The strategy trades GBPUSD based on a momentum indicator, the Relative
Strength Index (RSI).
Only one order per day is allowed. There are 2 types of orders: type A
and type B.
Orders type A can be opened from 6 AM to 15 PM and from Monday to
Thursday. On Fridays, the schedule is different, from 6 AM to 12 AM.
The trading period is 15 minutes.
To open a buy order type A, the following conditions have to be
verified: the RSI(current bar) equal or lower than 30; the
RSI(previous bar) equal or lower than 30; spread equal or lower than 2
pips; and the difference between the daily high and the daily low
equal or higher than 75 pips.
To open a sell order type A, the following conditions have to be
verified: the RSI(current bar) equal or higher than 70; the
RSI(previous bar) equal or higher than 70; spread equal or lower than
2 pips; and the difference between the daily high and the daily low
equal or higher than 75 pips.
The orders type A have the following assignments: take profit @ 9
pips; stop loss @ -100 pips; and slippage @ 2 pips.
If equity drops below 75.000, the take profit assignment of orders
type A changes from 9 pips to 12 pips.
Orders type B can be opened from 15 PM to 24 PM and from Monday to
Thursday. On Fridays, the schedule is different, from 12 PM till the
close of trading. The trading period is 1 minute.
To open a buy order type B, the following conditions have to be
verified: the RSI(current bar) equal or lower than 30; the
RSI(previous bar) equal or lower than 30; spread equal or lower than 2
pips; and the difference between the daily high and the daily low
equal or higher than 30 pips.
To open a sell order type B, the following conditions have to be
verified: the RSI(current bar) equal or higher than 70; the
RSI(previous bar) equal or higher than 70; spread equal or lower than
2 pips; and the difference between the daily high and the daily low
equal or higher than 30 pips.
The orders type B have the following assignments: take profit @ 1/3 of
take profit assignment of orders type A; stop loss @ -100 pips; and
slippage @ 2 pips.
The order's amount for both the type of the order A and B is
calculated according to the following expression: 7 million x current
equity / 100.000.
If equity rises above 175%, the script sends an instruction to close
the order filled in the system.