RSI
Type:
rsi• Category:indicators
Description
Calculates RSI indicator based on closing price list
Parameters
| Name | Type | Description | Required | Default |
|---|---|---|---|---|
dataExp | string | select the column with closing prices | no | |
price | string | Price field to use to calculate RSI | no | |
timeperiod | number | Number of periods to use for RSI calculation | no | 14 |
indicator | string | no | "RSI" |
Help
RSI Indicator Worker
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Description
The RSI (Relative Strength Index) indicator worker is a financial analysis tool used to measure the magnitude of recent price changes in order to determine overbought or oversold conditions. This worker calculates the RSI indicator based on a list of closing prices.
What does this worker do?
The RSI indicator worker takes a column of closing prices and calculates the RSI value based on a specified number of periods (default is 14). The worker uses the following formula to calculate the RSI:
RSI = 100 - (100 / (1 + RS))
Where RS is the average gain of up days divided by the average loss of down days.
How to interpret the results
The RSI indicator is typically used to identify overbought or oversold conditions in a market. Here are some general guidelines for interpreting the results:
- RSI > 70: Overbought condition, the price may be due for a correction or decline.
- RSI < 30: Oversold condition, the price may be due for a bounce or rebound.
- RSI = 50: Neutral condition, the price is not showing any clear direction.
Parameters
The RSI indicator worker has the following parameters:
- dataExp: Select the column with closing prices.
- price: Price field to use to calculate RSI.
- timeperiod: Number of periods to use for RSI calculation (default is 14).
- indicator: No description.
Usage
To use this worker, simply select the column with closing prices, choose the price field, and specify the number of periods to use for the calculation. The worker will then calculate the RSI indicator and return the result.
Visual Guide
For a visual guide on how to use this worker, please see the following GIFs:
Full GIF
[](https://pub-6c7cc7f707d94ca98153d59a039b9a3d.r2.dev/indicator_full.gif)
Short GIF
[](https://pub-6c7cc7f707d94ca98153d59a039b9a3d.r2.dev/indicator_short.gif)
Additional Information
The RSI indicator was developed by J. Welles Wilder in the 1970s and is widely used in technical analysis. It is considered a momentum indicator, as it measures the speed and change of price movements. The RSI indicator can be used in conjunction with other technical indicators to form a trading strategy.