Tipu RSI Features
- 28 symbols, multi-time frame powerful Dashboard for the full market view
- Customizable Buy/Sell alerts, push alerts, email alerts, and visual on-screen alerts.
- Marked overbought and oversold levels.
- Three colors RSI that marks the normal, oversold and overbought levels.
The relative strength index (RSI) is an oscillator devised by J. Welles Wilder in his famous book New Concepts in Technical Trading Systems in 1978.1 He also introduced Parabolic SAR (see Tipu Parabollic SAR Panel), Average True Range and the Directional Movement Concept (ADX).
About Tipu Panel Series
Tipu Panel series is set of innovative indicators created to consolidate indicators in form of a panel. As a trader, indicators can easily create a cluster on the chart and distract you from the bigger picture. It can also be overwhelming and visually exhausting. Tipu Panel simplifies this by displaying each indicator in a beautifully boxed panel. You can customize the panel to display indicator signals for multiple time frames and also to quickly switch time frames. There are two types of indicators that make up the Tipu Panel series, the master indicator, and the add-in indicators. The master indicator (Tipu Panel indicator) plots a beautifully designed panel, and the add-in indicators feed the data to this master indicator panel. These two types of indicators work together for a faster, and efficient performance on the chart.
How to Use Tipu RSI
- Uptrend/Downtrends - RSI may be used to detect trending markets. For example, the RSI may stay above the mid line 50 in an uptrend (or between 40 and 80).2 You may use RSI as a compliment to the Tipu Trend indicator.
- Top and Buttoms - RSI may help in identifying the tops around the overbought readings (usually above 70), and the bottoms around the oversold area (usually below 30).
- Divergence - divergence occurs when RSI directional movement is not confirmed by the price action. For example, a bullish divergence occurs when EURUSD makes lower low but RSI makes higher low. This means that EURUSD is losing momentum and a bullish correction is possible.
- Other uses - Failure Swing, Support and Resistance levels, Chart Formation
- Full description of RSI is available here.
- U — average number of positive price changes.
- D — average number of negative price changes.
- Section #1 Tipu Panel Settings
- Enable Panel?: visibility settings, select true/false to show panel (need Tipu Panel added to the chart).
- Short Name for the Panel: short name for the panel heading on Tipu Panel
- Tipu Panel Display Mode - settings for what to display in Tipu Panel.
- Buy/Sell signal will display "B" if RSI falls below oversold level, and "S" if RSI rises above overbought level.
- RSI plot will display RSI values on the chart.
- Section#2 Multi-currency Dashboard setting
- Enable Tipu Dashboard? - choose to display and hide,
- Overbought/Oversold font and background colors on the Dashboard buttons.
- Additional settings for the Dashboard are controlled by the Dashboard settings button
- Section#3 Tipu RSI settings
- RSI Period- settings for RSI.
- Applied Price - settings for RSI.
- Overbought - settings for RSI.
- Oversold - settings for RSI.
- Alert Shift: candle delay for the signal, enter 1 if you want the alert sent after one candle to be passed.
- Alert Mobile: select true/false to get the push notifications on your device, make sure the device settings are correct here.
- Alert onscreen on change: select true/false to get alert on the terminal, this alert is shown in a separate window.
- Alert email on change: select true/false to get email alerts, make sure email settings are correct here.
1 Wilder, J. (1978). The Parabolic System. In New concepts in technical trading systems. Greensboro, N.C.: Trend Research.
2 Cardwell, A. (1999). Relative Strength Index: Forecasting and Trading Strategies. John Wiley & Sons Canada, Limited.
Introducing 28 symbols, all time frames dashboard, control settings from the dashboard
Compatible with Tipu Panel v2.0, added support for monthly time frame on tipu panel