RSI-2

RSI-2 is an RSI indicator based on 2 periods.

It is used to locate pull back points within a major trend.
These points will generally offer the best risk/reward entry areas.

OB is >90
OS is <10

In an uptrend, long, when RSI-2 is OS
In a downtrend, short, when RSI-2 is OB

Start with 1D chart,
If RSI-2 gives too many signals (false signals) then use higher time frame, such as 3D
If RSi-2 gives not enough signals, then use a lower time frame, such as 3HR

For more information on RSI-2, read "Short term trading strategies that work"-by larry connors, chapter 9

Sürüm Notları:

Updated version.

Bollinger bands activated, to fix the prior issue where RSI-2 indicator was not sensitive enough on the current time frame to reach OS (<10) & OB (>90) areas.

With the bolinger bands, it effectively creates a corridor channel to use as OB & OS.

Bolinger band for RSI-2 uses 1 std dev over 31 periods.
traditional bolinger bands are based on: 2 std dev over 20 period ,
tradition TDI is based on: 1.618 std dev over 31 peroids

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