Multi-Timeframe RSI Oversold Entries with Fixed Take Profit

Summary

This strategy buys when a 14-period relative strength index (RSI), calculated on 30-minute data, falls below 30. It is described as a multi-timeframe setup for trading on a 1-hour chart. After entry, the script records a take-profit price set at a default 3% above the recorded entry price; the stated configurable range is 0.5% to 20%. The published position size is 100% of account equity.

The source and settings show an ETH/USDT futures backtest configuration spanning May 2024 to February 2025, but the document provides no performance statistics. The strategy only opens long positions and has no stop-loss condition, so a continued decline can leave losses unbounded by the stated rules. The entry condition can remain true across multiple bars, and the source updates its stored entry and target whenever it triggers, so the stated behavior of a single fixed target should be interpreted cautiously. Trend filters, position limits, and broader testing are proposed as possible improvements, not demonstrated results.

Key ideas

• A 30-minute RSI reading below 30 triggers a long entry within a higher-timeframe strategy.
• The default take-profit target is set 3% above the recorded entry price.
• The source specifies full-equity position sizing and includes no stop loss.
• The published backtest configuration gives an ETH/USDT futures period but no outcome statistics.

Tags

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