How to build a RSI Range
-
Good evening, I just have a question from a scretched idea from Yesterday (see screenshot). I want to try to build an RSI Range System which Make a box Range including the incomming “crossesbelow 30” or “crossesabove 70” till “crossesabove 30” or “crossesbelow 70” candle?
…
After that happend it should place a Stop Buy and Stop Sell (OCO) a bit over the range, so the Market can decide the direction. A bit like an open Range Breakout but just with the RSI range. After buy or sell order was activated, the stop should be at the low or high of the range with an 1% or 0,5% Moneymanagement. The Profit should be the half or 1:1 of the Range. I haven’t programmed anything for this yet. At first it’s just thoughts.
Hi robertogozzi, thank you very much. That was fast. The code does something, but sometimes it does something else. I can’t say exactly what it does (see screenshot, after the second box). There are some trades that I can’t explain. I draw a box from the RSI range to see, if the price breaks out of the high or low of this Range. Or do I have to change something in lines 22 to 26?
I added some code to clear data when OnMarket and I also apopended some debugging instructions to help you better identify Entry price, ST, TP and other variables using GRAPH and GRAPHONPRICE:
// X = crosses // b = below // a = above // OS = OverSold // OB = OverBought // // XbOS = Crosses Below OverSold // XaOS = Crosses Above OverSold // XbOB = Crosses Below OverBought // XaOB = Crosses Above OverBought // DEFPARAM CumulateOrders = FALSE Offset = 1 * PipSize //1 pip above MaxRange/below MinRange OB = 70 //70 - 30 OverBought & OverSold tresholds OS = 100 - OB MyRSI = Rsi[14](close) //14 periods XbOS = MyRsi Crosses Under OS XaOS = MyRsi Crosses Over OS XbOB = MyRsi Crosses Under OB XaOB = MyRsi Crosses Over OB // IF OnMarket OR StrategyProfit <> StrategyProfit[1] THEN XaOB = 0 XbOB = 0 XaOS = 0 XbOS = 0 MaxRange = 0 MinRange = 0 Entry = 0 GoShort = 0 GoLong = 0 ENDIF // IF XbOS or XaOB THEN GoShort = 0 GoLong = 0 Entry = 0 SL = 0 TP = 0 MaxRange = high MinRange = low ENDIF MaxRange = max(MaxRange,high) MinRange = min(MinRange,low) // exit LONG IF LongOnMarket AND XaOB THEN SELL AT Market ENDIF // exit SHORT IF ShortOnMarket AND XbOS THEN EXITSHORT AT Market ENDIF // enter LONG IF XaOS AND (MaxRange > 0) AND (MinRange > 0) THEN GoShort = 0 GoLong = 1 Entry = MaxRange + Offset SL = abs(Entry - MinRange) TP = abs(MaxRange - MinRange) / 2 ENDIF IF GoLong AND Not LongOnMarket THEN BUY 1 Contract AT Entry STOP SET TARGET PROFIT TP SET STOP LOSS SL ENDIF // enter SHORT IF XbOB AND (MaxRange > 0) AND (MinRange > 0) THEN GoShort = 1 GoLong = 0 Entry = MinRange - Offset SL = abs(Entry - MinRange) TP = abs(MaxRange - MinRange) / 2 ENDIF IF GoShort AND Not ShortOnMarket THEN SELLSHORT 1 Contract AT Entry STOP SET TARGET PROFIT TP SET STOP LOSS SL ENDIF ///////////////////////////////////////////////////////////////////////////// GraphOnPrice Entry AA = TP BB = SL IF LongOnMarket THEN GraphOnPrice TradePrice + AA coloured(0,0,255,255) AS "TP" GraphOnPrice TradePrice - BB coloured(255,0,0,255) AS "SL" ELSIF ShortOnMarket THEN GraphOnPrice TradePrice - AA coloured(0,0,255,255) AS "TP" GraphOnPrice TradePrice + SL coloured(255,0,0,255) AS "SL" ELSE GraphOnPrice close coloured(0,0,0,0) GraphOnPrice close coloured(0,0,0,0) ENDIF graph XaOB graph XbOB graph XaOS graph XbOS graph LongOnMarket graph ShortOnMarket /////////////////////////////////////////////////////////////////////////////You may also want to add this indicator to your chart to highlight periods within OverBought and OverSold periods and plot a rectangle around MaxRange and MinRange:
Offset = 1 * PipSize //1 pip above MaxRange/below MinRange OB = 70 //70 - 30 OverBought & OverSold tresholds OS = 100 - OB MyRSI = Rsi[14](close) //14 periods XbOS = MyRsi Crosses Under OS XaOS = MyRsi Crosses Over OS XbOB = MyRsi Crosses Under OB XaOB = MyRsi Crosses Over OB IF XbOS or XaOB THEN MaxRange = high MinRange = low Bar1 = BarIndex ENDIF IF XaOS OR XbOB THEN Bar2 = BarIndex[1] DrawRectangle(Bar1,MaxRange+Offset,Bar2,MinRange-Offset) coloured(0,0,255,20) bordercolor(255,0,0,255) ELSE MaxRange = max(MaxRange,high) MinRange = min(MinRange,low) ENDIF ONCE r = 0 ONCE g = 0 ONCE b = 0 ONCE t = 0 IF XaOB THEN r = 0 g = 255 //GREEN b = 0 t = 20 ELSIF XbOS THEN r = 255 //RED g = 0 b = 0 t = 20 ELSIF XbOB OR XaOS THEN r = 255 //WHITE g = 255 b = 255 t = 255 ENDIF BackGroundColor(r,g,b,t) RETURN
- You must be logged in to reply to this topic.
Author
Summary
This topic contains 3 replies,
has 2 voices, and was last updated by 
4 years, 11 months ago.
Topic Details
| Forum: | ProOrder: Automated Strategies & Backtesting |
| Language: | English |
| Started: | 03/25/2021 |
| Status: | Active |
| Attachments: | 3 files |
