ZLEMA RSI [scimitar25]

Zero-Lag Exponential Moving Average RSI

Disclaimer
The following indicator should not be used as any investing or trading advice and is for educational purposes only.

Description
The Zero-Lag Exponential Moving Average RSI (ZLEMA RSI) is a trend following indicator that combines the lag-reducing ZLEMA with an RSI to create an oscillator.

Indicator Information
ZLEMA RSI is calculated in three steps.

1. Calculate lag period

lag = math.floor((length - 1) / 2)

2. Calculate EMA to form our Zero-Lag EMA

zlema = ta.ema(src + (src - src[lag]), length = length)

3. Finishing off our calculations we apply our RSI.

rsi = ta.rsi(zlema, length = rsiLength)

Display Options

mode = input.string(defval = "Base", title = "Display Mode Options", options = ["Base", "TPI"])

The indicator features a display options Base and TPI. Base is the default option and displays the oscillator value. TPI mode displays the source data with the color indicator up or down trend. This mode is easier for determining time-coherency for your TPIs.

Cheers,

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