This is the new-age indicator which is version of RSI calculated upon the Rate-of-change indicator. The name "Relative Strength Index" is slightly misleading as the RSI does not compare the relative strength of two securities, but rather the internal strength of a single security. A more appropriate name might be "Internal Strength Index." Relative strength charts that compare two market indices, which are often referred to as Comparative Relative Strength. And in its turn, the Rate-of-Change ("ROC") indicator displays the difference between the current price and the price x-time periods ago. The difference can be displayed in either points or as a percentage. The Momentum indicator displays the same information, but expresses it as a ratio.
@HPotter, Can you please explain, ROCLength input 20 means difference between this day close price and the close price of the day 20 periods ago? and RSI length input 20 means RSI for 20 such ROCs?
mricciardi77
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@cristian.d, It's not. That's a straight 2 period ROC. Its in the indicators included in the standard package with Trading View.