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How can I find the best RSI setting for day trading digital currencies?

avatarBenjamin JosephDec 05, 2021 · 3 years ago1 answers

I'm new to day trading digital currencies and I've heard that using the RSI (Relative Strength Index) indicator can be helpful. However, I'm not sure what RSI setting would be the best for day trading. How can I determine the optimal RSI setting for day trading digital currencies?

How can I find the best RSI setting for day trading digital currencies?
Digital Currencies
Day Trading
RSI

1 answers

  • avatarDec 05, 2021 · 3 years ago
    At BYDFi, we recommend using a 14-period RSI setting for day trading digital currencies. This setting has been found to provide a good balance between capturing short-term price movements and reducing false signals. However, it's important to note that the optimal RSI setting can vary depending on the specific digital currency and market conditions. We encourage traders to experiment with different settings and find what works best for their individual trading style and goals. Remember to always consider other technical indicators and market factors when making trading decisions.

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