RSI FOR AMIBROKER AFL

RSI FOR AMIBROKER AFL is a best indicator for buy or sell on a trading venue such as a stock market, bond market, commodity market, or financial derivative market. In technical analysis, a technical indicator is a mathematical calculation based on historic price, volume, or (in the case of futures contracts) open interest informationthat aims to forecast financial market direction. Technical indicators are fundamental part of technical analysis and are typically plotted as a chart pattern to try to predict the market trend. Indicators generally overlay on price chart data to indicate where the price is going, or whether the price is in an "overbought" condition or an "oversold" condition.
RSI technical indicators have been developed and new variants continue to be developed by traders with the aim of getting better results. RSI Indicators are often backtested on historic price and volume data to see how effective they would have been to predict future events.

HERE IS RSI FOR AMIBROKER AFL

_SECTION_BEGIN("RSI");

SetChartOptions(0,0,chartGrid30|chartGrid70);
RP = Param("RSI",14,2,20,1);
UL= Param("Upper Limit",70,0,100,1);
LL= Param("Lower Limit",30,0,100,1);
PlotGrid(UL,colorBlue);    
PlotGrid(LL,colorBlue); 
Plot(50, "",colorDarkBlue,styleDots+styleNoLine);
R= RSIa(C, RP);
Plot(R, "RSI",  colorBlue, styleLine);
Overbought=70;
Oversold=30;
Plot(Overbought,"Overbought Zone",colorRed);
Plot(Oversold,"Oversold Zone",colorGreen); 

PlotOHLC( R,R,50,R, "", IIf( R > 50, colorRed , colorGreen ), styleCloud | styleClipMinMax, LL, UL ); 


myRSI  = RSI( RP);
if (SelectedValue(myRSI)   < Oversold) Say(" Oversold Zone ");
if (SelectedValue(myRSI) >   Overbought) Say("Overbought Zone ");

_SECTION_END();

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How to use RSI FOR AMIBROKER AFL,

Download the RSI FOR AMIBROKER AFL .

Now copy the afl file and paste it to \Program Files\AmiBroker\Formulas\Custom.

Now go to formula section of Amibroker and you will get the afl in Custom folder.