Using this indicator, traders can easily identifies both convergence and divergence in any market. Plus, the multi-data RSI meter allow daytraders and swing traders to easily identify markets that have momentum or a lack of momentum or that are either overbought or oversold.
Anytime price is above the 50 line on the indicator, then the market is considered overbought. Anytime price is below the -50 line then the market is considered to be oversold and a pullback can be anticipated. As you can see from the chart above, monitoring multiple markets with the RSI indicator is easy using the THD_Meter indicator. This allows traders to identify market direction, market weakness, when a market is oversold (below -50) or when the market is overbought (above 50) at a glance.
Additionally, we have incorporated alerts for when the market is > 50 or below the -50 line.
Also, included with the charting indicator is the indicator for the Scanner plus audio and email alerts.