Is this trading strategy paramater possible? (TS2)

[OzzyTrader]

Is it possible to create this function to determine the allowed trade direction. Under the normal trade direction indicator the options would be. BUY, SELL, BOTH.

However I want it to automaticaly set the trade direction based on the reading froma a 4hr RSI level.
For example: Lets assume we are creating a stochastic strategy on the m15 candle. If 15 minute stochastic triggers a buy signal but the 4hr rsi is below 50 it would only allow sell trades. Likewise if the RSI on the 4hr goes above 50 then it will only allow buy trades.
This paramater should be able to tbe turned on and off if you want to apply it. Another feature of the paramater that need to be editied is the number of periods for the RSI indicator.

cheers
Iain

[Apprentice]

Sure, can you define a stochastic entry signal?

[OzzyTrader]

Awesome. I have attached the Stochastic Strategy.lua file I would like this paramater added to. I think it could be beneficial to have this feature when trading lower time frames.

Cheers

[Apprentice]

Your request is added to the development list.
Development reference 1646.

[Apprentice]

Try this version.
viewtopic.php?f=31&t=70140

[OzzyTrader]

Excellent, I have added some comments on the behaviour of this strategy to the thread you posted.

Can you please add the same functionality to this RSI EMA strategy. See attached.

Cheers

[Apprentice]

Your request is added to the development list.
Development reference 1659.

[Apprentice]

I don't understand what needs to be done.
Can you provide a detailed description?

[OzzyTrader]

exact same thing as was done on the stochastic strategy.

Need to add the ability to determine the allowed trade direction based on a 4hr rsi reading

RSI Filter
Use RSI filter YES/NO
Use Period "select number of periods."
RSI Timeframe "select time frame"

even though this a RSI strategy already it doesn't have the ability to determine the "Allowed side" automatically based on a longer time frame RSI reading.

[Apprentice]

RSI EMA Strategy v3.lua

(35.38 KiB) Downloaded 234 times

Try this version.