RSI Reversal Entries with Fixed Profit Targets and Stops

Summary

This strategy uses a 50-period RSI with asymmetric thresholds: it enters long when RSI crosses above the oversold level and short when RSI crosses below the overbought level. Entries are restricted to a stated intraday window. Each trade receives a fixed-distance profit limit and stop, with the same distances applied in opposite directions for long and short positions.

The document supplies the rules and settings but no strategy report, market, timeframe, transaction-cost assumptions, or measured results. Its time filter is implemented using hour and minute conditions, while UTC timestamps are calculated separately and do not appear to control entries; the stated time restriction may therefore not behave as intended across time zones or sessions. The fixed price distances are not scaled to volatility or instrument value, and the accompanying comment raises concern about drawdown without providing evidence to assess it.

Key ideas

• A long entry follows an RSI cross above the oversold threshold, while a short follows a cross below the overbought threshold.
• The script uses a 50-period RSI and the stated thresholds of 30 and 38.
• Trades are assigned fixed-distance profit limits and stop levels.
• An intraday time condition gates both long and short entries.
• No backtest evidence is given, and the time-window implementation may not match its stated timezone intent.

Tags

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