This tutorial explains how to use the public and open indicator published as "RSI cyclic smoothed v2" in regards to spot market turns. By using the same indicator tuned at the market vibration and using divergence signals to confirm market turns.
This is all great when applied to an existing chart (looking back), but when applied to a live chart, things keep changing by the minute making it difficult or impossible to act on the information. This has been my experience with pretty much all market indicator so far. The biggest driver of markets is good or bad news, it can turn on a dime turning any indicator inaccurate. Nonetheless, nice work and some may find it useful.
CapitaNemo
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@BillAnt, Well RSI has always been used as both a lag and lead indicator. But in this case, he uses it for a lead to forecast or confirm actual or false breakout. The wave smoothing helps in determining and spotting divergences easier in tandem with the chart.
This isn't gonna do you any good intraday. I personally only use RSI to confirm trend strength and never as a buy/sell/trend reversal indicator.
BillAnt
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@CapitaNemo, < Yep, this isn't for day traders which I am, though I use it to look back at some of my good-ups. lol