Easy RSI (7)

The Relative Strength Index (RSI) was developed by Wells Wilder to measure the speed and change of price movements of an instrument. RSI oscillates between zero and 100. It is most commonly used to indicate temporary overbought or oversold conditions in a market. Wilder considered RSI values over 70 overbought and values below 30 oversold, but these values can be adjusted to suit particular needs and markets. For instance, 80 could be used as overbought line in a strong uptrend and 20 as oversold line in a strong downtrend.

Period used is 7. If you wish to customise the period, kindly check out the Easy Alerts+ app.

Easy Alerts+

https://play.google.com/store/apps/details?id=com.easy.alerts

EasyRSI provides a comprehensive dashboard that allows you to view the RSI value of multiple instruments across 6 timeframes (M5, M15, M30, H1, H4, D1) at one glance. This provides you with an understanding of the current oversold/overbought conditions of the forex market on the go.

Key Features

☆ Timely display of RSI values of over 60 instruments across 6 timeframes,

☆ Allows configuration of oversold/overbought condition that best suit your personal trading strategy,

☆ Timely push notification alert when oversold or overbought condition is hit

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Summary:

Easy RSI (7) is a technical analysis indicator that measures the strength of a trend by comparing the average of recent gains to the average of recent losses. It is a momentum indicator that can be used to identify overbought and oversold conditions.

Calculation:

Easy RSI (7) is calculated using the following formula:

```

Easy RSI (7) = 100 - (100 / (1 + (Average of Recent Gains / Average of Recent Losses)))

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The average of recent gains is calculated by summing the gains over the last 7 periods and dividing by 7. The average of recent losses is calculated by summing the losses over the last 7 periods and dividing by 7.

Interpretation:

Easy RSI (7) is interpreted as follows:

* Values above 70: The trend is strong and the market is considered overbought.

* Values below 30: The trend is weak and the market is considered oversold.

* Values between 30 and 70: The trend is neutral and the market is not considered overbought or oversold.

Trading Strategies:

Easy RSI (7) can be used to generate trading signals by identifying overbought and oversold conditions. Traders can use these signals to enter and exit trades.

* Buy signal: When Easy RSI (7) crosses above 30, it can be a signal to buy.

* Sell signal: When Easy RSI (7) crosses below 70, it can be a signal to sell.

Limitations:

Easy RSI (7) is a lagging indicator, which means that it can be slow to respond to changes in the market. It is also important to note that Easy RSI (7) is not a perfect indicator and it can sometimes generate false signals.

Overall:

Easy RSI (7) is a simple and easy-to-use technical analysis indicator that can be used to identify overbought and oversold conditions. It is a useful tool for traders who want to identify potential trading opportunities. However, it is important to note that Easy RSI (7) is not a perfect indicator and it should be used in conjunction with other technical analysis tools.