are oversold issues/overbought issues for a market, under any o/s or o/b criteria. If we consider, for example, RSI(14)>65 as an o/b criterion, then we may count in daily basis how many stocks fill the criterion and create a new function, the RSI overbought issues [similar to AdvIssues] or, in brief, the RSIobi. The RSIobi for the N100 market never exceeded 50 the last years. [the green line in the att. gif] A value above 45 is equivalent to a strong Sell suggestion. Enjoy the last 6 Sell signals. The March24 peak was dramatic : The RSIobi dropped from 48.5 to 5.9 !!! Dimitris Tsokakis Reference: http://www.amibroker.com/library/detail.php?id=179
The StochD overbought issues or, in brief, StochDobi, is the population of the stocks with their StochD()>70. They are easily defined when you run the /*STOCHD OSI OBI*/ s1=StochD(14); os=s1<=30; ob=s1>70; values11 = os>0; values12= ob>0; AddToComposite(Values11,"~stochdosi","V"); AddToComposite(Values12,"~stochdobi","V"); Buy=0; Enjoy the 12 profit taking points for the N100 market the last 2 years scanning with Ob= Foreign("~stochdobi","V"); Sell=Ref(Ob,-1)>70 AND Ref(Ob,-1)==HHV(Ob,3); It would be better to take some profits when the signals appear and I hope you agree.
You may add the 7th sell signal of Tue, May6 close. RSOobi was at 49.5 and stopped there. The signal anicipated the May7 situation : RSIobi dropped to 34.6 and the N100 market direcionality was 97% !! Only 3 stocks were higher. The rest 97 were lower, up to -12%. 13/100 stocks lost more than -5%. In one single day, clearly anticipated by RSIobi, one of the most safe signal generators in the N100 market.