Rules to check RSI on last 60-minute bar
Author: jotapoker
Creation Date: 3/2/2021 5:34 AM
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jotapoker

#1
I'm not a coder so I always use "new strategy from rules".

This time I'm not able to reach the entry rules that I want. Strategy is really simple:

On the 60min time frame check if the RSI of the last candle of the day closes below a certain level.
If that happens and in the next day there's a gap down, buy at the open.

Exit rules are really simple. Already figured that out.

Any help?
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Eugene

#2
You can approximate it with Rules using Multi-Condition Groups like this:

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jotapoker

#3
Thanks.

It just an approximation as you said because it doesn't buy the open.



Just one more question, is this a good way to make sure that i close the position in the of the day?



I'm using "1531" as the parameter in the 60min time frame.
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Eugene

#4
Please attach your screenshots directly to the message when replying. Fixed this in your message. External image hosters should be avoided at all costs because the linked images are used to die away.

QUOTE:
It just an approximation as you said because it doesn't buy the open.

Technically you cannot buy at the open after finding there's a gap down because the open has already taken place and you have to wait for next bar. A complete bar updates in the time frame of your choice and at the end of it your strategy executes over all the loaded bars and determines if it wants to trade on the next bar.

QUOTE:
Just one more question, is this a good way to make sure that i close the position in the of the day?

Whatever works for you is fine with me. Yes, it's suitable for Rule-based strategies.
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jotapoker

#5
Thanks once again.
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Eugene

#6
You're welcome.
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