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The Relative Strength Index (RSI) is a momentum indicator used in technical analysis. RSI is used to measure the speed and magnitude of recent price changes of a security to assess whether the security is overvalued or undervalued.
The Relative Strength Index (RSI) is a momentum indicator used in technical analysis. RSI is used to measure the speed and magnitude of recent price changes of a security to assess whether the security is overvalued or undervalued.
RSI is presented as an oscillator (line chart) with a range from 0 to 100. This indicator was developed by J. Welles Wilder Jr. and first introduced in his seminal 1978 book, New Concepts in Technical Trading Systems.
RSI not only identifies securities that are overbought and oversold, it can also show securities that may be preparing for a trend reversal or price correction pullback. It can serve as a buy and sell signal. Typically, an RSI value of 70 or above indicates overbought, while 30 or below indicates oversold.
As a momentum indicator, the Relative Strength Index compares a security's strength when its price is rising to its strength when its price is falling. Tying this comparison to price movements can help traders predict how a security will perform. RSI, used in conjunction with other technical indicators, can help traders make more informed trading decisions.
RSI is calculated in two steps, first using the following formula:
<!-- @@@ -->The average gain or loss used in this calculation is the average percentage gain or loss over the lookback period. The formula takes a positive value for the average loss. Periods of price losses count as zero in the average gain calculation, and periods of price increases count as zero in the average loss calculation. The standard number of periods for calculating the initial RSI value is 14. For example, assume that the market rose for 7 days in the past 14 days, with an initial average gain of 1%; and all of the remaining 7 days fell, with an average initial loss of -0.8%.
The first calculation of RSI is as follows:
<!-- @@@ -->After 14 periods of data are obtained, a second calculation can be performed. The purpose is to smooth the results so that the RSI value only approaches 100 or zero in strong trending markets.
<!-- @@@ -->Once the RSI is calculated, the RSI indicator can be plotted below the price chart of the asset. As the number and magnitude of up days increases, the RSI will increase; as the number and magnitude of down days increase, the RSI will decrease.
As the chart above illustrates, the RSI indicator can remain in overbought territory for extended periods of time during a stock's rise. This indicator can also remain in oversold territory for extended periods of time when stocks are falling. This can be confusing for new analysts, but learning to use this indicator in the context of current trends will help clarify these issues.
To correctly understand RSI readings, one must understand a security's primary trend. For example, well-known market technical analyst Constance Brown, CMT pointed out that in an upward trend, the oversold reading of the RSI is often much higher than 30; while in a downward trend, the overbought reading is often well below 70.
In the following chart, you can see that during the downtrend, the RSI peaked closer to 50 than 70. This can be viewed by traders as a more reliable indication of bearish conditions.
Many investors draw a horizontal trendline between 30 and 70 during strong trends to better identify the overall trend and extreme situations.
On the other hand, adjusting overbought or oversold RSI levels is usually not necessary when a stock or asset price is in a long-term horizontal channel or trading range (as opposed to a strong upward or downward trend).
The RSI is less reliable in trending markets than it is in trading ranges. In fact, most traders know that the signals given by the RSI during a strong upward or downward trend can often be false signals.
A related concept focuses on trend-aligned trading signals and techniques. In other words, using bullish signals primarily during bullish trends and bearish signals primarily during bearish trends may help traders avoid false positives generated by the RSI in trending markets.
Generally, when the RSI indicator crosses 30 on the RSI chart, it is a bullish signal, and when it crosses 70, it is a bearish signal. In other words, an RSI value of 70 or above can be understood to indicate that a security is being overbought or overvalued and may be preparing for a trend reversal or price correction pullback. An RSI reading below 30 indicates oversold or undervalued conditions.
Overbought generally refers to a security trading above its true (or intrinsic) value. This means that its price is outside the reasonable range according to the theory of technical analysis or fundamental analysis. A trader who sees signs that a security is overbought may expect a price correction or trend reversal and may therefore sell the security.
The same principle applies to securities that technical indicators such as the Relative Strength Index highlight as oversold. It could be seen as trading at a lower level than it should be worth. Traders who follow such indicators may purchase the security in anticipation of a price correction or trend reversal.
During a trend, RSI readings may fall into a band or range. During an uptrend, the RSI tends to stay above 30 and should reach 70 frequently. In a downtrend, the RSI rarely exceeds 70. In fact, the indicator is often at 30 or below.
These guidelines can help traders determine trend strength and spot potential reversals. For example, if the RSI fails to reach 70 during multiple consecutive price swings in an uptrend and then falls below 30, it is a sign that the trend is weakening and may reverse to the downside.
The opposite is true for a downtrend. If the downtrend fails to fall to 30 or below and then rebounds above 70, it is a sign that the downtrend is weakening and may reverse upward. Trendlines and moving averages are helpful technical tools when using RSI.
Tip: Make sure not to confuse RSI with relative strength. The former refers to changes in price momentum of a security, while the latter compares the price performance of two or more securities.
RSI divergence occurs when price moves in the opposite direction to RSI. In other words, the chart may show a change in momentum before a corresponding change in price.
Bullish divergence occurs after the RSI shows an oversold reading, followed by a higher low and a lower low in the price. This could indicate rising bullish momentum and a breakout of oversold territory could be used to trigger new long positions.
Bearish divergence occurs after the RSI forms overbought readings, followed by a lower high and higher highs in the price.
As shown in the chart below, a bullish divergence is identified when the RSI forms higher lows and the price forms lower lows. This is a valid signal, but when a stock is in a stable long-term trend, divergence may occur rarely. Using flexible overbought or oversold readings will help identify more potential signals.
Another price to RSI relationship that traders look for is a positive or negative RSI reversal. A positive RSI reversal can occur when the RSI reaches a lower low than before, and at the same time the security price reaches a higher low than before. Traders will view this pattern as a bullish signal and a buy signal.
Conversely, a negative RSI reversal can occur when the RSI reaches a higher high than its previous high while the security price reaches a lower high. This pattern would be a bearish signal and a sell signal.
Another trading technique examines the behavior of the RSI after it reappears in overbought or oversold territory. This signal is called a bullish swing rejection and has four parts:
As shown in the chart below, the RSI indicator was oversold, broke above 30 and formed a rejection low, triggering the signal when it bounced back. Using RSI in this way is very similar to drawing a trendline on a price chart.
The bearish swing rejection signal is symmetrical to the bullish version. A bearish swing rejection also has four components.
The chart below illustrates a bearish swing rejection signal. As with most trading techniques, this signal will be most reliable when it aligns with the current long-term trend. Bearish signals in a downtrend are less likely to generate false positives.
Moving Average Convergence Divergence (MACD) is another trend following momentum indicator that shows the relationship between two moving averages of a security's price. MACD is calculated by subtracting the 26-period EMA from the 12-period exponential moving average (EMA). The result of this calculation is the MACD line.
Then, the nine-day EMA of MACD is called the signal line, which will be superimposed on the MACD line. It can be used as a trigger for buy and sell signals. A trader may buy a security when the MACD breaks above the signal line and sell or go short the security when the MACD falls below the signal line.
RSI is designed to indicate whether a security is overbought or oversold relative to recent price levels. It is calculated by calculating the average price gains and losses over a given time period. The default time period is 14 periods and the value ranges from 0 to 100.
MACD measures the relationship between two EMAs, while RSI measures the momentum of price changes relative to recent price highs and lows. These two indicators are often used together to provide analysts with a more complete technical picture of the market.
Both indicators measure the momentum of an asset. However, they measure different factors and therefore sometimes give contradictory signals. For example, the RSI may show readings above 70 for an extended period of time, indicating that a security is overextended on the buy side.
Meanwhile, MACD may indicate that buying momentum in the security is still increasing. Either indicator may signal an impending trend change by showing divergence from price (price continues to rise while the indicator falls, or vice versa).
RSI compares bullish and bearish price momentum and displays the results below the price chart in the form of an oscillator. As with most technical indicators, its signals are most reliable when aligned with a long-term trend.
True reversal signals are rare and can be difficult to distinguish from false positives. An example of a false positive would be a bullish crossover followed by a sudden drop in stock price. A misjudgment is that after a bearish crossover, the stock price rises sharply.
Since this indicator shows momentum, the RSI can remain overbought or oversold for extended periods of time in situations where an asset has significant momentum. Therefore, RSI is most useful in choppy markets (trading ranges), where asset prices alternate between bullish and bearish movements.
The Relative Strength Index (RSI) measures the price momentum of a stock or other security. The basic idea of RSI is to measure how quickly traders move the price of a security higher or lower. RSI plots this result on a scale of 0 to 100.
Readings below 30 generally indicate that a stock is oversold, while readings above 70 indicate that it is overbought. Traders will often place this RSI chart below a security's price chart in order to compare its recent momentum to the market price.
Some traders believe that if a security's RSI reading drops below 30, it is a buy signal. The idea is based on the premise that a security is oversold and therefore primed for a rebound. However, the reliability of this signal is somewhat dependent on the overall context. If the security is in a significant downtrend, it may continue to trade at oversold levels for some time. In this case, traders may hold off on buying until they see other technical indicators confirming the buy signal.
Since the relative strength index is primarily used to determine whether a security is overbought or oversold, a higher RSI reading may mean that the security is overbought and the price is likely to fall. Therefore, this could be a signal to sell the security.
RSI and Moving Average Convergence Divergence (MACD) are both momentum measurement tools that can help traders understand a security's recent trading activity. However, their methods of achieving this goal vary.
Simply put, MACD works by smoothing a security's recent price movement and contrasting this medium-term trendline with a short-term trendline that shows its more recent price changes. Traders can therefore make buying and selling decisions based on whether the short-term trendline is moving higher or lower.
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在此计算中使用的平均收益或损失是回溯期内的平均百分比收益或损失。公式对平均损失采用正值。价格损失期间在平均收益计算中计为零，价格上涨期间在平均损失计算中计为零。计算初始RSI值的标准周期数为14。例如，假设过去14天市场上涨了7天，初始平均收益为1%；剩余7天全部下跌，初始平均损失为-0.8%。
RSI的第一次计算如下：
相对强弱指数（RSI）是一种在技术分析中使用的动量指标。RSI用于衡量某项证券最近价格变化的速度和幅度，以评估该证券价格的高估或低估状态。
RSI以震荡指标的形式呈现（线图），其范围为0到100。该指标由J. Welles Wilder Jr.开发，并在他1978年的开创性著作《技术交易系统的新概念》中首次介绍。
RSI不仅能指出被超买和超卖的证券，还能显示可能准备出现趋势反转或价格修正回调的证券。它能作为买入和卖出的信号。通常情况下，RSI值达到70或以上表示超买，而30或以下表示超卖。
作为一种动量指标，相对强弱指数比较证券在价格上涨时的强度与价格下跌时的强度。将这种比较结果与价格走势联系起来，可以帮助交易者预测证券的表现。RSI与其他技术指标结合使用，可以帮助交易者做出更明智的交易决策。
RSI的计算分两步，首先使用以下公式：
计算出RSI后，可以将RSI指标绘制在资产的价格图表下方。随着上升日的数量和幅度增加，RSI也将上升；而随着下跌日的数量和幅度增加，RSI则会下降。
正如上述图表所示，RSI指标在股票上升期间可能会长时间停留在超买区域。当股票下跌时，该指标也可能长时间处于超卖区域。这可能会让新分析师感到困惑，但在当前趋势的背景下学习使用该指标将有助于澄清这些问题。
要正确理解RSI读数，必须了解证券的主要趋势。例如，著名市场技术分析师Constance Brown, CMT提出，在上升趋势中RSI的超卖读数往往远高于30；而在下降趋势中，超买读数则往往远低于70。
在接下来的图表中，可以看到，在下降趋势期间，RSI峰值接近50而不是70。这可以被交易者视为更可靠地指示看跌条件。
许多投资者在强趋势时在30和70之间绘制一条水平趋势线，以更好地识别整体趋势和极端情况。
另一方面，在股票或资产价格处于长期水平通道或交易区间（而不是强烈的上升或下降趋势）时，调整超买或超卖的RSI水平通常是没有必要的。
相对强弱指标在趋势市场中的可靠性不如在交易区间中高。实际上，大多数交易者都知道，在强烈上升或下降趋势中RSI给出的信号往往可能是假信号。
一个相关的概念侧重于符合趋势的交易信号和技巧。换句话说，主要在看涨趋势中使用看涨信号，主要在看跌趋势中使用看跌信号，可能会帮助交易者避免在趋势市场中RSI产生的误报。
通常，当RSI指标在RSI图表上穿过30时，这是一个看涨信号；而当其穿过70时，则是一个看跌信号。换句话说，可以理解为RSI值70或以上表明证券正在被超买或高估，可能准备出现趋势反转或价格修正回调。而RSI读数低于30则指示超卖或低估状态。
超买通常指证券交易价格高于其真实（或内在）价值。这意味着按照技术分析或基本面分析的理论，其价格超出了合理范围。看到证券超买的迹象的交易者，可能期望价格调整或趋势反转，因此可能会出售该证券。
同样的道理适用于那些技术指标如相对强弱指数突出显示为超卖的证券。它可以被视为以低于应有价格的水平交易。关注此类指标的交易者可能期望价格调整或趋势反转，进而买入该证券。
在趋势期间，RSI读数可能会落入一个带或范围中。在上升趋势中，RSI倾向于保持在30以上，并应频繁达到70。而在下降趋势中，RSI超过70的情况很少，实际上，该指标常常在30或以下。
这些指导原则可以帮助交易者确定趋势强度并发现潜在反转。例如，如果在上升趋势的多个连续价格波动中RSI未能达到70，而后又跌破30，则表明趋势减弱，并可能反转向下。
对于下降趋势来说则相反。如果下降趋势无法跌至30或以下，而后反弹至70以上，则表明该下降趋势减弱，并可能向上反转。趋势线和移动平均线是使用RSI时有助的技术工具。
提示： 请确保不要将RSI与相对强度混淆。前者指的是一项证券的价格动量变化，后者则比较两个或多个证券的价格表现。
RSI背离发生在价格朝与RSI相反的方向移动时。换句话说，图表可能会在价格发生相应变化之前显示动量的变化。
看涨背离发生在RSI显示超卖读数后，随后出现一个更高的低点，而在价格中出现较低的低点。这可能表明看涨动量上升，超卖区域的突破可以用来触发新的多头头寸。
看跌背离发生在RSI形成超买读数后，随后出现一个较低的高点，而在价格中出现较高的高点。
如以下图表所示，当RSI形成更高的低点而价格形成更低的低点时，识别出了一次看涨背离。这是一个有效的信号，但当股票处于稳定的长期趋势时，背离可能会很少出现。使用灵活的超买或超卖读数将有助于识别更多潜在信号。
交易者寻找的另一个价格与RSI的关系是正负RSI反转。当RSI达到比之前更低的低点，同时证券价格达到比之前更高的低点时，可能会发生正RSI反转。交易者将会将这个形态视为看涨信号和买入信号。
相对地，负RSI反转可能发生在RSI达到高于之前最高点的高点，同时证券价格达到较低的高点。这种形态将是一个看跌信号和卖出信号。
另一种交易技巧考察RSI在重新出现于超买或超卖区域后的表现。这个信号称为看涨摆动拒绝，包含四个部分：
如以下图表所示，RSI指标曾超卖，突破30并形成拒绝低点，当其反弹时触发了信号。以这种方式使用RSI与在价格图表上绘制趋势线非常相似。
看跌的摆动拒绝信号与看涨版本是对称的。看跌摆动拒绝同样有四个部分。
以下图表说明了看跌摆动拒绝信号。与大多数交易技巧一样，当这一信号符合当前长期趋势时，其可靠性将最高。在下降趋势中的看跌信号不太可能产生误报。
移动平均收敛发散（MACD）是另一种趋势跟随动量指标，它显示了某项证券价格两个移动平均线之间的关系。MACD的计算方法是从12期指数移动平均线（EMA）中减去26期EMA。这一计算结果就是MACD线。
接着，MACD的九日EMA称为信号线，会叠加在MACD线之上。它可以作为买入和卖出信号的触发器。交易者可能在MACD突破信号线时买入证券，并在MACD跌破信号线时卖出或做空该证券。
RSI旨在指示某项证券相对于最近价格水平是否被超买或超卖。它是通过计算给定时间段内的平均价格收益和损失得出的，默认时间段为14期，数值范围在0到100之间。
MACD测量的是两个EMA之间的关系，而RSI测量的是相对于最近价格高点和低点的价格变化动量。这两个指标通常共同使用，以便为分析师提供更完整的市场技术图景。
这两个指标都测量资产的动量。然而，它们测量的因素不同，因此有时会给出矛盾的信号。例如，RSI可能在较长时间内显示高于70的读数，指示某项证券在买方过度延伸。
与此同时，MACD可能表明该证券的买入动量仍在增加。任一指标都可能通过显示与价格的背离来发出即将发生趋势变化的信号（价格持续上涨而指标下降，或反之）。
RSI比较看涨和看跌的价格动量，并将结果以震荡指标的形式显示在价格图表下方。与大多数技术指标一样，其信号在符合长期趋势时最为可靠。
真正的反转信号较为罕见，且可能很难与误报区分开。一个误报的例子是，看涨交叉后紧接着股价突然下跌。而一个误判则是看跌交叉后，股价却剧烈上升。
由于该指标显示的是动量，因此在资产具有显著动量的情况下，RSI可能长时间保持超买或超卖状态。因此，RSI在震荡市场（交易区间）中最有用，资产价格交替在看涨和看跌走势之间。
相对强弱指数（RSI）衡量的是股票或其他证券的价格动量。RSI的基本思路是测量交易者如何快速抬高或拉低证券价格。RSI将这一结果绘制在0到100的范围内。
30以下的读数通常指示股票处于超卖状态，而70以上的读数则指示其处于超买状态。交易者通常会将此RSI图表放置在证券的价格图表下方，以便将其最近的动量与市场价格进行比较。
一些交易者认为，如果证券的RSI读数跌至30以下，这是一种买入信号。这个想法基于证券被超卖的前提，因而准备反弹。然而，这个信号的可靠性在一定程度上依赖于整体背景。如果该证券处于显著的下跌趋势中，可能会在超卖水平上继续交易一段时间。在这种情况下，交易者可能会推迟买入，直到看到其他技术指标确认买入信号。
由于相对强弱指数主要用于判断某项证券是否被超买或超卖，较高的RSI读数可能意味着该证券已被超买，价格可能会下跌。因此，这可能是一个卖出该证券的信号。
RSI和移动平均收敛发散（MACD）都是能够帮助交易者了解证券最近交易活动的动量测量工具。然而，它们实现这一目标的方法各异。
简而言之，MACD通过平滑证券近期价格走势，并将这种中期趋势线与显示其更近期价格变化的短期趋势线进行对比。交易者因此可以根据短期趋势线是升高还是降低来作出买入和卖出的决策。
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