RSI as stop loss

• 06/24/2022 at 2:25 PM #196013
  mariamfi

  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

  

  mariamfi

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

  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.

  

  PeterSt

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

  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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  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

  

  robertogozzi

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