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Best Overbought/Oversold indicator?

  • #21
  • Dec 21, 2016 6:22am Dec 21, 2016 6:22am
Quoting Tom81
If you're only looking in overbought/oversold condition to initiate trade, you should only trade in range bound market conditions. In trending conditions indicator can stay in overbought/oversold terittory over extended period of time. Just look at USD/CAD, you would made huge loses in counter trend trading. I personally use fibonacci retracements and extensions in combination with relative strenght index RSI (14). Relative Strength Index RSI(14) When RSI tags 70 or higher (overbought) you have confirmed existence of uptrend (impulse wave(s)). IF...
Very honest and valuable post, thank you.
  • #22
  • Aug 2, 2018 1:25am Aug 2, 2018 1:25am
Maybe this is a help.
I use it on higher timeframes not to enter the market or close positions.
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File Type: ex4 MarketTouch Contra indicator.ex4   13 KB | 2,056 downloads
  • #23
  • Aug 16, 2018 9:57am Aug 16, 2018 9:57am
Quoting MarketTouch
Maybe this is a help. I use it on higher timeframes not to enter the market or close positions. {file}
What timeframe do you use?
  • #24
  • Last Post: Nov 6, 2021 9:28am Nov 6, 2021 9:28am
I think the RSI is a great indicator for overbought and oversold conditions. On the screenshot you can see confirmation of my words.
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