RSI as a signal

[drankman]

Hi @jstap
Hope you're well. I'd like to ask regarding RSI which I asked some times ago.. here is the last one: https://fxdreema.com/forum/topic/13474/rsi-signal/12

here's to refresh, I meant to create EA where RSI should work as a signal. This means: RSI has to go below oversold level first (e.g 30) or go above overbought level first (e.g 70) then EA can take order. (RSI does not need to stay above/below. It can go wherever afterward)
Apparently, the function you suggested did not work properly. EA took some orders, even though EA has not gone below oversold or has not gone above overbought level yet .

Maybe do you have any other suggestions?

Thanks in advance.

[jstap]

@andrewfrank X> means when price goes from below and crosses the above a level, you have a choice, use a bool condition when price goes above/below then reset at a chosen level with X> or X< as the trigger or just use X> X< alone,

[drankman]

@jstap Thanks for the reply. Im not quite sure I understood correctly. What did you mean by "the reset at a chosen level x>"?
Could you give an example.
Here is the shared project: https://fxdreema.com/shared/QYjQJeMtc

Did you mean, that the RSI condition has to be x> instead just >?

Thanks!

[jstap]

@andrewfrank What I meant was, you have the RSI setting bool true/false when over/under a set level, once this level get's back to a certain level so the original condition is no longer valid, use another condition to reset the bool back to the opposite true/false.

[drankman]

@jstap Ok Thanks!
Do you know how to reset the bool back to the opposite true/false.?
I dont know how to reset, Could you show me how?
Last time, you suggested me with trhis one: https://fxdreema.com/shared/DFUIvhaEd

[jstap]

@andrewfrank This is your choice, any condition with the modify variables block under, as you have it will still work.

[SavageTrades]

Did you get it figured out? If not I will show you.

[SavageTrades]

Here I just created one for you with Terminal Alert, On Chart Indication, and Auto Trade with adjustable S.L/T.P/Lot Size. Hope this answers your question. I also structured it for a trading strategy that I actually use. https://fxdreema.com/shared/BHcxJFJSc

[jstap]

@savagetrades Think you missed the whole point, when a bool condition is set to true at a level, then set to false at a different level, reset this this back to false at a different point for another reason.

[SavageTrades]

@jstap The project I created and shared with him was based on what he requested by stating, " I meant to create EA where RSI should work as a signal. This means: RSI has to go below oversold level first (e.g 30) or go above overbought level first (e.g 70) then EA can take order. (RSI does not need to stay above/below. It can go wherever afterward)". I applied it to my charts before sharing and it does just that. The only thing different is the trigger levels, and possibly the rsi period that i use may be different from what he uses.

[jstap]

@savagetrades Ok but if you look in his project getting things to react to the RSI he was doing, he wanted to know how to reset a condition.

[SavageTrades]

@jstap Gotcha, I usually don't try to start from their projects. I takes alot of time to go through what they've created and try to figure out where they are going with it. So i tend to focus on what they want to actually happen and either create or explain that. But, now I do understand your previous reply.

[jstap]

@savagetrades This is true, I too tend not to look through peoples projects in depth, often to complete an Idea there are different ways, and 1 way isn't necessary better than another. The more help tor people on these forums the better: )

[drankman]

@jstap @SavageTrades
Thanks all for the inputs.

Apologize, maybe I'm not explaining well or I'm still just confused..
So, basically I'd like to have EA, where RSI works as a trigger only. For example, lets say at 9:00 RSI has reached my defined level (lets say under 30), then EA can open trades after 9:00. so if at 12:00 RSI is already on another level (lets say 50) but if other conditions are met, then the EA should open trades.

My issue actually was the EA has not respected RSI rules, so sometimes RSI has not yet reached my defined level, but the EA still open trades.
So sometimes ago, I am using this as @jstap suggested here https://fxdreema.com/shared/DFUIvhaEd This I believe is also the reset function as he mentioned, but apparently is not working properly, as it still disrespected RSI rules.

Here is the shared project: https://fxdreema.com/shared/QYjQJeMtc

Thanks again and hopefully this explains better..

[jstap]

@andrewfrank I would set up a separate project with a comment so I can watch on back test and see if what I require is happening, I would add to this so each step I can and then add something else. For the RSI to work as a trigger something happens once when all other conditions are already set. For example RSI is above 80, something else like RSI X< 90 happens as a trigger to place trade.

[SavageTrades]

@andrewfrank What is the purpose of the reset function? Also I would add some sort of moving average filter to help identify trend. That way short positions are only taken when the market is trending down, and vise versa for long positions. Here is what you wanted in action without the filter (Not recommended to use without a filter).
https://drive.google.com/file/d/1Cd95aBhsTUE3nuQufL37_Eim1KB6dfoH/view?usp=sharing

[drankman]

@jstap @savagetrades
Ok. thanks again guys for the inputs.
I'll try to set up separate one.
The reset function was the suggestion that's why I thought about it. The MA also helps to identify trend.. Thanks so the support.