Selling below the current Bar when RSI is below 14? | Forex Factory

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Selling below the current Bar when RSI is below 14?

  • #1
  • First Post: Jan 2, 2010 12:37pm Jan 2, 2010 12:37pm
Hi,

i want my EA to sell below the bar where RSI has moved below the 50 line?

i want to put the stop above the previous bar`s high.


Can anyone help me there. I use the Expert Builder but i cant definde such specific things.

Best Regards.

PS: Sorry for the 14, i meant 50 (title).
  • #2
  • Edited Jan 4, 2010 6:16am Jan 3, 2010 11:53am | Edited Jan 4, 2010 6:16am
hey wallboroff .... more indepth information was needed, so i filled in some blanks....

there will be times when your rules will negate each other so you can expect some ordersend type errors....

settings,

stoploss, if 0, will set the stoploss at prior bars high.... if possible.... if greater than 0, such as 10, the stoploss will be set a prior bars high + 10 pips.... if possible.....

pipsbelow, if 0, will set the order price at the signal bars low.... if greater than 0, such as 10, it will set the order price at the signal bars low - 10 pips..... if possible.....

expirationhours sets the expiration..... 2 will expire in 2 hours and so on....

rsiperiods set periods and selllevel sets the threshold.......h
to trade and code, keep both simple... no call to impress....h
  • #3
  • Jan 3, 2010 12:56pm Jan 3, 2010 12:56pm
thanks hayseed,

you are a great help.

1. what does the expiration mean? does it say if an order is placed and nothing happens after 2 hours it is cancelled?

2. that would be another thing. i dont know how to define the trading hours, say only trade from 9:00 gmt to 17:00 gmt.

3. another thing i also dont know is how it is possible to tell the ea to only trade when rsi has moved from negative to positive. the way it is now is that it trades every signal when rsi is above 50. i want it only to trade when rsi has move from negative to positive.

i hope this is not too much.

thanks again for the great help.

best regards!
  • #4
  • Jan 3, 2010 1:14pm Jan 3, 2010 1:14pm
why did you use two rsi values?

double rsi = iRSI(NULL,0,rsiperiods,0,1);
double rsi2 = iRSI(NULL,0,rsiperiods,0,2);

and why this setting

rsi < selllevel && rsi2 >= selllevel

i deleted your stuff with one rsi value 21 and only rsi < selllevel.

that created a totaly different backtesting statement.
  • #5
  • Jan 3, 2010 1:41pm Jan 3, 2010 1:41pm
one last thing, there is only a sell order. i tried to add a buy order but that didnt work:

Inserted Code
  if(CountOrders(MagicNumber,OP_BUY) == 0 && rsi > selllevel && rsi2 <= selllevel )
    {                                          
    OrderSend(Symbol(),OP_BUYSTOP,Lots,EntryPrice(),Slippage,StopPrice(),Ask-ProfitTarget*Point," buy",MagicNumber,expiration,Blue);
    }
  • #6
  • Jan 3, 2010 6:09pm Jan 3, 2010 6:09pm
hey wallboroff ..... saw this coming... ..... now you can see point of, more indepth information was needed......

//---


1. what does the expiration mean?
when your selling at a level that is not the current market price, limit or stop type orders are often used.... in some instances the prior low, your entry, might never be hit again.... so the order will stay on the books ..... expriration limits that amount of time....

//----

how to define the trading hours,
that would require additional coding.....


//----

only trade when rsi has moved from negative to positive.

the standard rsi is always positive..... you mentioned selling when the rsi moved below 50..... it should do that.....


//----

why did you use two rsi values?

to accurately determine the crossing of the 50 line....


//----
i deleted your stuff with one rsi value 21 and only rsi < selllevel.

that created a totaly different backtesting statement.

altering the logic could possibly result in differing statements..... maybe better maybe worse...... removing rsi < selllevel is a substantional change.....


//-----

i tried to add a buy order but that didnt work:

you are correct, that will not work...... there was no mention of buys in post 1, so no provision was made....


//------

take some time, list out the needs.... and holler back......h
to trade and code, keep both simple... no call to impress....h
  • #7
  • Jan 4, 2010 5:55am Jan 4, 2010 5:55am
1. only sell when rsi has moved from below 50 to over 50. sorry for the mistake i made in my previous post.

2. only buy when rsi has moved from above 50 to below 50.

3. trading hours only from 9:00 gmt to 17:00 gmt (this is very important, can you tell me how to do that?)
  • #8
  • Edited 11:36am Jan 4, 2010 10:06am | Edited 11:36am
hey wallboroff ....... that would be a complete 180 from prior rules so everything must be changed..... deleted ea above.....

when a time span is used, such as from 9 to 17, we must know what to do with any orders that are still open once that period is past.... are they closed.... are still pending orders deleted..... left to run their course....

the start hour and end hour are now included.... as are the buy orders.... assuming your wanting the same type order placement where the values are the prior bars high and low , or some pip distance from them....

if pipsabove is 0, then buystop is at signal bars high.... if pipsabove is 10, buystop is at the prior bars high + 10 pips....

deletehour, default 30, sets the hour to delete all pending orders if so desired....

otherwise it is same principle as before..... didn't thourghly test it, so please holler back if something does not work.....h
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: wallboroff4.gif Size: 18 KB
to trade and code, keep both simple... no call to impress....h
  • #9
  • Jan 4, 2010 10:45am Jan 4, 2010 10:45am
hey hayseed,

i have changed the code for the buy and sell signal they were reversed.

the ea sometimes works and sometimes not. see the chart below. the criteria is met but there is no sell signal.

i have added a macd, selling below the 0 line.

do you know how to code an ea that it only sells when rsi crosses the 50 line from below to above for the first time? same with macd, that it only sell when macd crosses the 0 line for the first time.

the thing i find very annoying is that the ea sells when rsi is below 50 and sells again when profit target is hit and rsi is still below 50. for me rsi has to go over 50 and then under 50 again for a new sell.

i hope this is not too complicated.

thanks for your help.
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  • #10
  • Jan 4, 2010 11:46am Jan 4, 2010 11:46am
hey wallboroff.....

1. only sell when rsi has moved from below 50 to over 50. sorry for the mistake i made in my previous post.

2. only buy when rsi has moved from above 50 to below 50.


check my pictures above.... this is how the orders are placed..... perfectly every time..... as long as the trading hours allow it.....

if you change the code in any way, expect it to behave differently.....

//----

for me rsi has to go over 50 and then under 50 again for a new sell.


this latest seems to opposite of before......h
to trade and code, keep both simple... no call to impress....h
  • #11
  • Jan 4, 2010 3:37pm Jan 4, 2010 3:37pm
the last screenshot of yours shows rsi below 50 indicating a sell signal but it went long.

"this latest seems to opposite of before.."

this is just a refinement and needs to be taken otherwise there are to many false signals.

Quoting hayseed
hey wallboroff.....

1. only sell when rsi has moved from below 50 to over 50. sorry for the mistake i made in my previous post.

2. only buy when rsi has moved from above 50 to below 50.


check my pictures above.... this is how the orders are placed..... perfectly every time..... as long as the trading hours allow it.....

if you change the code in any way, expect it to behave differently.....

//----

for me rsi has to go over 50 and then under 50 again for a new sell.


this latest seems to...
  • #12
  • Jan 4, 2010 5:20pm Jan 4, 2010 5:20pm
well i'm completely confused.....

Quoting Wallboroff
the last screenshot of yours shows rsi below 50 indicating a sell signal but it went long.

"this latest seems to opposite of before.."

this is just a refinement and needs to be taken otherwise there are to many false signals.

//----

well i've read post 7 which contains the buy sell rules a dozen times, obviously i'm missing something here......

//-----

actually in my backtests over 80% of the trades were profitable.... this could be raised even higher thru a wide assortment of enhancements....

as it stands now, you basically have a rsi crossing 50 system.... h
Attached Image(s) (click to enlarge)
Click to Enlarge Name: wallboroff5.gif Size: 26 KB
Click to Enlarge Name: wall5.jpg Size: 211 KB
to trade and code, keep both simple... no call to impress....h
  • #13
  • Jan 4, 2010 5:24pm Jan 4, 2010 5:24pm
Eww I read the OP as a normal RSI crossing system?

I think he means

sell below the candle, when RSI crosses down 50

SL above the high
  • #14
  • Jan 5, 2010 1:13am Jan 5, 2010 1:13am
ah, i see, im really sorry hayseed, my bad.

you are totally right, the way i said it your criteria is right.

sell when rsi goes from above 50 to below 50.

buy when rsi goes from below 50 to above 50.

this is what i meant. sorry again.

Quoting hayseed
well i'm completely confused.....




//----

well i've read post 7 which contains the buy sell rules a dozen times, obviously i'm missing something here......

//-----

actually in my backtests over 80% of the trades were profitable.... this could be raised even higher thru a wide assortment of enhancements....

as it stands now, you basically have a rsi crossing 50 system.... h
  • #15
  • Jan 5, 2010 2:27am Jan 5, 2010 2:27am
i changed the sell and buy settings and added a macd.

it should buy when macd is above 0 and rsi above 50.

i dont undertand why the ea doesnt open a new buy order when macd is above 0 and rsi above 50. the criteria is met, see the chart 02.06.2009 12:00.

is it because there is still a sell position open?
Attached Image
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File Type: mq4 Wallboroff RSI.mq4   5 KB | 426 downloads
  • #16
  • Last Post: Jan 22, 2010 11:01am Jan 22, 2010 11:01am
Quoting Wallboroff
i changed the sell and buy settings and added a macd.

it should buy when macd is above 0 and rsi above 50.

i dont undertand why the ea doesnt open a new buy order when macd is above 0 and rsi above 50. the criteria is met, see the chart 02.06.2009 12:00.

is it because there is still a sell position open?

its supposed to close out the sell when rsi closes above 50 and then open the buy order, right?
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