Nat2525 wrote: Mon Oct 19, 2020 3:33 am
I have never seen RSI pivot points indicator before. How do you use it? Is it better than regular pivot points? Thank you.
It's different to regular Pivot Points. This indicator basically draws the Daily RSI indicator's levels (5 period) onto your chart and displays them in
Pivot Point style.
Can they act as support and resistance? Not really, except when price hits the "70" levels on your chart you can look at that as a signal to sell soon. And if price is at this indicator's "30" pivot area, you can look to buy.
As the "50" line on the RSI is considered the median, if price is under the "50" pivot area, it's a bear market and if price is hovering above the "50" pivot area of this indicator, it's a bullish market. In theory, that's what it's meant to do. And it uses the Daily chart's RSI levels as the pivots, so there is some good to it.
TLDR: Basically a display of the Daily chart's RSI levels, but in Pivot Point form on your main chart
