RSI indicator - page 15

f1trader
90
f1trader  

i dont get it

i make an ea with rsi.

If RSI (2) above 99.5 sell for TP10, SL10.

If RSI, (2) below 0.5 buy for TP10, SL 10.

I got complete negative results.

So I thought BINGO. If I got complete negative results, all I have to do is change the settings for the EA to get positive results (sell if above 99.5 and sell if below 0.5).

The resul;ts were exactly the same, I just dont get it.

bkennedype
60
bkennedype  

Sound for MTF RSI

I having some sucess with a pullback trade using the MTF RSI indicator...I believe coded by CJA.

The idea behind this is to pinpoint an entry for a pullback trade that is up against support or resistance....RSI from each timeframe for each RSI should be at the extreme.....as M1 starts to move down or up you take the trade. It's a 10 pip trade and you need to be quick with it. So the request is this:

(1) Change the indicator so that it puts two RSI grids on the chart, rather than putting the indicator there twice as it is now.

(2) Add sound on the first occurance of RSI at extreem for both RSI and all timeframes...as per the image below. It would only sound once in that m5 bar.

The template and indicators are attached..and this condition would sound an alert.

Thanks for the great indicator...hoping someone may be able to help with this..

Ben

bkennedype
60
bkennedype  

One more thing

the other thing I wonder about, since it's probably best to ask all at once, is would it be possible to have the sound customizeable....for example:

Suppose you wanted the alert when M5, m15, M30 and H1 were at extreme...and didn't want to bother with H4....the sound alert variables woul dneed to be checked....to include in the alert. So the inputs might look like this:

Sound alert Y/N

Include M1 Y/N

Include M5 Y/N

Include m15 Y/N

and so on....

Thanks

Ben

Perky
971
Perky  

TEB One Min killer @ Forex Factory

#mtf trendline is the line on chart and overlaid stoch 20,7,20

nota bad lil system!!

I use 5 min charts tho - just my prefference

Files:
iGoR
1474
iGoR  
f1trader:
i make an ea with rsi.

If RSI (2) above 99.5 sell for TP10, SL10.

If RSI, (2) below 0.5 buy for TP10, SL 10.

I got complete negative results.

So I thought BINGO. If I got complete negative results, all I have to do is change the settings for the EA to get positive results (sell if above 99.5 and sell if below 0.5).

The resul;ts were exactly the same, I just dont get it.

Hi F1trader,

You came to me a couple of days ago through a PM to ask for help in programming an EA. I refused because I felt that you had just a plain simple idea as I had thousands of them over the last 14 years.

Here with this topic you give 100% proof on what I felt.

Sorry to say so but you don't have any idea how the market works.

If you start off with a random indicator ( as all indicators are random) and you place a T/P of 10 and a S/L of 10 on your entry then you should realize that spread is the killing element in your complete setup.

Lets say that you need to go long at 1.0000. that means that in reality you are going to go long at 1.00002 because of the 2 pips spread. This means that your price needs to go to 1.0012 to hit a 10 pips NET T/P.

BUT if price goes the wrong direction it will hit your S/L at 0.9992. Which is 10pips NET from you entry and 12 pips gross from your original entry level.

This means that in reality S/L is smaller then your T/P. The smaller your S/L is compared to your T/P the quicker it is going to be hit.

Just see it as going to the casino and you play black or red. If we do not count the zero there are 18 numbers red and 18 numbers black on a roulette table. If we now shift the amount of numbers that are black to 20 and the amounts on numbers that are red to 16 then you will have more chance to hit a black then a red.

Next very important element which is the same for trading as for a casino that in every trade you take you pay spread in the same way there is the number zero on the roulette table that makes the casino to earn money.

If you play long enough on red and black on a roulette table you are going to see that the casino wins because zero has the colour green or represent 2.7% in the advantage of the casino on the long term. Zero is when it would not make any difference if you would have played black or red, the casino wins.

The same goes for trading if you have a 50% hitrate and on top of that a negative outcome (S/L smaller then T/P) and on top of that you need to pay your broker 2 pips on a 10pips T/P then that makes 20% of your profits, then you will not need to wait as long as in the casino to understand that the broker is the only winner in your trading game and that it will not matter if you go long or short you will always loos....or that your backtest will show an equity curve that goes down.

So learn a bit more about the markets and about trading before you ask me to help you building an EA.

Regards...iGoR

zupcon
313
zupcon  

Taking the opposing side of a completely random entry and exit is just another completely random entry and exit, and therefore you'll get exactly the same results.

Why would you expect anything different ?

xujie_ec
4
xujie_ec  

GLI double Currency RSI

GLI double Currency RSI

iGoR
1474
iGoR  
zupcon:
Taking the opposing side of a completely random entry and exit is just another completely random entry and exit, and therefore you'll get exactly the same results. Why would you expect anything different ?

Exactly Zupcon...and when one would not need to pay spread he would see that the equity curve stays around the initial balance line....(with a T/P equal to the S/L).

But because we need to always pay spread one will see that the equity curve will always drop.

Why do I always need to make postings of half a page long when one can explain it in 2 lines like you do

I start to understand trading...I prommisse that the next big step in my life will be: try to explain something in a breef way.

Friendly regards....iGoR

Comming to think about it I shoud have replied : "because of the spread...period".

fxeturn
12
fxeturn  

RSI Custom Alert

Is there an indicator that gives alert when RSI reaches certain specified level? For example I want it to give an alert when RSI touches 58, or 42... something like that. Thanks!

ccjjaa
2039
ccjjaa  

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