RSI Pending Orders with Weekend Gap Adjustments

Summary

This automated trading setup combines pending orders with RSI monitoring across currency pairs and metals. Users configure symbols alongside parameters for the pending-order distance, a wider weekend gap, cancellation distance, trailing stop, and virtual take profit. RSI is measured on a four-hour timeframe with a 14-period lookback and reference levels of 70 and 30; the document describes email alerts when RSI moves beyond those levels. Weekend handling can either delete pending orders or widen their gaps and restore them afterward, with configurable Friday and Sunday times.

The author distinguishes test mode from live account configuration and describes repeated attempts to modify orders if weekend changes fail. The system has material risks: it applies no stop loss, may add another pending order when an existing position remains a small loss, and only writes a warning if test-mode equity falls below 95% of balance. No backtest results or profitability evidence are supplied. Symbol formats and timing depend on the broker account and server conventions, so the listed settings require adaptation.

Key ideas

• The setup uses RSI readings on a four-hour chart to trigger alerts at upper and lower thresholds.
• Pending-order gaps, cancellation distances, trailing stops, and virtual take profits are configured per symbol.
• Weekend handling can delete orders or widen their gaps and restore them after the weekend.
• The author states that the system has no stop loss and can add pending orders while a position is losing.
• The document provides configuration guidance but no evidence of strategy performance.

Tags

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