This custom RSI will allow you to select which price data to use when you plot it. The standard RSI uses the close value as Welles Wilder did when he created the indicator. This custom indicator will allow you to use the other price fields including volume. where RSI L and RSI H are the lowest and highest values of the RSI over a given period. In his book he uses 14 periods. The MetaStock TM formula for the Stochastic RSI is.
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How to find the maximum history price of a stock? Stochastic - March 19, By:
For example, if the RSI isn't able to reach 70 on a number of price swings in a row during an uptrend, and then drops below 30, the trend has weakened and could be reversing lower.