Random Walk Index?

I’m looking for the Random Walk Index for MT4.

The original formula developed by Mike Poulos used 4 indicators- a short-term period of 1 to 8 bars of the highs and lows, and a long-term indicator of 8 to 64 bars of the highs and lows. Any help appreciated, I do not have the knowhow for MT4 coding. Included is a link to a basic description of the indicator, but please be aware the formula for the long-term calculation at the bottom of the page is incorrect.

Link; http://trader.online.pl/MSZ/e-w-Random_Walk_Index_II.html

Thanks in advance

Can U write all orginal (correct) formula?

Or mabye U have a link to it? If so, i think I can help U with that indicator.


Thanks for responding.

As noted in my first post, here’s a link to the formula:


but the code for the second part of the indicator is incorrect.

The RWI is a 2-part indicator, and each part has a high RWI and a low RWI.

The short RWI includes the high and low and uses 1 to 8 periods.

The long RWI includes the high and low and uses 8 to 64 periods.

You’ll see in the lower part of the link that the code does not reflect this.

It’s not a hard indicator to code, but it’s very long.

I used to have the code for Metastock, but it’s long gone.

I looked all over the web for a MetaStock or Tradestation formula but haven’t been able to find one.

Any help appreciated, thanks again.

Random Walk Index

This thread is pretty old and I’m not a coder but I was wondering if anyone would happen to have this indicator stashed away anywhere. There is another thread out there started by raff1410 but the indicator is unfortunately not quite the standard indicator. Raff took the general concept and made a channel-type of system out of it.

It is basically a dynamic ADX that registers inefficiencies in a fixed look-back period by using the average true range as a dyamic telltale for random vs. continuous (predictable) events.

For a visual explaination and technique please refer to here on page 286:

Technical Analysis from A to Z … - Google Book Search

This is the formula from the following website:

Random Walk Index - MetaStock / Oscillators, indicators, systems for Metastock, Tradestation, Amibroker, Wealth-Lab and Metatrader - forex, futures, stock,commodities.

Random Walk Index

Max((Ref(HIGH,-1) - LOW) / ((Ref(Sum(ATR(1),2),-1) / 2) * Sqrt(2)),

Max((Ref(HIGH,-2) - LOW) / ((Ref(Sum(ATR(1),3),-1) / 3) * Sqrt(3)),

Max((Ref(HIGH,-3) - LOW) / ((Ref(Sum(ATR(1),4),-1) / 4) * Sqrt(4)),

Max((Ref(HIGH,-4) - LOW) / ((Ref(Sum(ATR(1),5),-1) / 5) * Sqrt(5)),

Max((Ref(HIGH,-5) - LOW) / ((Ref(Sum(ATR(1),6),-1) / 6) * Sqrt(6)),

Max((Ref(HIGH,-6) - LOW) / ((Ref(Sum(ATR(1),7),-1) / 7) * Sqrt(7)),

Max((Ref(HIGH,-7) - LOW) / ((Ref(Sum(ATR(1),8),-1) / 8) * Sqrt(8)),

(Ref(HIGH,-8) - LOW) / ((Ref(Sum(ATR(1),9),-1) / 9) * Sqrt(9)) )) )) )) )

And here is another visual example but the explaination and settings here are not the best:

Investor/RT Tour - Random Walk Index

It seems relatively simple to put together; if any coders have a few minutes to spare the uses are endless and it would be a good add-on to any system. I can help with some explainations if anyone is interested.


I have this one with the following text inside the code:

From MetaStock Indicator: Random Walk Index by E. Michael Poulos | //| Ramdass

Thanks for sharing and helping