XAUUSD RSI Extremes with Fixed Dollar Targets and Stops

Summary

This TradingView strategy uses RSI calculated on a selectable timeframe to trade gold in either direction. It enters long when RSI falls below a configurable lower threshold and short when it rises above an upper threshold, provided there is no open position. The default RSI timeframe is five minutes, with a length of 14 and thresholds of 29 and 71.

Position quantity is derived from a configurable lot size and ounces per lot. The script converts its dollar take-profit and stop-loss settings into price distances based on that quantity, then places paired limit and stop exits. It also plots entry, target, stop, and signal markers, and displays current and closed profit, trade count, win rate, RSI, position, and lot size. These are reporting features, not evidence of strategy performance: the document supplies no backtest results or market conditions. The fixed-dollar conversion depends on the contract’s quantity convention, and RSI threshold entries alone do not establish profitability or account for execution differences.

Key ideas

• The strategy enters long below a configurable RSI threshold and short above another threshold.
• RSI is calculated on a selectable timeframe, independently of the chart timeframe.
• Position quantity determines the price distance corresponding to the dollar target and stop.
• The strategy allows only one open position and attaches a take-profit limit and stop order.
• The displayed win rate and profit figures are calculated from the strategy’s trades, but no performance results are provided.

Tags

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