RSI / Owl of Profit

RSI Strategy

This strategy uses the Relative Strength Index (RSI) to generate buy and sell signals based on overbought and oversold conditions. It also includes customizable stop-loss and take-profit levels for better risk management.

Features:
RSI Calculation:

Length: 14 periods (default).
Overbought Level: 70 (default).
Oversold Level: 30 (default).
Stop-Loss and Take-Profit:

Stop-loss and take-profit levels are calculated as a percentage of the entry price.
Default values:
Stop-Loss: 2%
Take-Profit: 4%
Entry and Exit Logic:
Long Condition:

Triggered when RSI is below the oversold level (default: 30).
Short Condition:

Triggered when RSI is above the overbought level (default: 70).
Exit Logic:

Long positions are exited when either:
The price reaches the take-profit level.
The price hits the stop-loss level.
Short positions are exited under the same conditions, but reversed for stop-loss and take-profit.
Visualization:
RSI Indicator:
Not plotted on the main chart but is used internally to trigger buy and sell signals.
Signals are automatically executed based on RSI levels, with clear position management via SL and TP.
This strategy is ideal for traders looking for a simple and effective momentum-based system that includes built-in risk management.

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Happy trading!