Enhanced RSI bot

About

The enhanced RSI bot is a bot designed by HaasOnline. It uses the RSI indicator to determine when to trade, but this RSI has been enhanced with a delayed response to gain better trading moments. Plus there is a stop-loss build-in to respond to a downtrend.

We got 2 versions of the enhanced RSI bot listed in the TradeServer. One has been created for spot trading and the other one has been created for futures trading.

Performance

This bot performs at its best in a sideways-moving market. It can handle price uptrends very well, but its weakness is located in downtrends. In a downtrend situation, this bot will go wrong and the stop-loss will be hit, which means accepting losses.

Script Settings

Interval

The interval is located in the Trade Settings, but its important to set up this field. please make sure you select an interval of min 3 minutes and max 30minutes.

Length

This field controls which length the RSI needs to use. In common, you will find good results using a length which is between 14 and 26.

Overbought

This controls when the bot will buy/go long. The best value is the default value of 30.

Oversold

This controls when the bot will sell/go short. The best value is the default value of 70.

Offset

The offset control the delay of when this bot needs to trade. Normally values 0, 3 or 6 will give good results.

Stoploss

In this field, you can control when you want to trigger the stop loss. Normally, people set this up with 1% or 2%. When you want to disable this stop loss, you must set a high value like 20%.