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The RSI-sum indicator is a variation of the RSI indicator with a few modifications to the formula. It removes the smoothness of the indicator which makes RSI-sum an aggressive indicator. There are advantages and disadvantages of this indicator.
All readings and analysis applicable to RSI indicator is applicable to RSI-Sum indicator too.
This indicator can be used along with the RSI indicator as well. When both are bullish, the trend is strong.
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.
The indicator is applicable to all types of charting. 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.
This indicator is also available in the System Builder of 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.