How do I enhance the accuracy of RSI while trading intraday?
No indicator can enhance your accuracy for Trade.
Default setting for RSI is 80–20 i.e. Above 80 RSI is said to be overbought & below 20 mark RSI is said to be oversold.
But when you apply RSI to Nifty or Stock Chart you may see that there are many occasion where you get trapped, when RSI is above 80 Nifty Gets more momentum and head towards higher levels.
So I suggest you to Use following Setup to enhance your accuracy in Intraday:
Step 1: Change to RSI default settings to 60–40 (Buy Above 60 Levels and Sell below 40 Levels)
Step 2: Place Parabolic Sar (PSAR) to Chart.
Step 3: Place MACD Histrogram
Step 4: Chance Intraday Time to 15 Min
For BUY SIGNAL: RSI Should should be crossing 60 above Levels and Parabolic Sar (PSAR) Should be Green or below Current Price and MACD Histogram Should be Above zero line. If 3 Condition Fulfills then Buy.
For SELL SIGNAL: RSI Should should be crossing Below 40 above Levels and Parabolic Sar (PSAR) Should be Red or Above Current Price and MACD Histogram Should be below zero line. If 3 Condition Fulfills then Sell.
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