The RSI bot places orders based on the data of the RSI indicator with values ranging from 0 to 100. When an upper indicator level is reached, a Buy signal is generated. When a lower indicator level is reached, a Sell signal is generated. Levels 30 and 70 are generally accepted, but you can change them depending on your trading strategy.
Simple steps to set RSI bot
- Set up the timeframe for the bot.
- Set up the indicator length (the number of candles used to calculate the indicator’s values).
- Set up the lower and upper range values for the signal. For example, if the lower and upper values are 30 and 70, respectively, a Buy signal will be generated when the lower level (30) is reached, and a Sell signal will be generated when the upper level (70) is reached.
You can always deactivate the bot or change its settings.
Relative Strength Index (RSI) is a technical indicator used to assess the speed and magnitude of the asset price movement. It was developed by J. Welles Wilder in 1987, and since then, it has been one of the most popular indicators.
RSI is calculated based on the price closing values for a specific period. It compares the magnitude of the average asset price's downward and upward movements for a specific time period to give traders an idea of how the asset may perform.
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