As Streak doesn’t support multiple TF support, What will be Hourly equivalent of RSI(14) on a 5 minute Chart ,means how can I Scan for 1Hr RSI (14) with 5 min candles ?
@nashtrik When you can using RSI(14) on a 1hr timeframe chart, the RSI value is calculated taking into account the price information of 14 candles i.e 14 * 1 hr. Now 1hr candle consists of 12 5 min candles… this is simple math. So 14 hrs of price information would mean running the RSI formula on 168 5 min candles…
You need to scan for RSI (168) of 5 min…
But note that when you are scanning with 5min candles, you are delving deeper into 1 hr of price information, that means you are considering the volatile price movement that happened within the 1 hr candle. So the RSI (14) for 1 hr candles will not yield the similar values as RSI (168) on 5 min.
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Will this difference be significant so as to give erroneous signals ? Also, I think it should be RSI(168) as 1 hr will have 12 5-min candles.
@nashtrik RSI formula considers the changes in Close price of a candle to calculate average gain and loss. These values are then used for calculating the RSI value. Since RSI on 5 minute candle will consider all the Close value of the 12 candles within the 1 hr candle, the the average gain and loss would be different. Hence the RSI (14) value would be different.
You can try plotting RSI on the chart to verify this.
And it should be 168. 