Breakeven stop with RSI control

• 12/03/2021 at 8:54 PM #182792
  phoentzs

  Hello, is it possible to combine a breakeven stop with an RSI value? If the price is above / below the purchase price and the RSI12 closes above / below 70/30, the stop should be drawn to breakeven. In %. Could someone code that, please?

  

  phoentzs

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  12/04/2021 at 10:07 AM #182802
  robertogozzi

  There you go:

  IF Not OnMarket THEN ExitrPrice = 0 ENDIF MyRSI = Rsi[12](close) IF (LongOnMarket AND close > PositionPrice AND MyRSI > 70) OR (ShortOnMarket AND close < PositionPrice AND MyRSI < 30) THEN ExitPrice = PositionPrice ENDIF IF ExitPrice THEN SELL AT ExitPrice STOP EXITSHORT AT ExitPrice STOP ENDIF

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  IF Not OnMarket THEN     ExitrPrice = 0 ENDIF MyRSI = Rsi[12](close) IF (LongOnMarket AND close > PositionPrice  AND MyRSI > 70) OR (ShortOnMarket AND close < PositionPrice  AND MyRSI < 30) THEN    ExitPrice = PositionPrice ENDIF IF ExitPrice THEN    SELL      AT ExitPrice STOP    EXITSHORT AT ExitPrice STOP ENDIF

  I can’t understand what you mean by “in %“. Breakeven is the entry price.

  

  robertogozzi

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  12/04/2021 at 10:32 AM #182803
  phoentzs

  Ah, my mistake. Then I said, for example: Breakeven + 5 * Pipsize

  But in percent?

  

  phoentzs

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  12/04/2021 at 11:25 AM #182805
  robertogozzi

  Ok, there you go:

  PointsToKeep = 5 * PipSize //save 5 pips beyond breakeven IF Not OnMarket THEN ExitPrice = 0 ENDIF MyRSI = Rsi[12](close) IF LongOnMarket AND close > PositionPrice AND MyRSI > 70 THEN ExitPrice = PositionPrice + PointsToKeep ELSIF ShortOnMarket AND close < PositionPrice AND MyRSI < 30 THEN ExitPrice = PositionPrice - PointsToKeep ENDIF IF ExitPrice THEN SELL AT ExitPrice STOP EXITSHORT AT ExitPrice STOP ENDIF

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  PointsToKeep = 5 * PipSize     //save 5 pips beyond breakeven IF Not OnMarket THEN     ExitPrice = 0 ENDIF MyRSI = Rsi[12](close) IF LongOnMarket AND close > PositionPrice AND MyRSI > 70 THEN    ExitPrice = PositionPrice + PointsToKeep ELSIF ShortOnMarket AND close < PositionPrice AND MyRSI < 30 THEN    ExitPrice = PositionPrice - PointsToKeep ENDIF IF ExitPrice THEN    SELL      AT ExitPrice STOP    EXITSHORT AT ExitPrice STOP ENDIF

   

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  robertogozzi

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  12/04/2021 at 11:31 AM #182806
  robertogozzi

  If you want to use a %, you can replace the first line with the following:

  MyFormula = PositionPrice //or Range, or abs(close - PositionPrice), etc... PointsToKeep = MyFormula / 100 * 0.05 //0.05%

  1 2	MyFormula    = PositionPrice           //or Range, or abs(close - PositionPrice), etc... PointsToKeep = MyFormula / 100 * 0.05  //0.05%

  you can use any formula of your choice in line 1.

   

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  robertogozzi

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  12/04/2021 at 11:44 AM #182810
  phoentzs

  Thanks Roberto, you are the best.

  

  phoentzs

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