RSI as stop loss

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    Posts
  • 06/24/2022 at 2:25 PM #196013 quote
    mariamfi
    Participant
    New

    Hello

     

    can I use RSI to stop the trade

    for example if RSI hit 30 close the trade.

    Without waiting for the candle to close

    similar to stop loss

     

    Regards

    06/24/2022 at 3:42 PM #196026 quote
    PeterSt
    Participant
    Master

    Normally not that I know of. But maybe @JS can make the “inverse RSI”, hence how the strength of the price has led to the RSI, and thus what the price needs to reach in the upcoming bar in order to meet your RSI request. Seems fun.

    06/24/2022 at 4:33 PM #196030 quote
    robertogozzi
    Moderator
    Master

    You have to use a low TF (down to 1 second) so that you can immediately close the trade as soon as RSI is hit:

    Timeframe(Daily,UpdateOnClose)
IF MyLongConditions AND Not LongOnMarket THEN
   BUY 1 CONTRACT AT MARKET
ENDIF
//
Timeframe(Daily,default)
MyRsi = RSI[14](close)
//
Timeframe(default)       //choose 1min or 1sec, ...
IF LongOnMarket AND MyRsi <= 30 THEN
   SELL AT MARKET
ENDIF
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RSI as stop loss


ProOrder: Automated Strategies & Backtesting

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mariamfi @mariamfi Participant
Summary

This topic contains 2 replies,
has 3 voices, and was last updated by robertogozzi
3 years, 8 months ago.

Topic Details
Forum: ProOrder: Automated Strategies & Backtesting
Language: English
Started: 06/24/2022
Status: Active
Attachments: No files
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