Breakeven stop with RSI control

phoentzs · 2021-12-03T19:54:49+00:00

Hello, is it possible to combine a breakeven stop with an RSI value? If the price is above / below the purchase price and the RSI12 closes above / below 70/30, the stop should be drawn to breakeven. In %. Could someone code that, please?

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12/03/2021 at 8:54 PM #182792 quote

phoentzs
Participant

Master

Hello, is it possible to combine a breakeven stop with an RSI value? If the price is above / below the purchase price and the RSI12 closes above / below 70/30, the stop should be drawn to breakeven. In %. Could someone code that, please?

12/04/2021 at 10:07 AM #182802 quote
robertogozzi
Moderator

Legend
There you go:
```
IF Not OnMarket THEN
    ExitrPrice = 0
ENDIF
MyRSI = Rsi[12](close)
IF (LongOnMarket AND close > PositionPrice  AND MyRSI > 70) OR (ShortOnMarket AND close < PositionPrice  AND MyRSI < 30) THEN
   ExitPrice = PositionPrice
ENDIF
IF ExitPrice THEN
   SELL      AT ExitPrice STOP
   EXITSHORT AT ExitPrice STOP
ENDIF
```
I can’t understand what you mean by “in %“. Breakeven is the entry price.
12/04/2021 at 10:32 AM #182803 quote

phoentzs
Participant

Master

Ah, my mistake. Then I said, for example: Breakeven + 5 * Pipsize

But in percent?

12/04/2021 at 11:25 AM #182805 quote
robertogozzi
Moderator

Legend
Ok, there you go:
```
PointsToKeep = 5 * PipSize     //save 5 pips beyond breakeven
IF Not OnMarket THEN
    ExitPrice = 0
ENDIF
MyRSI = Rsi[12](close)
IF LongOnMarket AND close > PositionPrice AND MyRSI > 70 THEN
   ExitPrice = PositionPrice + PointsToKeep
ELSIF ShortOnMarket AND close < PositionPrice AND MyRSI < 30 THEN
   ExitPrice = PositionPrice - PointsToKeep
ENDIF
IF ExitPrice THEN
   SELL      AT ExitPrice STOP
   EXITSHORT AT ExitPrice STOP
ENDIF
```
Midlanddave and thanked this post
12/04/2021 at 11:31 AM #182806 quote
robertogozzi
Moderator

Legend
If you want to use a %, you can replace the first line with the following:
```
MyFormula    = PositionPrice           //or Range, or abs(close - PositionPrice), etc...
PointsToKeep = MyFormula / 100 * 0.05  //0.05%
```
you can use any formula of your choice in line 1.

Midlanddave thanked this post
12/04/2021 at 11:44 AM #182810 quote

phoentzs
Participant

Master

Thanks Roberto, you are the best.
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