StochRSI is indicator developed by Tushar Chande and Stanley Kroll that measures the level of RSI relative to its high-low range over a set time period. StochRSI applies the Stochastics formula to RSI values, instead of price values. This makes it an indicator of an indicator.
Using RSI values within the Stochastic formula gives traders an idea of whether the current RSI value is overbought or oversold - a measure that becomes specifically useful when the RSI value is confined between its signal levels of 20 and 80.
The StochRSI is deemed to be oversold when the value drops below 20, meaning the RSI value is trading at the lower end of its predefined range, and that the short-term direction of underlying security may be nearing a correction. Conversely, a reading above 80 suggests the RSI may be reaching extreme levels and could be used to signal a pullback in the underlying security. The StochRSI reaches these levels much more frequently than RSI, resulting in an oscillator that offers more trading opportunities. Unlike RSI, StochRSI frequently reaches the extreme 0 and 100 levels.
Easy StochRSI provides a comprehensive dashboard that allows you to view the StochRSI 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 trend of the forex market on the go. Key Features
☆ Timely display of StochRSI values of up to 37 currency pairs across 5 timeframes,
☆ Allows configuration of overbought and oversold condition that best suit your personal trading strategy,
☆ Timely push notification alert when uptrend or downtrend condition is hit
☆ Display headline news of your favourite currency pair(s)
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