The Slow Relative Strength Index is an adaptation of the classic RSI calculation, customized for use in higher timeframes. The slow RSI calculation compares the close price with an exponential moving average instead of the previous value. Of course, the overall concept remains the same, comparing recent up moves to the down moves on a scale from 0 to 100.
Indicator Description
The Slow RSI (SRSI) follows the same approach as the standard Relative Strength Indicator. You may analyze recent up moves / down moves on a scale from 0 to 100. However, the SRSI compares the last close with an EMA and you’ll generally use it with higher timeframes.
One may best use the Slow RSI together with a trend filter such as the Multiple MA Cross or the QQE momentum bias. You may also increase the probability of successful trades by “buying support and selling resistance”, validating setups with volume analysis. For additional information, please review the Relative Volume indicator, the Parabolic SAR, the Current Day Fibonacci Levels and the Moving Average Wave. You may also want to review our Indicator Spotlights on the Daily Pivot Levels, Fibonacci Retracement Lines, Heikin Ashi candles, Opening Range, Relative Volume / Relative Ranges and the TDI indicator.
Other library momentum oscillators
Other than the SRSI, our standard momentum oscillators category feature a number of other entries, such as the Awesome Oscillator, LBR 3/10, Stochastic Momentum Index, Fast Stochastics and a new and improved version of the RSI. The NinjaTrader Indicators Library also has a category for advanced oscillators, with among others the Laguerre RSI, Rainbow Oscillator and the SVE Stochastics ITF. These tools build on the same concept as the standard momentum oscillators, but with a higher degree of sophistication. In general, they allow for added value approaches, utilizing a set of more complex algorithms.
The TDI indicator was reviewed in the Indicator Spotlight newsletter. The Ichimoku Kinko Hyo, also discussed in our Indicator Spotlight, has certain similarities with the MACD and the Donchian Channel mid line.
The Slow RSI indicator is available for NinjaTrader 8.