Self-Adjusting RSI

[IngoPan]

The Self-Adjusting RSI presents a technique to adjust the traditional RSI overbought and oversold thresholds so as to ensure that 70-80% of RSI values lie between the two thresholds.
The indicator has three parameters:
RSI period (an integer)
Sma period (an integer), and
c (constant multiplier



Formula Code:$c := param3;
$n := param1;
$m := param2;
myRSI := rsindex(data1, $n);
plot1 := 50+$c*average(abs(myRSI-average(myRSI,$n)),$m);
plot2 := 50-$c*average(abs(myRSI-average(myRSI,$n)),$m);