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RSI indicator(s) - cTrader

#1
The Relative Strength Index (RSI) is often used in conjunction with Trend Lines, as trend line Support or Resistance often coincides with support or resistance levels in the RSI reading.

Developed by Welles Wilder, Jr. is a Momentum oscillator that measures the speed and change of Price movements. Essentially the RSI, when graphed, provides a visual mean to monitor both the current, as well as historical, strength and weakness of a particular market.

The Strength or Weakness is based on closing prices over the duration of a specified trading period creating a reliable metric of Price and Momentum changes. Given the popularity of cash settled instruments (Stock Indexes) and Leveraged Financial products (the entire field of derivatives) ; RSI has proven to be a viable indicator of price movements.

The RSI is a fairly simple formula, but is difficult to explain without pages of examples. Refer to Wilder's book for additional calculation information.

The basic formula is :
RSI = 100 – [100 / ( 1 + (Average of Upward Price Change / Average of Downward Price Change ) ) ]

The default look-back period for RSI is 14, but this can be lowered to increase sensitivity or raised to decrease sensitivity. 10-day RSI is more likely to reach overbought or oversold levels than 20-day RSI. The look-back parameters also depend on a security's volatility. 14-day RSI for internet retailer Amazon (AMZN) is more likely to become overbought or oversold than 14-day RSI for Duke Energy (DUK), a utility.

RSI_Overbought or Oversold.jpg
RSI_Overbought or Oversold.jpg (60.4 KiB) Viewed 849 times

RSI is considered Overbought when above 70 and Oversold when below 30. These traditional levels can also be adjusted to better fit the security or analytical requirements. Raising overbought to 80 or lowering oversold to 20 will reduce the number of overbought/oversold readings. Short-term traders sometimes use 2-period RSI to look for overbought readings above 80 and oversold readings below 20.

RSI also often forms chart patterns that may not show on the underlying price chart, such as Double tops and bottoms and trend lines. Also, look for Support or Resistance on the RSI.

In an Uptrend or Bull market, the RSI tends to remain in the 40 to 90 range with the 40-50 zone acting as Support.
During a Downtrend or Bear market the RSI tends to stay between the 10 to 60 range with the 50-60 zone acting as Resistance. These ranges will vary depending on the RSI settings and the strength of the security’s or market’s underlying trend.

However being Overbought or Oversold 'does not mean' that the Price will 'not move' further Up or Down the Market needs some time to correct itself. Similarly it also does not mean that you must enter a trade when the market is in either one of the extreme levels.

According to Wilder, Divergences signal a potential reversal point because directional momentum does not confirm price.
- A bullish divergence occurs when the underlying security makes a lower low and RSI forms a higher low. RSI does not confirm the lower low and this shows strengthening momentum.
- A bearish divergence forms when the security records a higher high and RSI forms a lower high. RSI does not confirm the new high and this shows weakening momentum.

RSI - Bullish.jpg
RSI - Bullish.jpg (115.35 KiB) Viewed 849 times

Bullish signals

During a downtrend, there are two ways RSI signals a potential bullish price reversal upward to the upside.

1. Bullish oversold signal (trend reversal)
A bullish oversold signal occurs when the RSI falls to an oversold level (30% or less), and then rises back above it, generating a signal that bullish sentiment may be gaining momentum.
2. Bullish trend alert (trend confirmation)
A bullish trend alert occurs when the RSI rises from below to above the neutral 50% level. This is more useful when using an RSI time period of 14 days or more than when using less than 14 days.
3. Bullish divergence signal (trend reversal)
A bullish RSI divergence occurs when RSI makes a higher low while price makes a lower low. The more times this occurs the more bullish the signal is believed to be. At times this lack of downside confirmation by RSI can signal that downside momentum is waning. The advantage offered to traders by this type of analysis is that it cannot be seen simply by looking at price action alone.

RSI - Bearish.jpg
RSI - Bearish.jpg (121.83 KiB) Viewed 849 times

Bearish signals

During an uptrend, there are two ways RSI signals a potential bearish price reversal upward.

1. Bearish overbought signal (trend reversal)
A bearish overbought signal occurs when the RSI rises to an overbought level (70% or more), and then declines below it, generating a signal that bearish sentiment may be gaining momentum.
2. Bearish trend alert (trend confirmation)
A bearish trend alert occurs when the RSI drops from above to below the neutral 50% level. This is more useful when using an RSI time period of 14 days or more than when using less than 14 days.
3. Bearish divergence signal: trend reversal
A bearish RSI divergence occurs when RSI makes a lower high while price makes a higher high. The more times this occurs the more bearish the signal is believed to be. At times this lack of upside confirmation by RSI can signal that upside momentum is waning. The advantage offered to traders by this type of analysis is that it cannot be seen simply by looking at price action alone.


The Relative Strength Index (RSI) can be useful in a variety of different ways. It can be used to confirm a New trend (with a move from below 50% to above 50%, or vice versa), to suggest when a given move may be getting Overbought (above 70%) or Oversold (below 30%) and also when a potential price reversal may be possible (bullish divergence or bearish divergence).
Always looking the GREAT, never left GOOD Point...


Re: RSI indicator(s) - cTrader

#3
RSI (Typical Price, Weighted Close, Median)


This is a Simple RSI for Typical Price (OHC/3), Weighted Close (OHCC/4), Median (OH/2)
Included 2 Levels ( as Default ) -- 20% and 80%


NOTE :
Can Add the 'Other Levels' in Levels ie. 30 ; 40 and 60 ; 70 etc.
Attachments
liskoRSI.png
liskoRSI - Add Other Levels.png
liskoRSI.zip
(7.4 KiB) Downloaded 32 times
Always looking the GREAT, never left GOOD Point...

Re: RSI indicator(s) - cTrader

#4
MTF RSI


This is a Simple RSI oscillator for Multi Time Frime (MTF)

Parameter :

Multi Time Frime :
M1 ------ Time Frime = 1
M5 ------ Time Frime = 5
M15 ---- Time Frime = 15
M30 ---- Time Frime = 30
H1 ------ Time Frime = 60
H4 ------ Time Frime = 240
D1 ------ Time Frime = 1440
W1 ----- Time Frime = 10080
MN1 --- Time Frime = 43200

Applied Price :
PRICE_CLOSE --------- 0 Close price.
PRICE_OPEN ---------- 1 Open price.
PRICE_HIGH ----------- 2 High price.
PRICE_LOW ----------- 3 Low price.
PRICE_MEDIAN ------- 4 Median price, (high+low)/2.
PRICE_TYPICAL ------- 5 Typical price, (high+low+close)/3.
PRICE_WEIGHTED --- 6 Weighted Close price, (high+low+close+close)/4.

Included 2 Levels (as Default) -- 30% and 70% & can Add the 'Other Levels' in Levels ie. 20 ; 40 and 60 ; 80 etc.


NOTE :
You must use the Numeric Value of Multi Time Frime (MTF) your choices & Applied Price that you want to use when you set the 'Applied_price' value with the indicator inputs.
Attachments
MTF RSI.png
MTF RSI.zip
(26.42 KiB) Downloaded 19 times
Always looking the GREAT, never left GOOD Point...

Re: RSI indicator(s) - cTrader

#5
RSI Histogram_mtf


This is Dual RSI + Histogram with Colors indicator allows you to set 4 colors for both positive and negative values of the Histogram. And MTF (Multi Time Frimes)

Parameter :

Multi Time Frime :
M1 ------ Time Frime = 1
M5 ------ Time Frime = 5
M15 ---- Time Frime = 15
M30 ---- Time Frime = 30
H1 ------ Time Frime = 60
H4 ------ Time Frime = 240
D1 ------ Time Frime = 1440
W1 ----- Time Frime = 10080
MN1 --- Time Frime = 43200

RSI 01 ----- period for the 1st RSI
RSI 02 ----- period for the 2nd RSI

Applied Price :
PRICE_CLOSE --------- 0 Close price.
PRICE_OPEN ---------- 1 Open price.
PRICE_HIGH ----------- 2 High price.
PRICE_LOW ----------- 3 Low price.
PRICE_MEDIAN ------- 4 Median price, (high+low)/2.
PRICE_TYPICAL ------- 5 Typical price, (high+low+close)/3.
PRICE_WEIGHTED --- 6 Weighted Close price, (high+low+close+close)/4.


NOTE :
You must use the Numeric Value of Multi Time Frime (MTF) your choices & Applied Price that you want to use when you set the 'Applied_price' value with the indicator inputs.
Attachments
RSI_mtf.png
RSI_mtf.zip
(26.02 KiB) Downloaded 32 times
Always looking the GREAT, never left GOOD Point...


Re: RSI indicator(s) - cTrader

#7
eXclusive_MTF_RSI


Here a Custom RSI (Relative Strength Index) built in Automatic Time Frame Recognition ensures that you don't have to struggle with the reading of unnecessary information in the RSI indicator Window. When you change the Time Frame of your chart, the indicator will automatically adjust the displayed RSI values, and values from Lower Time Frames than your Current Chart won't be displayed and Calculated anymore therefore the Program is using less Computing resources.


Parameter :

RSI Period : Set the period for the RSI calculation as usual.

RSI Price : Set the Price constant for the RSI Calculation as usual :

0 = Close price.
1 = Open price.
2 = High price.
3 = Low price.
4 = Median price, (high+low)/2.
5 = Typical price, (high+low+close)/3.
6 = Weighted close price, (high+low+close+close)/4

Time Frames (TF) :

Set the Time Frime for On / Off each the RSI Time Frimes :

M1 - 1 Minute
M5 - 5 Minutes
M15 - 15 Minutes
M30 - 30 Minutes
H1 - 1 Hour
H4 - 4 Hours
D1 - Daily
W1 - Weekly

And can Change more Colors for Time Frime + Add more the 'Other Levels' in Levels setting.
Attachments
eXclusive_MTF_RSI.png
eXclusive_MTF_RSI.zip
(30.22 KiB) Downloaded 25 times
Always looking the GREAT, never left GOOD Point...

Re: RSI indicator(s) - cTrader

#8
RSI TC_New + Alert


This is a RSI TC_New + Alert based on a Combined RSI and BB Squeeze indicator (based on the Difference between Bollinger Bands (Mobile Average shifted according to the Standard Deviation) and the Bands of the Keltner Channel (Moving Average offset based on a multiple of the Average True Range))


Parameter :

RSI Period
Bull Level
Bear Level
Alert


Trading Strategy with RSI TC_New + Alert :

* Buy signal : Bullish market
. The line-TC + RSI crosses down the oversold level and then passes again on the rise this level - Trend bullish
. The Line + RSI-TC breaks Upward the 50 level - Bullish trend
. Divergence Bullish : the price is down (again above lower) and the indicator RSI-TC + up (new higher low). A correction to the price increase is expected - Trend bullish

* Sell signal : Bearish market
. The line-TC + RSI crosses upwards the overbought level and then passes back to lower that level - Trend bearish
. The Line-TC + RSI crosses Down the 50 level - Bearish trend
. Divergence Bearish : the price is rising (higher lows) and TC + RSI-indicator down (above down). A downward correction of prices is expected - Trend bearish
Attachments
RSI TC_New + Alert.png
RSI TC_New + Alert.zip
(64.82 KiB) Downloaded 31 times
Always looking the GREAT, never left GOOD Point...


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