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OverSold/Overbought area based on book Trading for Living
I just read book Trading for living from dr. Alexander Elder. and in this book said that overbought and oversold area of oscillator indicator such as RSI, Stochastic are not static. in this book said like this :
"The proper way to draw those lines (Oversold / Overbought) is to place them so that an oscillator spends only about 5 percent of its time beyond each line."
How can I make an indicator lets assume RSI(13) but the oversold and overbought area is 5% of its time at high and low for the last 6 month.
thanks and sory for my bad english.
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