The STS_RSI_Breakout_Bot is designed to automate strategies based on range breakout or a local High or Low breakout. It can be used for trading in the Forex market, Crypto market, Indices & Shares market and more.
The Robot opens long positions when RSI is overbought and short positions when the RSI is oversold. It is possible to set exact time for opening a trade, such as the well-known London Breakout strategy - a breakout of the Asian range at the opening of the London session at 08:00 GMT.
The Trading Bot is suitable for instruments that make very strong and long directional movements (trends) in one direction, such as Cryptocurrencies, Indices and trending Forex pairs.
Example 1: BTC/USD H4 Timeframe
Breakout of the Up level of a range and a Long position at RSI above 70. Exit of the position - at RSI below 20.
Example 2: GBP/USD M15 Timeframe
Breakout of the Asian Range at the London Session Open, at 08:00 GMT.
Settings:
STS_RSI_Breakout_Bot has 6 main sections with settings.
✓ The Bot can open Long or Short positions;
✓ The Bot opens Long position on the RSI Up Level and Short positions on the RSI Down Level;
✓ You can choose RSI timeframe and RSI period, value of the Up and Down levels;
✓ The Bot has Trading zone with Up and Down level. It opens Long position above Down level and Short position below Up level;
✓ The Bot uses RSI for closing the positions. It will close the Long position at Down level and the Short position at Up level, no matter whether the position is losing or winning (this serves as Stop-Loss for the Robot);
✓ You can also choose Take Profit in Pips, Points or in Quote currency for closing the positions, depending on the instrument you trade;
✓ The Bot has protection against widening of the spread;
✓ You can choose the Working Time of the Robot by setting Start Trading Hour and Stop Trading Hour.
