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rsi formula request- please help
Hello everyone.. I am very new to the forum as well as efs programing.
i have been working on a basic RSI script, with profit targets and stops.
For some reason, I can't get it to work. The formula won't backtest or appear correctly on my charts.
Can someone please help:
Below is a basic description of what I am trying to achieve:
I need a strategy that takes RSI goes Long at 55, Short at 50; with automatically set profit targets and stops. (Profit Targets: entry + 2 for longs, entry -2 shorts). Stops: entry -1 for longs, entry +1 for shorts).
However once my profit target is reached I would like for a new target and stop loss be established by +2 for longs and -2 for shorts from the previous price target. Stops for be reset as well by the same amount. This will allow me to remain in the trade until I'm eventually stopped out; hopefully at a profit.
I've attached what i have done so far. The following does not have anything on the reseting of profit targets or stops. I just wanted to see if I could get the basic programing down before getting fancy.
Also I wanted to make sure that the script does not initiate a new trade unless I'm out of my current one and a new trigger is set off. That trigger is the previous days RSI value. i have it coded as vrsi. For long trigger; vrsi <55 for short trade trigger vrsi >50.
Can some please help.
Thanks
buckner
i have been working on a basic RSI script, with profit targets and stops.
For some reason, I can't get it to work. The formula won't backtest or appear correctly on my charts.
Can someone please help:
Below is a basic description of what I am trying to achieve:
I need a strategy that takes RSI goes Long at 55, Short at 50; with automatically set profit targets and stops. (Profit Targets: entry + 2 for longs, entry -2 shorts). Stops: entry -1 for longs, entry +1 for shorts).
However once my profit target is reached I would like for a new target and stop loss be established by +2 for longs and -2 for shorts from the previous price target. Stops for be reset as well by the same amount. This will allow me to remain in the trade until I'm eventually stopped out; hopefully at a profit.
I've attached what i have done so far. The following does not have anything on the reseting of profit targets or stops. I just wanted to see if I could get the basic programing down before getting fancy.
Also I wanted to make sure that the script does not initiate a new trade unless I'm out of my current one and a new trigger is set off. That trigger is the previous days RSI value. i have it coded as vrsi. For long trigger; vrsi <55 for short trade trigger vrsi >50.
Can some please help.
Thanks
buckner