RSI: Sessions + Days + Risk Managed — Strategy by purplebelt
By purplebelt
Performance Metrics
- Author: purplebelt
- Symbol: BINGX:ETHUSDT.P
- Timeframe: 3 minutes
- Net P&L: +431.10 USD (+431.10%)
- Win Rate: 32.1%
- Profit Factor: 1.463
- Max Drawdown: 65.50 USD (60.03%)
- Total Trades: 336
Description
This is a disciplined RSI mean-reversion strategy designed for traders who prioritize risk management and session confluence. Instead of trading 24/7, this strategy focuses on high-liquidity market sessions (London, New York, etc.) and uses dynamic position sizing to ensure a consistent dollar-amount risk per trade.How it Works:Entry Logic: The strategy triggers a Long when the RSI crosses above the Oversold level (30) and a Short when it crosses below the Overbought level (70).Session Filtering: Built-in filters allow you to restrict trading to specific days of the week and specific market hours (NY, London, Tokyo, or Sydney sessions).Force Close: An optional feature to automatically close open positions at the end of a trading session to avoid overnight gap risk.Pro-Level Risk Management:Dynamic Sizing: The script automatically calculates your position size based on a fixed dollar risk (e.g., $5 per trade).Technical Stops: Stop losses are automatically placed at the high (for shorts) or low (for longs) of the entry candle.Fixed Reward-to-Risk: Trades are executed with a customizable R:R ratio (default 2.0), ensuring your winners are twice the size of your losses.Visual Features:Real-time TP/SL lines while a trade is active.Post-trade labels indicating "Win" or "Loss" markers.Clean, organized input menu for easy optimization.Best Used On:Timeframes: 5m, 15m, or 1h.Assets: Forex pairs, Indices (US30, NAS100), and liquid Crypto pairs.