Please take a look at the advanced AllAbsoluteStrength_v2 indicator which uses AllAverage_v3.1.
This indicator can be considered as an alternative to the well known RSI, Stochastic and DMI, as far as their methods of calculation based on Buyers and Sellers strengths. Despite of the enumerated indicators, the calculation is performed in points, not in a percentage. It gives a possibility to appreciate finer-grained market strengths and avoid such sufficient disadvantages as "stuck" in the strong trend for Stochastic.
In the given version of the indicator there is a possibility to build levels of Strength (Strength Level) and Weakness (Weakness Level) using three ways:
- OverBought/OverSold levels (OverBought/OverSold),as in the RSI and Stochastic, regulated by StrengthLevel and WeaknessLevel parameters (for example, 80 and 20).
- The channel of the standard deviations regulated by LookBackPeriod parameters and coefficients for the upper (UpperMultiplier) and lower (LowerMultiplier) bound of the channel.
- High/Low Channel drawn on the principle of the price channel is regulated by the LookBackPeriod, StrengthLevel and WeaknessLevel parameters.
2013.04.22 - version v2.1: 1 minor bug fixed.