Description
The Relative Strength Index (RSI) is an oscillator that rates the strength of a security on a scale from 0 to 100, comparing magnitudes of its recent gains and losses. By default, the Wilder's moving average is used in the calculation of RSI, however, you are free to select a different type of average in the input parameters.
RSI is widely used as an overbought/oversold indicator, with default values of 30 for the oversold level and 70 for the overbought. These values can be adjusted in the input parameters. Actual indication of RSI crossovers with the overbought/oversold levels can be enabled by setting the show breakout signals parameter value to yes.
Input Parameters
| Parameter | Description |
|---|---|
length
|
The number of bars used to calculate the RSI. |
over bought
|
Defines the overbought level. |
over sold
|
Defines the oversold level. |
price
|
The price used to calculate the RSI. |
|
|
The type of moving average to be used in calculations: simple, exponential, weighted, Wilder's, or Hull. |
show breakout signals
|
Controls indication of RSI crossovers above and below the overbought/oversold levels. |
Plots
| Plot | Description |
|---|---|
RSI
|
RSI The Relative Strength Index. |
OverSold
|
The oversold level. |
OverBought
|
The overbought level. |
UpSignal
|
If enabled, displays an up arrow every time the RSI crosses above the oversold level. |
DownSignal
|
If enabled, displays a down arrow every time the RSI crosses below the overbought level. |
Example*
*For illustrative purposes only. Not a recommendation of a specific security or investment strategy.
Past performance is no guarantee of future performance.