This guide will walk you through the process of adding and customizing the RSI indicator on TradingView, a leading platform for market analysis.
How to Add RSI to Your TradingView Charts
If you’re not yet a TradingView user, you might want to start with their free trial if it’s available. Once you’re signed in, follow these steps to add the RSI to your charts:
- Open the chart you want to add the RSI indicator to.
- Click on the “Indicators” button located at the top of the chart, or right-click on the chart and select “Add Indicator.”
- In the search bar, type “RSI” and select the “Relative Strength Index (RSI)” from the list of available indicators.
Exploring the RSI Indicator
The RSI, developed by J. Welles Wilder, is a momentum-based oscillator that measures the speed and change of price movements. Ranging between 0 to 100, it is typically used to identify ‘overbought’ and ‘oversold’ conditions.
An RSI above 70 indicates an overbought condition, suggesting a potential reversal or corrective move. Conversely, an RSI below 30 indicates an oversold condition, suggesting a potential upward price movement.