The Relative Strength Index (RSI) is a commonly-used momentum oscillator. It was created to assist traders in identifying the highs and lows of the RSI line more accurately.
Taking its cue from the RSI, the RSI Peak and Bottom Indicator was developed to enable traders to determine RSI peaks and bottoms with greater precision.
What is the RSI Peak and Bottom Indicator?
The RSI Peak and Bottom Indicator is a momentum-based technical indicator that utilizes the Relative Strength Index (RSI). It is classified as an oscillator and generates a line that oscillates between zero to 100
It shows oscillations that resemble the RSI Indicator, but with the distinction that it displays “x” markings on the highs and lows of its fluctuations.
This template displays red “x” marks on the peaks of the oscillations and blue “x” marks on the dips of the oscillations.
Buy Trade Setup
When to Enter?
If a bullish divergence is confirmed alongside a bullish reversal price action, then you should identify it and place a buy order.
When to Exit?
As soon as the price action indicates a potential bearish reversal, it is advisable to close the trade.
Sell Trade Setup
When to Enter?
If you observe a bearish divergence and witness a bearish reversal price action, it is recommended to place a sell order. This strategy works best when these two indicators coincide.
When to Exit?
As soon as there are indications of a potential bullish reversal in the price movement, it is recommended to promptly exit the trade.
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