaultPriceBarColor(Color.black);    var x = 0;    fpArray[x] = new FunctionParameter("nLength", FunctionParameter.NUMBER);    with(fpArray[x++]) {        setLowerLimit(1);        setDefault(12);    }        fpArray[x] = new FunctionParameter("Oversold", FunctionParameter.NUMBER);    with(fpArray[x++]) {        setLowerLimit(1);        setDefault(30);    }        fpArray[x] = new FunctionParameter("Overbought", FunctionParameter.NUMBER);    with(fpArray[x++]) {        setLowerLimit(1);        setDefault(70);    }        }var xRSI = null;function main(nLength, Oversold, Overbought) {var nBarState = getBarState();var nRSI = 0;    if (nBarState == BARSTATE_ALLBARS) {        if (nLength == null) nLength = 12;        if (Overbought == null)  Overbought = 70;        if (Oversold == null) Oversold = 30;    }        if (bInit == false) {        xRSI = rsi(nLength);        bInit = true;	}    if(getCurrentBarIndex() == 0) return;	nRSI = xRSI.getValue(0);	if(nRSI == null) return;	if(nRSI > Overbought && !Strategy.isLong()) 		Strategy.doLong("Long", Strategy.MARKET, Strategy.NEXTBAR);	if(nRSI < Oversold && !Strategy.isShort()) 		Strategy.doShort("Short", Strategy.MARKET, Strategy.NEXTBAR);	if(Strategy.isLong())		setPriceBarColor(Color.lime);	else if(Strategy.isShort())        setPriceBarColor(Color.red);	return;}