Felixmn

Long RSI

The RSI is a technical indicator generally used with the general setting being 14 days, and often shorter.

The accepted view is that a level of 70 indicates overbought conditions, and 30 indicates oversold conditions.

A short RSI setting will give signals quite often, and they might sometimes contradict each other.

As a individual investor, perhaps with a background in fundamental analysis , the RSI might be overlooked for other fundamental metrics.

But the idea here is that longer RSI settings can be used for investing.

The problem that arises is how to know when the indicator has reached a level that is either overbought or oversold.

This script solves that by using a specific look back period (selectable, but the standard is 1 year), and plotting the highest/lowest value that the RSI has had for that time period.

The idea is that a buy signal occurs when the indicator is at a 'historic' low, and a sell signal occurs when it at its 'historic' high.

Since you generally want to buy when the indicator is at its low, and has stopped decreasing, the script comes with a function that shows you when yesterdays value reached a historic low, but todays value is higher than yesterday.

This is shown by a color change of the background to green. The same is true, but opposite, for sell signals and then the background turns red.


THIS IS NOT TRADING ADVICE, AND YOU SHOULD ALWAYS DO YOUR OWN RESEARCH

GOOD LUCK AND HAPPY TRADING
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ความคิดเห็น

I have to say I really like the historic low and high marks, it's way better than regular RSI. It makes sense to me most importantly (as a beginner). Thank you for sharing this RSI indicator.
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Felixmn Pokemontcg68
@Pokemontcg68, Thank you!

I thought the high/low mark would be relevant to use when using longer RSI settings. Nice to hear that you think so too!

If you have any questions or any script ideas, just let me now!
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This is working great!!!
Thanks for shared it, I have been a strong follower of you now!
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Felixmn energetic_live
@energetic_live, Nice that you like it!
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