Breakout RSI oscillator is based on the article “The Breakout Relative Strength Index” by Howard Wang in the magazine “Technical Analysis of Stocks & Commodities” (September 2015).
The indicator has three input parameters:
- Period – calculation period
- Overbought – overbought level
- Oversold – oversold level
Calculation:
BRSI = 100.0 - 100.0 / (1.0+AvgP/AvgN)
where:
AvgP – SMA(P,Period)
AvgN – SMA(N,Period)
- If BPower > PrevBPower
P = Abs(BPower)
- otherwise
P = 0
- If BPower < PrevBPower
N = Abs(BPower)
- otherwise
N = 0
BPower = BPrice * BStrength * BVolume
BPrice = (PrevOpen+Max+Min+Close)/4.0
BStrength = (Close-PevOpen)/(Max-Min)
BVolume = Volume + PrevVolume
Max = Max(High,PrevHigh)
Min = Min(Low, PrevLow)
Similar MetaTrader Trading Tools:
