Well I spent some time looking at RSI(2)<5 selections over the last month or so and of the top 5 each day 3 were winners and 2 were losers on average - But that begs the issue of how did they do when the market was down and in the last 18 trading days the market was down twice and both times the filter outputs did very well.
I did find that if the filter picked a stock below the lower donchian band it did better than one that was coming off the top band. This would probably work the same with bollinger bands too - so maybe a two parter is a better way to go.
At any rate the market is down as of Friday, is probably going to go up today and my top 5 selections are - WIT, LYV, EXR, ANW, and MHO.
I'm going to put these on the watch list and if they start stirring I might take some day trades in them.
Not an invitation to speculate in the stock market - just an observation.