RSI

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.

average type

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.

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