This indicator shows a band of EMAs of the RSI(14). The timeframe for the indicator here is hourly on a 10m chart, a shorter timeframe will produce a choppier band of averages that will resemble the actual RSI at this timeframe more closely.
The averages are coloured according to whether they are higher or lower than the preceding value for that moving average.
The blue RSI line travelling OUTSIDE the band of averages will tend to show higher price momentum, while rejection of an entry/exit into the band can be a strong signal of continuation/reversal as appropriate.
Happy Trading :)
The averages are coloured according to whether they are higher or lower than the preceding value for that moving average.
The blue RSI line travelling OUTSIDE the band of averages will tend to show higher price momentum, while rejection of an entry/exit into the band can be a strong signal of continuation/reversal as appropriate.
Happy Trading :)