Relative Strength Index
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Actionable Intelligence:
Tops and bottoms are indicated when RSI goes above 70 or drops below 30. RSI readings greater than the 70 level are considered to be in overbought territory, and RSI readings lower than the 30 level are considered to be in oversold territory. In between the 30 and 70 level is considered neutral. "Failure swings" above 70 and below 30 on the RSI are strong indications of market reversals. For example, assume the RSI hits 76, pulls back to 72, and then rises to 77. If it falls below 72, this is considered a "failure swing" above 70. The center line for the relative strength index is 50, which is often seen as both the support and resistance line for the indicator. The slope of the RSI is directly proportional to the velocity of the move. The distance traveled by the RSI is proportional to the magnitude of the move.
Description:
Y = 14 Day Relative Strength Index
X = Time
Color = % Change of the ticker adjusted close (over 14 days)
Data source(s): Yahoo Finance
Update Frequency: Daily
Notes: To get the latest data update, go to Attribute on the main menu> manage external data> EQUITY data - check the box and press "Reload." To adjust the number of days in the calculation, double click on the Flag Alerts in the Lens Setting window and when the edit lens window comes up change instances of “14” to the desired level. Also, objects in space will need the “Change Price Up” and “Change Price Down” attributes.