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Once mastered, the Relative Strength Index provides key information telling when the market is trending and when it is overbought or oversold. The RSI can also provide strategic price levels to enter or exit market positions and give insight into when it is best to stand aside.

This book is divided into two sections. In Section I, the focus is on developing the basic knowledge of the Relative Strength Index that is necessary to use with the advanced concepts. Without a thorough understanding of the basic concepts that are involved, the trader will have neither the courage nor confidence to consistently take action when the price action conveys a valuable clue. Section II focuses on integrating the basic knowledge of price behavior, retracement theory and various timeframes with RSI theory.

Also in Section II, we will learn how to enter and exit trades more profitably. The formula for calculating the Relative Strength Index is also relatively simple. In this section, we will discuss the math and perhaps more importantly, the logic ofthe math that is used in computing the Relative Strength Index. The single ending RSI value is the ratio calculation between the average increase in price versus the average decrease in price over a pre-defined period of time.

It is a front-weighted momentum indicator, which gives it the ability to respond quickly to price changes. Because of its mathematical construction, it is also less affected by the sharp price swings that occur from time to time in markets.

There are two equations that are involved in solving the formula. To calculate the first value of the RSI, the previous 'N' days' price data is required. From then on, all that is needed is the data from the previous day. In calculating for the value for RSI on succeeding days, the 'sum of gain' in price in 'N' time and the 'sum ofloss' in price in 'N' time is multiplied by one less than the fixed period of time 'N'.

The gain or loss for the next subsequent bar is added and the resulting number is divided by the fixed period of time 'N'. We can see this in the following formula. For example, 1 4 of the prior bars.

If the price action that is plotted is where each day is represented by I bar, and ifN 5, the RSI value is looking back at the last 5 days. This table is an example only. See point Number 2 in the list below. If you would like to see the Excel spreadsheet formulas on constructing this spreadsheet, please see Appendix A.

There are a few main points to remember about the RSI calculation: 1. The second formula requires at least 10 times 'N' time intervals to stabilize the RSI value and it is better to have to have 20 times 'N'. In other words, ifN 14 days, then we need 1 40 days of prior data for the RSI value to be of use. This is assuming daily data is used. The second formula, because it i s an exponential moving average, incorporates all prior price behavior into the RSI value.

This adds more weight to the preceding bar price behavior. As 'N' becomes smaller, the oscillations of the indicator become more pronounced. The RSI value oscillates in a range between 0 and 1 Small changes in price will cause larger changes in the RSI value.

The RSI amplitude swings decreases, when 'N' is increased. The RSI amplitude swings increases, when 'N' is decreased. The RSI includes prior price action within its value.

This requires a large number of prior time intervals for the oscillator to stabilize. For this demonstration, we will use the first formula of the calculation also known as the ' Morris modified RSI,' which demonstrates certain internal characteristics of the indicator. Table 3 is a spreadsheet that shows the relationships between the Gain average and the Loss average as a ratio.

The most important ratios in the table are in bold print for emphasis. As the Up Average increases to infmity and the Down Average remains steady or decreases to a level that approaches zero, the rate of increase shown by the RSI slows to a crawl. Let's take a closer look at these ratios. When the ratio is , the up average is twice as much as the down average.

In this case, the Relative Strength Index value is When the ratio moves from 2: 1 to 3: 1 , the RSI value only increases another 8. For the Relative Strength Index to hit the '80' level, a ratio of 4: 1 is needed. This is an Up Average that is four times larger than the Down Average and is a condition that does not occur very often. This is a market condition that almost never occurs when the look back period is 1 4 bars! By carefully studying the ratio relationships in Table 3, we can glean the following information about the Relative Strength Index: 1.

When the RSI is above 50, the indicator is telling us that the average gain exceeds the average loss. When the RSI is below 50, the indicator is telling us that the average loss exceeds the average gain. The RSI behaves like a logarithmic curve. Anytime the ratio exceeds 1 0: 1 , the market has been experiencing a very strong move up. Anytime the ratio exceeds 1 : 1 0, the market has been experiencing a very strong down move. The largest increase or decrease in the RSI value occurs when the ratio changes from 1 : 1 to the next whole number 2: 1 or 1 As we shall see later, these observations are crucial to fully understanding the interplay between price activity and the RSI.

It is important that you also understand the "why! However, in our effort to understand the Relative Strength Index, we will limit our discussion to the price behavior characteristics that relate to how the RSI behaves. In this section, we will discuss price behavior. Unfortunately, when the majori:tY of traders consider price behavior, they immediately think of price patterns.

Price behavior causes the creation of certain bar price patterns that are visible on a price chart. However, simply seeing the frequency of high and low tide levels will not explain what has caused the different tide levels that are shown on our chart.

Similarly, a price chart displays various patterns that could be used to generate profits. But without understanding the why of how these patterns were created, we will not be able to trade as profitably as we possibly could.

This chapter focuses on the 'why. The price for any commodity futures contract or security is based upon the beliefs of the strongest group in the trading arena. The price for a bushel of corn or any other commodity or security is the price that two traders agree to at an instant in time - free of duress. After all, if one trader is holding a gun to the other trader's head, forcing him to sell the bushel of com cheaply, it isn't a valid trade and does not represent a valid price.

If the trade was "forced", the price of that "trade" is not a valid representation of What a bushel of com is worth in the real world and is worthless information to other traders. Traders who agree to a mutually established price provide other traders with a certain amount of information. This information may or may not be valuable to some or all of the other traders. If there is only one trade, the only thing the other traders can determine is that the price these two traders think is fair is "x".

Should the two traders agree a few minutes later to make another trade, then this new information will tell all of the other traders that the price has changed up, down, or has remained the same.

From the trades, the other com traders cannot tell anything more than that the price of com has changed. It is also not possible for them to know if the trade price was made free of force. For example, ifwe assume that both corn traders are well informed traders and neither one is under any pressure to buy or sell corn other than a desire to profit, then the price the corn is traded at represents a valid price.

Should the trade be made because of force or coercion, the price of the trade is invalid. Why is this price information important? Because at its most simple level, all that is needed to make a market place are two traders who agree upon a price of exchange. Many people think that the market is constantly determining the "best" or most "accurate" price for a particular commodity or security. This typical view is that price is an accurate representation of all known information at the instant in time that a trade was made.

The point that I am trying to illustrate is that price is often nothing more than a number that two traders agree to and nothing more. I realize that this is opposite of what many "experts" say. There are many types of traders. In this example, we are using com but in reality, these types of traders exist in all markets. Listed below are just some possible classifications: 1. Small Com Producer - knowledgeable only about his local market place and his farm.

Large Com Producer - knowledgeable about his national market place and the farming conditions in the nation. Small Com Reseller-intimate knowledge about local market 5.

Medium Com Reseller - knowledgeable about national market place. Large International Reseller-knowledgeable about international market place.

Medium Speculator- better capitalization with the ability to withstand losing positions while waiting for market reversals. There are many more "types" of traders. Conventional wisdom tells us that price is an accurate representation of the com market.

So, if our two com traders are small com producers and they agree to a price on a small amount of produce - does their price reflect the "fair" price for com? Do you think that a large international agricultural business concern like Archer-Daniels-Midland believes this is a "fair" price for com?

I am not saying that the price agreement made by 2 small com producers is not important because it is. I am saying that it is important to realize that without any knowledge of who made a trade or whether a trade was made free of force or threat, the price of a trade is nothing more than a number. Our two com traders could be anyone.

Let's assume that the market has just opened and we have Adam offering to buy bidding com at They agree on A minute elapses and Charlie decides to accept Bob's asking price of Bob and Charlie, after conducting their business, are no longer interested in any more trades. The increase in price causes a few other traders in the pit to see that the price 15 John Hayden is going up so they consequently jump into the action, bidding for some com, pushing prices to Adam, seeing a chance to make some easy money, decides to sell the com contract he purchased at This trade takes place at Upon seeing a trade at In his buying frenzy, he continually accepts the asking or offering price.

Consequently, traders who desired to sell their com contracts see an active buyer steadily raising the offering price to Adam realizes that he is unable to hold his short position at However, because of Charlie's rush to buy his large position, the sellers have raised their offer to This forces Adam to hit the ask and take a cent loss! At this time an off-floor trader decides that these prices are unreasonable and decides to sell one and two contracts at a time to establish a short position just as Adam had attempted earlier.

However, he has the capitalization to hold his position until prices drop and he lowers his asking price to less than This off-floor trader lowers his asking price to At this price, his offer is the best price available to the buyers in the pit.

They hit his asking price and their orders are filled immediately. As our off-floor trader wants to establish a large short position, he lowers his offer below the other competing sellers again and his asking price is hit again. Our off-floor trader continues to lower his offer until he has no more desire to sell, which causes the competing sellers to lower their offers. Every novice trader understands this simple example of price generation. What many traders do not realize is that the price activity was conveying no more important information about how healthy the current com crop was going to be in the fall than it was forecasting the price of apples next spring.

The price information was conveying the perception of com traders that com would be more expensive in the future. The "why" it would be more expensive was totally unimportant.

Adam, with the first short position, and our off-floor trader both perceived that prices were too high and should reverse and move lower. Unfortunately, Adam entered his short position too early and was forced to exit his trade with a loss. The pricing decision where Adam exited his losing trade was not made free of duress. Adam had to exit this trade because he was unable to meet the anticipated margin call to maintain his position.

Since this trade was made under duress, was the price high of Did it represent the real value of com? Whenever sellers agree that the price will continue higher and refuse to lower their offering or asking prices, you are seeing a market that has become hysterical.

Just because com traded at The market place simply consists of traders that are focused on a unit of time with every expectation that the market price action will move in their favor within their established unit of time.

Traders have varying levels of capitalization, experience and risk tolerance. Since traders have different levels of capitalization, they also have different time horizons or time "envelopes" that they choose to focus on. When the market behaves in a certain fashion within this "unit of time," the trader who is focusing on this ''unit of time" will undertake a certain action or actions. The reason that prices move is because of how traders perceive the reality of the market place in a certain unit of time as dictated by their capitalization, experience, and risk tolerance.

Generally, the larger the capitalization of the trader, the longer he or she is willing to wait for prices to move in their direction. As the capitalization level increases, the ability to withstand unfavorable price action increases as well.

Very well capitalized traders are also unable to establish large positions at one time without moving the market price against their position. These well-capitalized traders generally "fade" the trend of the traders who are focused on shorter time units than they are focused on.

The price you are seeing on your computer screen is nothing more than a number. It could be the result of two "billion dollar hedge funds" agreeing to trade 10, contracts at a price, or it could be two producers plowing on the 'back 40 acres' agreeing to trade a one lot at a price. You don't know. The price is where traders of different timeframe perspectives and capitalization levels come together in an instant of time agreeing on a certain price.

In order to understand where prices are going, it is important to understand which "time perspective" is the stronger force, and then go with that force.

In many ways, using only one bar chart plotted in one unit of time is a losing proposition. To become a great trader, you must develop the ability to look at price charts in different time units such as monthly, weekly, daily, minute, minute and 5-minute bars. You need to have the ability to recognize which timeframe or level of capitalization is creating the price action. There are times when floor traders as shown on a 50 second bar chart are creating all of the volatility in the market.

There are other times that it will be the minute traders who are dominating the action. While at other times, it will be the weekly traders who are the dominant force in the market. The Relative Strength Index will help identify which timeframe is in charge because it instantly conveys vast amounts of market information which is mostly ignored by other traders.

I am not saying that price is not important at any one moment or that one category of trader is more informed than another group of traders.

Conventional trading wisdom says that if Adam buys corn at Adam might not care that the price has declined to 2 Should this be the case, both traders still believe that they got a fair price and both traders are happy with their market positions.

As we shall see, there are certain RSI behavioral characteristics that indicate certain things such as market reversals, trends, weakening of trend. In many cases, there are certain price behaviors that coincide with this RSI behavior.

For example, if we are looking at a 5-minute chart, we will be focusing on other traders who also think a 5-minute chart is or might be important. The term "timeframe" merely refers to the time interval used in creating the bars on the chart.

A trader with a 5-minute timeframe is looking at a chart where the time interval of each bar is 5 minutes. Likewise, a trader with a minute timeframe constructs charts with bar intervals of30 minutes. Let's talk about how prices move from the perspective of traders observing the market from different timeframes. A 5-minute trader might also look at a 30minute chart, a tick chart, and a daily chart.

A minute trader might choose to observe a minute chart and a minute chart. In the following example, we will use a 5, 15, 60 and minute charts. Corn has been moving sideways between and for the last three days. In our example, today the price goes to and then continues higher to This new high is very clearly seen by 5-minute traders using a 5-minute chart.

After the first 5 minutes above , the price continues to climb to On the 5-minute chart, there are 2 bars going up.

On the 15, 60, and minute charts, we still have only one bar moving higher. If the price over the next 3 hours rallies to , we will see 36 bars on the 5minute chart reflecting this climb higher.

We will see 12 bars on the I5-minute chart, 3 bars on the minute chart, and only the current bar in the minute chart. Seldom will you see all of the bars in all of the charts moving in the same direction. Usually, you will see a rally followed by a retracement followed by a new rally to new highs. The next green box in the chart indicates a super bullish range under which RSI tends to oscillate between the range of However, the sideways market is shown with the help of a red box where the RSI tends to oscillate between 40 to zones.

Here Relative Strength Index tends to oscillate between the range of to 20 zones where is an overbought condition and 20 is the oversold condition. Lastly, the above chart indicates a super bearish range where the RSI tends to oscillate between the range and it suggests the strong down move is very likely in the coming days.

Relative Strength Index is a versatile indicator using which we may find overbought-oversold levels, positive and negative divergences, failure swings, etc.

In general, RSI overbought conditions signals ripe for a reversal, but overbought can also be a sign of strength and vice-versa. However, just like other indicators, the signal quality will also depend upon the characteristics of the underlying security. RSI should also be used in conjunction with other indicators and technical parameters to generate better and more confirmed trading signals. Moreover, those traders who are unable to devote much time to analyzing charts of various securities may benefit from the scan section in the StockEdge mobile app.

It provides an easier way to track certain trade various opportunities based on the Relative Strength Index indicator. The app also provides an opportunity to club RSI strategy with other indicators, volume, and price patterns base strategies on an EOD basis to develop more confirmed signals.

Elearnmarkets ELM is a complete financial market portal where the market experts have taken the onus to spread financial education. ELM constantly experiments with new education methodologies and technologies to make financial education effective, affordable and accessible to all.

You can connect with us on Twitter elearnmarkets. Your email address will not be published. Continue your financial learning by creating your own account on Elearnmarkets. Remember Me. Courses Webinars Go To Site. Home Technical Analysis. September 27, Reading Time: 7 mins read. The objective of the RSI indicator is to measure the change in price momentum.

It is a leading indicator and is widely used by Technical Analysts over the globe. RSI can be used to spot a general trend.

It is considered overbought when it goes above 70 and oversold when it goes below Moreover, the Relative Strength Index can also be used to look for failure swings, divergences, centerline crossover and to trade effectively using RSI range shift Table Of Contents.

How is Relative Strength Index Calculated? How to Trade with Relative Strength Index? Share Tweet Send. Elearnmarkets Elearnmarkets ELM is a complete financial market portal where the market experts have taken the onus to spread financial education. Related Posts. Technical Analysis.

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