I will highly suggest you keep the RSI line colour green.
For, that click on the pencil sign.
Now, click on the colour and select green, and also bold it for better visibility.
Step 3: Similarly, go to indicator and select MACD from the menu
Now, similarly bold the MACD lines and horizontal lines for better visibility.
Now, your dashboard will look something like given below.
That’s it… The basic setup is over!!!
What is RSI Indicator?
RSI (Relative Strength Index) is a momentum indicator used in technical analysis that measures the magnitude of recent price changes to evaluate Overbought level and Oversold level in the price of the stock or other assets.
What is Overbought Level?
Overbought Level: When the line in RSI is near or above 70.
The overbought level or मुद्रास्फीति स्तर is a market situation that indicates that the price level has already reached the maximum and indicates that it won’t go any higher.
Characteristics of Overbought Level:
1. Buyer gets excited
2. Demand is probably going to decrease
3. Price may decrease.
Example: The best example I can give is Onion Price in India.
Recently, the price of onion went to 200 rs which was the maximum price. and everyone knew from here the price will start decreasing and buyers got excited.
Action: In Overbought Level, it is always recommended to go for SELL Trade
What is Oversold Level?
Oversold Level: When the line in RSI is near or below 30.
Similarly, Oversold Level or अपस्फीति स्तर indicates the downtrend of cheap price has already reached the minimum and won’t go down any more.
Characteristics of OverSold Level:
1. Seller gets excited
2. Demand is probably going to increase
3. Price may increase.
Example: The best example we got to see was the price of crude oil in the U.S.A . when it reached the minimum amount of $ 1 which was the minimum price and the sellers got excited and were buying like crazy because they knew once the lockdown will get over the demand for crude oil will automatically increase.
Action: In Oversold Level, it is always recommended to go for BUY Trade.
Now, You must be wondering then what is the role of line 50 right?
Well, Line 50 is most important, If the line is coming from 70 and crosses 50 then go for SELL Trade at short frame since the market is very close is Oversold level and can soon change the trend.