Ishaan is the Sanskrit name for the Sun, and it is a price-based oscillator designed to shine brightly during strong trends. We propose ISHAAN (Internal Strength Health Adaptive Assessment Number) as a replacement for the Relative Strength Index. ISHAAN can be visualized as a fully adaptive Chande Momentum Oscillator, where the span and lookback period adapt to market volatility via stochastic average true range (ATR) or standard deviation.
Usage
The indicator is unaware of the chart structure (a new high or low, band breakout etc.) and is strictly evaluating internal price momentum. So, it can be used a confirmation of price breakouts.
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