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Default period: 3
In the MP RSI indicator, two lines are plotted below the chart.
The Relative Strength Index (RSI) is one of the most popular momentum indicators.
A rising MP RSI indicator is considered bullish and a falling MP RSI indicator is considered bearish.
The MP RSI above 70 is considered to be an overbought condition, while the MP RSI below 30 is considered to be an oversold condition.
The indicator table value in TradePoint & RZone also provides you with a list of all values of this indicator for any group of stocks. This will allow you to compare the readings of this indicator across different stocks.
This indicator is also available in the System Builder on RZone & TradePoint for all charting methods. Using the system builder, you can develop various strategies based on the different conditions already present in this indicator. Additionally, it can be used with other indicators or price patterns to develop effective trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.
The indicator is applicable to all types of charting. It is calculated based on the number of columns on P&F charts, bricks on Renko charts, lines on Line-break charts, candles on Heikin-Ashi charts, and lines on Kagi charts. While the formula and reading of the indicators remain the same, they become more dynamic on these charts.