Oscillating indicator RSI Rendiment is a logarithmic RSI.
It has six adjustable parameters:
- RSI period – RSI calculation period
- Normalized – use normalizing (Yes/No)
- Normalization range – range of normalization
- Rendiment X – logarithm multiplier
- Overbought – overbought level
- Oversold – oversold level
Calculations:
RRSI = (RSI + Rendiment) / 2.0
where:
Rendiment = Rendiment X * LOG(Close/CloseRange)
Close = current Close price
CloseRange = Close price Normalization range bars ago
LOG – natural logarithm
Normalization reduces the calculated data of Rendiment to the RSI oscillator range:
NormRendiment = ((Rendiment – Min) / (Max – Min)) * 100.0
Max, Min – maximum and minimum values of Rendiment within the Normalization range
Fig. 1. Normalized RSI Rendiment
Fig. 2. Non-nomalized RSI Rendiment
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