Gold Scalping with RSI Extremes and Fixed Tick Exits

Summary

This script presents a short-term gold strategy that uses a 14-period RSI to identify extreme readings. It opens a long position when RSI is below 30 and a short position when RSI is above 70, provided it has no open position. The script also plots RSI thresholds, entry markers, and a dashboard intended to display strategy statistics.

Exits are specified as take-profit and stop levels of 10 and 5 pips, respectively, translated into instrument ticks. These are configured relative to the current close in the shown logic, so the document does not establish that they remain fixed from the entry price. The available text ends partway through the dashboard section and provides no completed report, test period, transaction-cost assumptions, or performance results. Its parameters and code describe a testable rule set, but do not demonstrate that it is profitable or account for the practical effects of one-minute execution.

Key ideas

• The strategy takes long signals when RSI falls below its oversold threshold and short signals above its overbought threshold.
• It allows an entry only when the strategy has no open position.
• The script defines take-profit and stop distances in pips, then converts them using the instrument’s minimum tick.
• The supplied excerpt contains no backtest results or evidence of live performance.

Tags

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