OPEN-SOURCE SCRIPT
Z-Score Adaptive Connors RSI
Z-Score Adaptive Connors RSI blends the classic three-component Connors RSI (RSI, Up/Down streak RSI, and Percentile Rank of 1-bar ROC) with a dynamic z-score filter that distinguishes trending vs. mean-reverting market regimes.
When the indicator detects an extreme deviation (|z-score| > threshold), it switches to “trending” mode and tightens entry thresholds for capturing momentum. When markets are in a more neutral regime, it reverts to wider thresholds, hunting for overbought/oversold reversals.
Key Features
Inputs & Parameters
Connors RSI Settings
Z-Score Filter
Entry Thresholds
When the indicator detects an extreme deviation (|z-score| > threshold), it switches to “trending” mode and tightens entry thresholds for capturing momentum. When markets are in a more neutral regime, it reverts to wider thresholds, hunting for overbought/oversold reversals.
Key Features
- Connors RSI Core: Combines price momentum, streak measurements, and velocity for a robust baseline oscillator.
- Z-Score Regime Filter: Computes the z-score of the Connors RSI over a lookback window to adapt your trading style to trending vs. reverting environments.
- Dynamic Thresholds: Separate user-configurable thresholds for trending (“tight” entries) and mean-reverting (“wide” entries) scenarios.
Inputs & Parameters
Connors RSI Settings
- RSI Source: Price series for RSI calculation (default: Close)
- RSI Length: Period for price‐change RSI (default: 24)
- Up/Down Length: Period for streak RSI (default: 20)
- ROC Length: Period for percentile‐rank of 1-bar return (default: 75)
Z-Score Filter
- Lookback: Number of bars to compute mean and standard deviation of Connors RSI (default: 14)
- Threshold: Minimum |z-score| to enter “trending” mode (default: 1.5)
Entry Thresholds
- Trending Long/Short: Upper and lower RSI Thresholds when trending
- Reverting Long/Short: Upper and lower RSI Thresholds when reverting
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.