Equal-High and Equal-Low Reversal Strategy with RSI and Session Filters

Summary

This script seeks reversals around clusters of similar highs or lows. It counts how many recent bars fall within a point tolerance of the current high or low, then treats a sufficient cluster as an equal-high or equal-low level. A rejection candle, RSI threshold, session window, entry-distance limit, and cooldown can filter trades. The default configuration enables long trades only, so equal-low setups are active while equal-high shorts are disabled.

The script exposes settings for lookback, tolerance, minimum touches, session, RSI, stop distance, and an ATR-based target multiple. It specifies a fixed per-contract commission and a point-based stop, but the provided document ends partway through signal logic and includes no results or full evidence of trade behavior. Its settings therefore describe a proposed rule set rather than validated performance. Cluster detection based on bar highs and lows may also be sensitive to instrument scale and parameter choices.

Key ideas

• The strategy identifies candidate reversal zones by counting nearby highs or lows within a configurable tolerance.
• A minimum number of touches, rejection candle, RSI threshold, and trading session can qualify a setup.
• The default long-only setting disables equal-high short signals.
• The excerpt provides settings but no backtest results and ends before the full signal logic is shown.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.