This strategy aims to buy an asset when it dips below defined RSI levels, dollar cost averaging by buying more if the price drops further. It sells when the profit target or stop loss level is reached.
- Exchange: The exchange to run this bot on.
- Market: The pair (symbol) to trade. Quadency's standard convention is Base/Quote.
- Account: Select the exchange account to run this bot on
- Price is below RSI level 1 - Buy level 1 amount OR
- Price is below RSI level 2 - Buy level 2 amount OR
- Price is below RSI level 3 - Buy level 3 amount
Note: The Buy Amount is in Base currency. For example, if you're trading BTC/USD, the buy amount should be entered in BTC and be sure that the total amount (sum of level 1, 2 and 3) does not exceed the equivalent USD amount set in Starting Capital.
If the initial purchase was at RSI Level 1, and the price continues to drop, another purchase will be made at Level 2 at the amount set for Level 2. If the price again continues to drop a final purchase will be made at level 3.
If the initial purchase was at RSI Level 3, there will be no further purchases, the bot will wait until either the profit target or stop-loss level is reached.
- Profit target is reached OR
- Stop-loss level is reached
- Profit Target: The target percentage gain at which the bot will sell all positions. It will continue monitoring signals to enter new positions. The value must be entered in decimal form. For example, enter 0.10 for 10%. If you don't want the bot to close positions, simply enter a high value such as 10 (1000%).
- Stop Loss: The percentage loss at which the bot will sell all positions. The bot will continue monitoring signals to enter new positions. Stop-loss value must be positive and entered in decimal form. For example, enter 0.10 for 10%. If you don't want to use a stop-loss, simply enter a high value such as 1 for 100%.
This strategy sends all orders as Market orders.