The MyRSIWithNET study is a technical indicator that employs Kendall correlation to remove nonlinear noise. Two main plots are calculated: MyRSI and NET. Each plot can be used as a confirmation of the other. NET stands for noise eliminating technology.
MyRSI is a modified Relative Strength Index, similar to what is used in RocketRSI. It is calculated as the ratio of the sum of recent one-bar close price differences to the sum of absolute values of these differences.
NET is calculated as Kendall correlation of MyRSI. The NET plot is less noisy than MyRSI, however, usage of additional filters may be beneficial.
||The number of bars to calculate the modified RSI with.|
||The number of bars to calculate the Kendal correlation with.|
||The modified RSI plot.|
||The Kendall correlation of MyRSI.|
||The zero level.|