Relative Strength Index (RSI) was developed and introduced in his book 'New Concepts In Technical Trading Systems'.
It is one of the most popular technical tools around.
Relative strength Index (RSI) is measured on a scale from 0 -100 with a reading above 70 being overbought and a reading below 30 being oversold. Originally he recommended a 14 period as the setting but I prefer 13. RSI set at 13 on set up What am I trying to achieve with these indictors?
I am using the indictors as overbought and oversold indictors.
Not only that, I want them to be at the absolute maximum of their
overbought or oversold range.
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