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How do I change the 30/70 plot lines on the RSI indicator?

How do I change the 30/70 plot lines on the RSI indicator?

Best Answer

  • markdmarkd mod
    Accepted Answer
    You could mention that to Support. Maybe they will make it configurable in a later update. I can't find a way to do it with this version. Sometimes you can add parameters to the defaults in the Parameters window (e.g 14, 20, 80), but that doesn't seem to work for RSI, although I didn't try all combinations.

Answers

  • markdmarkd mod
    edited May 13


    It's a little complicated. The 30/70 lines are built in, meaning there are no settings for the lines. But you can get around that by making the indicator opaque (opacity set to 0.0), then adding a simple moving average set to 1 (to mimic the RSI line), then add the RSI indicator twice more, positioned "behind ind.", and add a horizontal line at the levels you want, say 80 and 20.

  • Just curious because here is is a quote from the RSI help page.
    "RSI is considered overbought when above 70 and oversold when below 30. These traditional levels can also be adjusted to better fit the security or analytical requirements. Raising overbought to 80 or lowering oversold to 20 will reduce the number of overbought/oversold readings. Short-term traders sometimes use 2-period RSI to look for overbought readings above 80 and oversold readings below 20."

    Thanks for the response.
  • lmkwinlmkwin ✭✭
    @POPPJOBB, that suggestion is meant for you to remember that you can adjust indicators to better "fit" the security. Adjusting your settings to get a clearer picture for decision making.

    Using markd's setting example, you will not see the 30 and 70 lines, only the 20 and 80. The RSI will still show the Overbought in the 70 and Oversold at 30. It won't change that to 20 and 80.

    You can also leave the Opacity of the 1st line at Auto or a setting higher than 0.0, and the 30 and 70 lines should show, so that you will see the 20,30,70 and 80 lines. If you do that then the 3 lines can be consolidated into one line, if you change the Overlay on the 1st line to Horizontal Line and 20,80.

    Personally, I use Horizontal Line Overlay settings of 40,41,42,43,57,58,59,60. This gives me thick lines at the, what I call, bull and bear territory demarcations. A bearish stock will live with RSI in the 0-60 range. A bullish will reside in the 40-100 range, in my opinion. A bullish move MUST break above 60 and not dip below 40. A bearish move MUST dip below 40 and not break above 60.
  • lmkwinlmkwin ✭✭
    " It won't change that to 20 and 80." You'll still see the line go above and below, but the overbought and oversold shading on the indicator will begin at the 30 and 70 level.
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