Breakout RSI oscillator is based on the article "The Breakout Relative Strength Index" by Howard Wang in the magazine "Technical Analysis of Stocks & Commodities" (September 2015).

The indicator has three input parameters:

  • Period - calculation period
  • Overbought - overbought level
  • Oversold - oversold level

Calculation:

BRSI = 100.0 - 100.0 / (1.0+AvgP/AvgN)

where:

AvgP - SMA(P,Period)
AvgN - SMA(N,Period)

  • If BPower > PrevBPower
    P = Abs(BPower)

  • otherwise
    P = 0

  • If BPower < PrevBPower
    N = Abs(BPower)

  • otherwise
    N = 0

BPower = BPrice * BStrength * BVolume
BPrice = (PrevOpen+Max+Min+Close)/4.0
BStrength = (Close-PevOpen)/(Max-Min)
BVolume = Volume + PrevVolume
Max = Max(High,PrevHigh)
Min = Min(Low, PrevLow)