As described in the May 2018 edition of Technical Analysis of Stocks & Commodities by John F. Ehlers. This indicators is an enhancement to the traditional RSI for detecting cyclical reverses.
This indicator has two settings:
RSILength – This needs to be half the dominant cycle period. For example, if applying to stocks or stock indexes, the cycle period would be monthly (20 Bars on a daily chart) so you would set this variable to 10.
Smooth – The smoothing parameter of the indicator to control volatile swings. This should be set to no more than the value of RSILength.
How to use this indicator in practice:
If the indicator spikes below -2, this shows a high probability of a bullish reversal and is therefore a buy signal.
If the indicator spikes above 2, this shows a high probability of a bearish reversal and is therefore a sell signal.
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