Relative Strength Index - RSI

Author: Optuma Team Last updated: Apr 6, 2023 09:42
Included in Trader Services Included in Professional Services Included in Enterprise Services

Overview

Relative Strength Index (RSI) is an oscillator that follows price movement. It is an indicator that measures the internal strength of a single security.

Calculation

All the values where the close is above the previous close are added together, and all those below are added, giving a total up value and a total down value.

The RSI is then calculated as:

RSI = 100 - (100/(1 + (Up / Down)))

MASRSI Large

To add the tool to your chart, select the tool from the Price tool group, and left-click on the chart to add the tool. Optuma will then draw the tool in a window below the chart using the default settings.

Scripting Function: RSI()

Actions & Properties

Actions

Actions

Copy Data to Clipboard: Will copy the tool’s values to the clipboard which can then be inserted into a spreadsheet, for example, allowing for further analysis.

Add to Toolbar: Adds the selected tool to your custom toolbar.

Apply Settings to All: When multiple RSI tools have been applied to a chart, page or workbook, this action can be used to apply the settings of the one selected to other instances of the tool. This is a great time saver if an adjustment is made to the tool - such as line colour - as this allows all the other RSI tools in the chart, page or entire workbook to be updated instantly.

Copy Tool: Allows you to copy the selected tool, which can then be pasted onto a different chart window.

Move to Back: If the tool is displaying in front of other tools or indicators clicking this action will move the tool view to the background.

Move to Front: If the tool is displaying behind other tools or indicators on the chart, clicking this action will bring the tool to the forefront.

Restore Default Settings: Click this action if you have adjusted the default settings of the tool, and wish to return to the standard properties originally installed with Optuma.

Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new RSI to a chart, the tool will display using the new settings.

Delete: Deletes the tool from the chart.

Properties

Properties

Tool Name: Allows you to adjust the name of the tool, as it’s displayed in the Structure Panel.

RSI Type: Allows you to switch between the RSI and the Barros Intraday RSI without having to have both tools applied to the chart.

Bars: Allows you to increase or decrease the number of bars that are used in the calculation.

Buy Level: Sets the value of the lower horizontal level.

Sell Level: Sets the value of the upper horizontal level.

Plot Style: This option expands to show the following:

  • Plot Style - Allows you to change how the RSI is displayed on your chart. There are 6 options available: Line, Dot, Histogram, Step, Shaded, Shaded Step.
  • Line Style - The Line Style property allows you to adjust the type of the line displayed. There are 8 options available: Solid, Dots, Dash, Dash Dots, Long Dash, Long Dash Dot, Long Dash Dot Dot, Stippled.
  • Line Width - Allows you to adjust the width of the lines. Moving the slider bar to the right increases the thickness of the line.
  • Line Colour - Allows you to select the colour of the line. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
  • Fill Up / Down Barrier - When the Plot Style is set to Shaded you are able to adjust the barrier value. The default value is 0.00.
  • Fill Up Colour - When the Plot Style is set to Shaded you are then able to alter the Fill Colour for the tool.
  • Fill Down Colour - When the Plot Style is set to Shaded you are then able to alter the Fill Colour for the tool.
  • Fill Transparency - When the Plot Style is set to Shaded you are then able to adjust the shading transparency. Moving the slider to the left will increase the transparency of the tool.

Buy Level Style: This option expands to show the following:

  • Line Style: - The Line Style property allows you to adjust the type of the line displayed. There are 8 options available: Solid, Dots, Dash, Dash Dots, Long Dash, Long Dash Dot, Long Dash Dot Dot, Stippled.
  • Line Width: - Allows you to adjust the width of the lines. Moving the slider bar to the right increases the thickness of the line.
  • Line Colour: - Allows you to select the colour of the line. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
  • Transparency: - Use this slider bar to adjust the transparency of the Level lines. Moving the slider to the left will increase the transparency of the tool.

Sell Level Style: This option expands to show the same properties as the Buy Level Style.

Offset: Moves the tool forward or backwards in time. The offset is measured in bars, so a value of 2 will push the tool forward 2 bars and -2 will move the tool back 2 bars.

Tool Transparency: Use this slider bar to adjust the transparency of the tool. Moving the slider to the left will increase the transparency of the tool.

Visible: Untick this checkbox to remove the tool from view, while leaving the window below the chart in place.

Show In Price Scale: When selected the current RSI value will be displayed in the Price Scale.

Lock Tool: When this checkbox is ticked the tool can’t be deleted from the chart and none of the tools properties can be modified.

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