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RSI Disappoints

The Relative Strength Index (RSI) is one of the most well know oscillators; however, the results of this textbook implementation disappoint. Over the past ten years, this trading strategy would have returned a whopping 63% less than its benchmark. I realize the algo is not perfect, and it doesn't incorporate shorting, but I just would have expected better out of such a widely used oscillator. Your "polite" thoughts are more than welcome...

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BTW - Here's another RSI backtest, but instead of trading SPY, this one trades XOM. The results are much better, but they still lag its benchmark by 13%.