I read this – I know it is just a simple scalping setup, but I am still earning and I wondered how would you code this?
For a buy entry, wait for the price to rise above the 200-EMA, where the RSI should fall below 40 (but not below 25). Wait for the RSI to go back above 40 and enter at the candle close corresponding to when the RSI crosses above 40. Make sure to set your stop-loss (SL) at the swing low created by the bullish price increase and set take-profit (TP) at two times the risk on the SL.
I don’t know enough on how you get it to monitor the RSI continously from the price rising above the 200-EMA – if this is at all possible?
Would you do a MYCONDITION to setup the 200-EMA cross?
Then set a trigger 1 for falling below 40 RSI? But then how do you write in that it shouldn’t fall below 25? and that it needs to go back above 40 before entering the trade?
Thanks
JSParticipant
Senior
DEFPARAM CumulateOrders = False
If Close Crosses Over ExponentialAverage[200](close) then
MyEMACond = 1
ElsIf Close Crosses Under ExponentialAverage[200](close) then
MyEMACond = 0
EndIf
If RSI[14](close) Crosses Over 40 and MyEMACond = 1 then
Buy 1 contract at Market
SET STOP pLOSS 10
SET TARGET pPROFIT 20
EndIf
Something like this:
Only your stop loss is now at the place where the price crosses the RSI above 40.
I think that when you set these conditions (RSI Crosses Over 40) that you can never find out the previous Swing Low.
Yes I got as far as you got, but then there is no way to programme in a series of triggers which it has to hit in sequence?
i.e hit target 1, then hit target 2, then hit target 3 when these 3 are hit in sequence trigger ..
JSParticipant
Senior
Target 1 =Close Crosses Over ExponentialAverage[200](close)
Target 2 =RSI[14](close) Crosses Over 40 + Target 1
Can you tell me what Target 3 is? 🙂
Yeah but this is the problem isn’t it?
The 3rd criteria shall we call it – rather than a target is that it needs to fall below 40, but not below 25.
And that these criteria / targets need to happen in sequence otherwise the move is invalid, but I see you tackle this by adding the previous target to the next targets criteria?
So I guess it is how you get it to understand that it is a moving timeframe and not a specific moment in time.
JSParticipant
Senior
The “RSI Crosses Over 40” guarantees that the RSI has been below 40 before that because it crosses from below 40 to above 40 (and the RSI is then of course also > 25).
Thus, no position is opened when the RSI < 40 or when the RSI < 25.
You can possibly set an extra condition that, for example, the RSI MUST first hit the 25, but I do not know if you want that.
In any case, it must be unambiguously fixed what needs to be done otherwise you cannot program it.
Try this one, it will spot any Ema200 crossover while Rsi < 40, then waits for an Rsi crossover (provided it did not fall below 25, in between):
DEFPARAM CumulateOrders = False
DEFPARAM PreLoadBars = 10000
ONCE Trigger1 = 0
ONCE Trigger2 = 0
ONCE SL = 0
ONCE TP = 0
Ema200 = average[200,1](close)
MyRSI = rsi[14](close)
IF Trigger1 = 0 THEN
Trigger1 = (close CROSSES OVER Ema200) AND (MyRSI < 40)
ENDIF
IF Trigger2 = 0 AND Trigger1 = 1 THEN
Trigger2 = MyRSI CROSSES OVER 40
ENDIF
IF Not OnMarket AND Trigger2 THEN
BUY 1 CONTRACT AT Market
SL = abs(close - lowest[5](low))
TP = SL * 2
SET STOP LOSS SL
SET TARGET PROFIT TP
ENDIF
IF OnMarket OR (close <= Ema200) OR (MyRSI < 25) THEN
Trigger1 = 0
Trigger2 = 0
ENDIF
//graph (close CROSSES OVER Ema200)// AND (MyRSI crosses over 40)
//graph (close CROSSES OVER Ema200) AND (MyRSI < 40) coloured(255,0,0,255)
//graph trigger1 coloured(0,128,0,155)
//graph trigger2 coloured(0,0,255,255)
