indicator · own pane · open source
Volume Weighted RSI
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About
Volume Weighted RSI applies the RSI formula to close × volume instead of close — emphasises bars that moved the most dollar volume in the RSI calculation.
- Same 30/70 thresholds as the classic RSI; the difference is which bars dominate the smoothing.
- Pair with plain RSI for a 'price-vs-volume-weighted momentum' divergence.
Source code
//@version=5
indicator("Volume Weighted RSI", overlay=false)
len = input.int(14, "RSI length", minval=2, maxval=200)
src = input.source("close", "Source")
vwr = ta.rsi(src * volume, len)
hline(70, "Overbought", color=color.red)
hline(30, "Oversold", color=color.green)
hline(50, "Midline", color=color.gray, linestyle=hline.style_dashed)
p_VWRSI = plot(vwr, "VWRSI", color=color.purple, linewidth=2)
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