The Relative Strength Index (RSI) was developed by Wells Wilder to measure the speed and change of price movements of an instrument. RSI oscillates between zero and 100. It is most commonly used to indicate temporary overbought or oversold conditions in a market. Wilder considered RSI values over 70 overbought and values below 30 oversold, but these values can be adjusted to suit particular needs and markets. For instance, 80 could be used as overbought line in a strong uptrend and 20 as oversold line in a strong downtrend.

Period used is 7. If you wish to customise the period, kindly check out the Easy Alerts+ app.

Easy Alerts+

https://play.google.com/store/apps/details?id=com.easy.alerts

EasyRSI provides a comprehensive dashboard that allows you to view the RSI value of multiple instruments across 6 timeframes (M5, M15, M30, H1, H4, D1) at one glance. This provides you with an understanding of the current oversold/overbought conditions of the forex market on the go.

Key Features

☆ Timely display of RSI values of over 60 instruments across 6 timeframes,

☆ Allows configuration of oversold/overbought condition that best suit your personal trading strategy,

☆ Timely push notification alert when oversold or overbought condition is hit

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Disclaimer/Disclosure

Forex trading on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade forex, you should carefully consider your investment objectives, level of experience, and risk appetite. You must be aware of the risks of investing in forex and be willing to accept them in order to trade in these markets. Trading involves substantial risk of loss and is not suitable for all investors.

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Easy RSI (7) is a technical analysis indicator used in trading to identify potential overbought or oversold conditions in a security's price. It is a variation of the Relative Strength Index (RSI) indicator, which measures the magnitude of recent price changes to evaluate overbought or oversold conditions.

Calculation:

Easy RSI (7) is calculated using a formula that takes into account the average gain and average loss of a security's price over a specified period, typically 7 trading days. The formula is as follows:

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Easy RSI (7) = 100 - (100 / (1 + (Average Gain / Average Loss)))

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Interpretation:

* Overbought: When Easy RSI (7) rises above 70, it indicates that the security may be overbought and a potential sell signal.

* Oversold: When Easy RSI (7) falls below 30, it indicates that the security may be oversold and a potential buy signal.

Usage:

Easy RSI (7) is often used in conjunction with other technical indicators to confirm trading signals. It can be applied to various time frames, such as daily, weekly, or monthly charts. Traders can adjust the calculation period (7 days) to suit their trading style and the security being analyzed.

Advantages:

* Simplicity: Easy RSI (7) is easy to calculate and interpret, making it accessible to traders of all levels.

* Sensitivity: It is relatively sensitive to price changes, which allows traders to identify potential trading opportunities quickly.

* Customization: The calculation period can be adjusted to optimize the indicator for different trading strategies and market conditions.

Limitations:

* Lagging indicator: Like RSI, Easy RSI (7) is a lagging indicator, meaning it reacts to price changes after they have occurred.

* False signals: It can generate false signals, especially in volatile or trending markets.

* Overreliance: Relying solely on Easy RSI (7) for trading decisions can lead to missed opportunities or poor risk management.

Conclusion:

Easy RSI (7) is a useful technical analysis tool that can assist traders in identifying potential overbought or oversold conditions in a security's price. It is simple to use and interpret, but it should be used in conjunction with other indicators and fundamental analysis to make informed trading decisions.