RSI 34 with Candle Color Change by Mani

RSI 34 along with over bought and oversold

The RSI calculates the average gains and losses over the last 34 periods.

The formula roughly is:
𝑅𝑆𝐼=100−100
1+𝑅𝑆
RSI=100−1+RS100

Where RS (Relative Strength) = Average Gain / Average Loss over 34 periods.

RSI values above 75 usually indicate the market is overbought (potential price reversal down or consolidation).

RSI values below 35 usually indicate the market is oversold (potential price reversal up or consolidation).

Overbought Zone (RSI > 75):

Market is likely overextended to the upside.

Candles can turn red or a bearish shade to signal potential selling pressure or caution.

Oversold Zone (RSI < 35):

Market is likely overextended to the downside.

Candles can turn green or a bullish shade to signal potential buying opportunities.

Neutral Zone (RSI between 35 and 75):

Market is balanced.

Candles remain in their default color (usually white, blue, or black depending on the chart style).