The RSI, a momentum indicator, combined with Bollinger Bands, a trend-following indicator, is the best combo of technical indicators.
Bollinger bands are a tool, not a precise indicator. They don't always provide accurate data, thus it's up to the trader to use band parameters that work the majority of the time for the asset being traded.
The upper band is determined by taking the middle band and multiplying it by twice the daily standard deviation. The lower band is calculated by subtracting two times the daily standard deviation from the middle band.
Because it is based on a 20-day simple moving average (SMA) and two outer lines, the Bollinger band tool is a lagging indicator. These outer bands are used to measure volatility because they indicate the positive and negative standard deviations away from the SMA.
A Bollinger Band® is a technical analysis tool consisting of a set of trendlines plotted two standard deviations (positively and negatively) away from a security's price's simple moving average (SMA), but which can be altered to user preferences.
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