Buy and Sell Signal Accuracy of the LQ45 Index Using MACD and RSI Indicators, 2022-2025

Rezky Amelia; Alim Syariati; Eka Indriyani

doi:10.63922/ijebir.v5i05.6166

Rezky Amelia Management, Faculty of Islamic Economics and Business, Alauddin State Islamic University of Makassar
Alim Syariati Management, Faculty of Islamic Economics and Business, Alauddin State Islamic University of Makassar
Eka Indriyani Management, Faculty of Islamic Economics and Business, Alauddin State Islamic University of Makassar

DOI: https://doi.org/10.63922/ijebir.v5i05.6166

Keywords: Signal Accuracy, MACD, RSI, LQ45 Index

Abstract

This study aims to analyze the accuracy of buy and sell signals generated by
the Moving Average Convergence Divergence (MACD) and Relative Strength Index
(RSI) indicators for stocks included in the LQ45 Index during 2022–2025 and to
determine which indicator provides better accuracy. This research addresses the
need for reliable technical analysis tools amid stock market volatility and changing
investor sentiment. Previous studies have examined MACD and RSI individually, but
comparative evidence regarding their accuracy for LQ45 stocks remains limited. This
study employs a quantitative approach with a comparative descriptive design.
Secondary data consisting of historical stock prices of LQ45 constituents were
obtained from stock market sources. Data were analyzed by calculating the accuracy
of buy and sell signals generated by both indicators, followed by descriptive
statistics, normality testing, and difference testing. The results show that both MACD
and RSI provide reasonably accurate trading signals. However, MACD demonstrates
higher accuracy than RSI, particularly in identifying market trends and momentum.
RSI is more effective in identifying overbought and oversold conditions. These
findings provide comparative evidence for selecting technical indicators in LQ45
stock investment decisions.

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