Noob coding advice RSI stop

• 01/27/2022 at 1:49 PM #186725
  bob320

  Hi Team,

  Please be gentle with me, Im a complete noob and Im pretty sure my questions may be daft and basic. Anyway I`ve created a simple RSI strategy using the Simplified creation builder and applied it to the FTSE100 at 20min timeframe, on back-testing, it seems to turn a profit most of the time

  However, back-testing further, there are certain dates like Feb / March 2020 where the market took a severe nose dive or October 2020 where there was a sharp upturn and I was wrong side and get stopped out. Is there a way I can prevent it from opening positions when the market is moving in one direction or another sharply?

  Sorry if I sound like a complete noob.

  Code looks like this, thanks in advance:

  ===================================================

   

  DEFPARAM CumulateOrders = False // Cumulating positions deactivated

  // Conditions to enter long positions
  indicator1 = RSI[17](close)
  c1 = (indicator1 CROSSES OVER 29)

  IF c1 THEN
  BUY 1 CONTRACT AT MARKET
  ENDIF

  // Conditions to exit long positions
  indicator2 = RSI[17](close)
  c2 = (indicator2 CROSSES OVER 70)

  IF c2 THEN
  SELL AT MARKET
  ENDIF

  // Conditions to enter short positions
  indicator3 = RSI[17](close)
  c3 = (indicator3 CROSSES UNDER 70)

  IF c3 THEN
  SELLSHORT 1 CONTRACT AT MARKET
  ENDIF

  // Conditions to exit short positions
  indicator4 = RSI[17](close)
  c4 = (indicator4 CROSSES UNDER 29)

  IF c4 THEN
  EXITSHORT AT MARKET
  ENDIF

  

  bob320

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  01/27/2022 at 6:29 PM #186753
  robertogozzi

  Yes, you can add two variables to enable, or disable, opening Long or Short trades by setting them to either 1 or 0. I named them GoLong and GoShort:

  DEFPARAM CumulateOrders = False // Cumulating positions deactivated GoLong = 1 //0=disabled, 1=enabled GoShort = 1 //0=disabled, 1=enabled // Conditions to enter long positions indicator1 = RSI[17](close) c1 = (indicator1 CROSSES OVER 29) IF c1 and GoLong THEN BUY 1 CONTRACT AT MARKET ENDIF // Conditions to exit long positions indicator2 = RSI[17](close) c2 = (indicator2 CROSSES OVER 70) IF c2 THEN SELL AT MARKET ENDIF // Conditions to enter short positions indicator3 = RSI[17](close) c3 = (indicator3 CROSSES UNDER 70) IF c3 and GoShort THEN SELLSHORT 1 CONTRACT AT MARKET ENDIF // Conditions to exit short positions indicator4 = RSI[17](close) c4 = (indicator4 CROSSES UNDER 29) IF c4 THEN EXITSHORT AT MARKET ENDIF

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  DEFPARAM CumulateOrders = False // Cumulating positions deactivated   GoLong  = 1      //0=disabled, 1=enabled GoShort = 1      //0=disabled, 1=enabled   // Conditions to enter long positions indicator1 = RSI[17](close) c1 = (indicator1 CROSSES OVER 29)   IF c1 and GoLong THEN BUY 1 CONTRACT AT MARKET ENDIF   // Conditions to exit long positions indicator2 = RSI[17](close) c2 = (indicator2 CROSSES OVER 70)   IF c2 THEN SELL AT MARKET ENDIF   // Conditions to enter short positions indicator3 = RSI[17](close) c3 = (indicator3 CROSSES UNDER 70)   IF c3 and GoShort THEN SELLSHORT 1 CONTRACT AT MARKET ENDIF   // Conditions to exit short positions indicator4 = RSI[17](close) c4 = (indicator4 CROSSES UNDER 29)   IF c4 THEN EXITSHORT AT MARKET ENDIF

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  robertogozzi

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  01/27/2022 at 7:38 PM #186773
  nonetheless

  I may be completely wrong, but I think what he’s looking for is more of  a trend detection – another condition that will prevent his trade opening in the wrong direction, or will cut out if the trend moves sharply against him ???

  for example

  Timeframe (1 hour) ma = average[a,t](typicalprice) cb1 = ma > ma[1] cs1 = ma < ma[1]

  1 2 3 4

  Timeframe (1 hour) ma = average[a,t](typicalprice) cb1 = ma > ma[1] cs1 = ma < ma[1]

   

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  nonetheless

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  01/28/2022 at 4:51 PM #186859
  bob320

  Hi Guys,

  Thank you so much for you time and responses, much appreciated. I understand I can use additional indicators to determine if I should open a position, I guess Im wondering what specific indicators and values would prevent opening the trades on the dates where the markets fell or rose in a big way.

  Maybe some code that says if the market has shifted +/- 2% since open, dont trade?

  Thanks Again

  

  bob320

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