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RSI as stop loss

mariamfi · 2022-06-24T13:25:11+00:00

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

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ProOrder: Automated Strategies & Backtesting
RSI as stop loss

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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

Legend
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

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

Topic Details

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

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RSI as stop loss

Stuck on this ProBuilder code?

RSI as stop loss ProOrder: Automated Strategies & Backtesting

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RSI as stop loss

ProOrder: Automated Strategies & Backtesting