Integrasi Moving Average (MA), Relative Strength Index (RSI), dan Bollinger Bands (BB) dalam Analisis Teknikal Pergerakan Harga Saham Indeks LQ45

Afrilia Saputri; Neneng Miskiyah; Divianto Divianto

doi:10.30640/trending.v4i4.7583

Authors

Afrilia Saputri Politeknik Negeri Sriwijaya
Neneng Miskiyah Politeknik Negeri Sriwijaya
Divianto Divianto Politeknik Negeri Sriwijaya

DOI:

https://doi.org/10.30640/trending.v4i4.7583

Keywords:

Bollinger Band, Moving Average, Relative Strength Index, Stock Price, Technical Analysis

Abstract

Stock price fluctuations demand the use of technical analysis that is able to provide more comprehensive information to support investment decision-making. This study aims to analyze stock price movements using the Moving Average (MA), Relative Strength Index (RSI), and Bollinger Band (BB) indicators, as well as evaluate the accuracy of the transaction signals produced. The study uses a descriptive quantitative approach with secondary data in the form of the daily closing prices of 10 companies that are members of the LQ45 Index for the 2023–2025 period. Samples were determined using purposive sampling techniques, while data were analyzed through the calculation of MA, RSI, and BB indicators and evaluated using the backtesting method. The results of the study show that six stocks have a downtrend trend, while the other four stocks are dominated by an uptrend. The average RSI value of the entire sample is at neutral conditions, while the volatility level measured using the Bollinger Band shows variations on each stock. The integration of the three indicators is able to provide information on trends, momentum, and volatility more thoroughly and generate transaction signals that can support technical analysis. The results of backtesting showed that the signal accuracy rate ranged from 42% to 53%, with the highest accuracy in UNTR shares and the lowest in ASII shares. These findings suggest that the combination of MA, RSI, and BB can be used as one approach in technical analysis to support investment decision-making.

References

Adnyana, I. M. (2020). Manajemen investasi dan portofolio. LPU_UNAS.

Akbar, A. (2024). Analisis teknikal saham menggunakan indikator Bollinger Bands dan Relative Strength Index untuk pengambilan keputusan investasi. Jurnal Akuntansi, Manajemen dan Ilmu Ekonomi, 4(4), 438–444. https://doi.org/10.54209/jasmien

Ekananda, M. (2019). Manajemen investasi. Penerbit Erlangga.

Ependi, Ningsih, P. T. S., Gusvarizon, M., & Widodo, Y. B. (2025). Stock investment with Bollinger Band indicator, Moving Average and Relative Strength Index of three big capitalization issuers of telecommunication infrastructure. Ilmu Ekonomi Manajemen dan Akuntansi, 6(1), 22–41. https://doi.org/10.37012/ileka.v6i1.2587

Hartono, H. (2022). Analisis teknikal pergerakan harga saham pada perusahaan pertambangan yang terdaftar di indeks LQ45 menggunakan MA50 dan RSI pada tahun 2019–2022. Sebatik, 26(2), 465–471. https://doi.org/10.46984/sebatik.v26i2.1929

Ong, E. (2016). Technical analysis for mega profit. Gramedia Pustaka Utama.

Rasyid, L. D. M., Setiawan, R. A., & Polindi, M. (2025). The influence of technical analysis, Relative Strength Index (RSI), and Moving Average (MA) on stock purchase decisions (Case study on the Sharia capital market in Bengkulu City). Jurnal Ekonomi dan Bisnis Islam, 9(2), 311–324. https://doi.org/10.30868/ad.v9i02.9088

Riyanto, A., & Astuti, S. (2024). Perbandingan tingkat akurasi metode analisis teknikal Moving Average Convergence Divergence, Moving Average, Relative Strength Index saham Infobank15. Jurnal Ilmiah Mahasiswa Manajemen, Bisnis dan Akuntansi (JIMMBA), 6(2), 228–240. https://doi.org/10.32639/t5ncer72

Sabatini, G. N., Putri, O. R., & Wardhany, N. K. (2026). Impact dengan analisis fundamental dan analisis teknikal terhadap harga saham pada PT Telkom Indonesia Tbk. Journal of Artificial Intelligence and Digital Business, 4(4), 11175–11192. https://doi.org/10.31004/riggs.v4i4.4815

Sadili, A., & Zubair, A. (2025). Peramalan harga saham perbankan dengan menggunakan metode Moving Average dan Exponential Smoothing. Journal of Internet and Software Engineering, 6(1), 43–49. https://doi.org/10.22146/jise.v6i1.11848

Sadipung, T. O., & Fauzi, A. M. R. (2024). Analisis perbandingan investasi saham menggunakan indikator Moving Average Convergence Divergence (MACD) dan Relative Strength Index (RSI) pada PT Perusahaan Gas Negara (Persero) Tbk tahun 2022–2023. Jurnal Manajemen Organisasi dan Bisnis, 13(2), 107–118. https://doi.org/10.56486/kompleksitas.vol13no2.672

Sangkala, M. (2025). Analisis teknikal sebagai dasar pengambilan keputusan dalam trading saham pada Bursa Efek Indonesia (Studi pada BBCA dan BBRI Januari–Juni 2024). GEMILANG: Jurnal Manajemen dan Akuntansi, 5(2), 652–660. https://doi.org/10.56910/gemilang.v5i2.2530

Setiani, O. A., & Nugroho, D. A. (2022). Komparasi strategi investasi dengan pendekatan Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), dan buy and hold. Jurnal Management Risiko dan Keuangan, 1(4), 244–251. https://doi.org/10.21776/jmrk.2022.01.4.02

Wibowo, A. (2017). Investasi valuta asing. CV Andi Offset.

Wingdes, I., Callista, M., & Ananda, F. (2022). Implementasi backtesting pada pemilihan dan pengujian strategi investasi digital. Seminar Nasional Corisindo.