Latest updates - January 2023:
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.
The Relative Strength Index (RSI) is a momentum indicator used in technical analysis that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of an asset.
How to configure Multi-Level RSI
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
RSI Period: here you need to specify the number of candles to look back to calculate the RSI.
if 20, the rsi will be calculated using the last 20 candlesticks.
RSI Oversold level: The level where the market is considered oversold/undervalued and where a buy signal will occur.
RSI oversold level 1: the first RSI level for a buy signal.
RSI oversold level 2: the second RSI level for a buy signal.
RSI oversold level 3: the third RSI level for a buy signal.
Level Buy Amounts: This is the amount of base currency (BTC in BTC/USD) to place for each order. Click here to view the minimum order size guide.
Level "x" buy amount: the amount of base currency per trade to buy at "x" RSI level
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. Enter the % profit at which to sell an open position. For example, enter 1.5 to select a 1.5% profit target.
Stop Loss: The percentage loss at which the bot will sell all positions. The bot will continue monitoring signals to enter new positions. The 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.
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