Oversold based RSI Screener
October 20, 2015, 4:37 PM
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Author: financnipi
RSI is an indicator that can be sais oversold or overbought, and this may foresee some trend reversals. In this example, we will pick up all the stocks “oversold”, considering hourly bars.
“Oversold” is defined by RSI < 30. This is as much significant as the RSI is near of the zero line.
So we will build a screener that returns all the stocks where RSI < 30 and we will keep thoose that have the lowest RSI values.
REM Calculate the RSI indicator on 14 hourly bar
a1=open<dclose(1)
a2=open[1]<dclose(2)
REM Our filter condition: RSI < 30
REM Sorting criteria: myRSI
SCREENER [a1 and a2 ]
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Filename:
Oversold-based-RSI-Screener.itf
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