Two friends of mine directed me in this direction : it turned out that we do not have a Constance Browns
composite index indicator coded .... yet
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A quote from Constance Brown regarding composite index :
Quote:
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The Composite Index was developed to solve the divergence failure problem in the RSI, but its ability to provide specific horizontal levels of support within the indicator adds to its value. The Composite Index takes the normalized formula of RSI and removes the normalization range restrictions. In Figure 5.7, the divergence to RSI in the Composite Index is seen at points N and P. The formula for the Composite Index uses an embedded momentum calculation with a short-term RSI smoothed.
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So here it is.
Formula used is the one that comes in the "
Breakthroughs in Technical Analysis : New Thinking from Worlds Top Minds" chapter dedicated to Constance Brown (formula can be found at page 81 of that book)