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The Self-Adjusting RSI indicator was developed by David Sepiashvili. It describes two techniques to adjust the oversold and overbought levels of the relative strength index indicator. It will create dynamic overbought/oversold zones that aim to improve your strategies performance by reducing false signals that may be generated when using the classic overbought/oversold RSI levels. Another advantage of these dynamic zones is that it will allow you to use the RSI trading indicator in multiple market conditions and in multiframe analysis.
The indicator implements both methods/techniques. You can specify which method to use by setting the proper value of the first parameter of the function.
Function parameters:
Method: Set 1 to use the method based on the standard deviation. Otherwise, the method that is based on the simple moving average will be used.
High/Low: Set 1 to return the overbought level. Otherwise, the oversold level will be returned.
Period: The number of periods used to calculate the RSI indicator as well as the other indicators (standard deviation or moving average)
Constant: A constant value used to multiply the standard deviation or the moving average (based on the calculation method specified in the first parameter)
Trading System Example:
buy = cross(rsi(14), SelfRsi(1, 0, 14, 2));
=> Enter a long position when the RSI crosses above the dynamic oversold line created by the self-adjusting RSI indicator.
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
