STS_RSI_Bot manages trades based on overbought and oversold conditions of one of the most popular indicators - RSI.
A short trade entry when the RSI value is above 80 and a close when the RSI value is below 20.
A long trade entry with an RSI value below 20 and a close of the trade when the RSI value reaches above 80.
The robot can be used for opening positions both in markets that are in trend and in range.
The robot works in a predefined trading zone - upper and lower limits of the expected range. When the price breaks out of this zone, the robot will close all current trades and will not open new ones. Within the zone the robot will only open trades under the predefined RSI conditions (in the example RSI is with a value above 70 for short positions - closing at an RSI value below 30. For long positions RSI is with a value below 30 - closing at an RSI value above 70).
To multiply the effect of the strategy, we added the option to open up to 50 trades in one direction if the set conditions continue to be present with each new candle on the selected timeframe.
STS_RSI_Bot has 4 main sections with settings.
✓ You determine the timeframe, the period of the indicator and the RSI values for the entry;
✓ It can open one or more than one trades;
✓ You choose the direction - long, short or both;
✓ You choose the volume of the transaction;
✓ You choose the trading zone (levels) in which the robot to work. When breaking out of the pre-set zone, the robot will not open new trades and will close all open ones at the levels you have set for stopping the robot;
✓ These levels act also as a stop loss for open positions.