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Reverse RSI Calculator

Dear all,
Does anybody here know a web page where I can find a Reverse RSI calculator?
- by RSI, I mean Welles Wilder's Relative Strength Index
- By reverse calculator, I mean ... you input the stock symbol and your desired RSI target ... and the OUTPUT is the target price
- if you could vary the RSI setting ... example RSI(14) or RSI(5) ... that would be even better

An example of where this might be useful:
- I refer you to StockChart's own MarketWatchers Live (29 May 2018), Tom Bowley at around 38 minutes into the video
- this is where Tom Bowley describes his RSI(14) scan
- I think a "reverse RSI calculator" here could have helped Tom find his entry price as well as automate his execution

What do you guys think?
Cheers

Comments

  • markdmarkd mod
    edited June 2
    I don't know of such a calculator.

    But you could make one on excel. You would write the RSI formula and it would reference data in a table to make it's calculation (as in many Chart School examples).

    The task then would be to plug in the future data and see how they affect the RSI calculation.

    Unfortunately, we don't know what that future data is going to be. Very large changes in a short period would goose the RSI in one way, while a series of small changes would have a very different result.

    You could get data samples of past topping or bottoming behaviors from the "Past data" files to get a sequences of per cent changes and then try those out in the current situations and maybe arrive at some probabilities.

    Maybe there are some engineers out there who could refine the idea.
  • Dear markd
    Thanks for sharing your thoughts and time.
    It's good to know you are always here for us.

    Cheers
    Peter

    PS:
    The last time I posted here, I think was seeking help with overcoming my Luddite resistance to using the Advance Scan.
    Thanks to your kind response, I'm quite comfortable with the Advance Scan now.
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