Based on my own personal understanding, the meaning of the 5 "BIAS" indicators is as follows:
Way Overbought - It indicates that the stock is very overlybought, hence not a good sign for people looking to purchase the stock as the stock might be at its peak and there might be possible downwards movement in the near future.
Overbought - Likewise to Way Overbought indicator, indicating stock is overbought but not as overbought. also not a good sign for people looking to buy the stock, as there might be possible downwards movement in the near future as well.
Neutral - Indicating the stock is at a neutral state where it is neither overbought or oversold yet. Some time might be needed for the indicator to move to either oversold or overbought to allow traders to know the state of the stock better.
Oversold - Indicating the stock is oversold, which is a good sign for people looking to buy the stock as the stock may have possible upwards movements in the near future, as it is currently oversold.
Way Oversold - Similar to Oversold indicator, indicating the stock is too overly sold. Hence a good sign for people looking to buy the stock as well, as the stock may be also looking to make an upwards movement soon in the near future when more investors starts to buy the stock again, due to it being currently too oversold.
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