Here is an article that explains well the characteristics of the indicator: Random Walk Index: https://www.technicalindicators.net/indicators-technical-analysis/168-rwi-random-walk-index and this is the original formula for the indicator, written by E. Michael Poulos: If someone could translate it into easylanguage.... Thank you very much.
Should I do your laundry and wash your car too? Seriously, this is complex enough that if you cannot do it yourself, you will not be able to debug it.
http://www.universal-cloud.com/tc4s-20191116--/141/tc4s-20191116-141733.html It does not appear to be free. http://www.universal-cloud.com/tc4s-20191116.html Trading Courses For Sale (TC4S)
Beware cracked code. Who knows if it works, for how long and whether there is anything else in the file you don't want?
I did a search over on TradeStation forum and found numerous topics with code and whatnot. Here is an image of one (think I would have formatted it as a line rather than dot myself):
Here's the formula: // Random Walk Index input:Len(14); Vars:RWIH(0), RWIL(0), ERW(0); ERW=AvgTrueRange(Len)*SquareRoot(Len); if ERW <> 0 then Begin RWIH = (High - Low[Len])/ERW; RWIL = (High[Len] - Low)/ERW; end; Plot1(RWIH , "HRWI") ; Plot2(RWIL , "LRWI") ; Plot3(1) ;
Here you can download the formulas for Metastock of the Random Walk Index, with an article written by E. Michael Poulos: https://www.mediafire.com/file/z3qp0tvjpmawmtv/Random_Walk_Index_for_Metastock.rar/file
Here is the Random Walk Index - overlaid on the Daily NQ and YM - set at the Input value. I added the Lines. NQ YM