Trading product for RSI 2 Storm cBot Forex Commodities, image 1
cBot
Version 1.0, Oct 2024
Windows, Mac, Mobile, Web
4.0
Reviews: 3
Trading product for RSI 2 Storm cBot Forex Commodities, image 2
Trading product for RSI 2 Storm cBot Forex Commodities, image 3
Since 24/10/2024

Description

How does it work?

IFR 2 Storm checks the value of RSI 2 for each new candle, making only buy entries. When RSI 2 is below the configured parameter, the first entry is made. If the configured take profit is not reached ([default] maximum of the two previous candles) by the close of the next candle, the second entry is made. If the take profit is not reached by the start of the next candle, the third entry is made. The stop loss is not calculated in price, the stop loss is calculated in candles (default 5 candles after the third entry).


Advantages:

  • Although this is RSI 2, the RSI period is adjustable.
  • The value that defines the oversold market is adjustable.
  • Candle amounts for adjustable stop loss.
  • Number of previous candles for calculating adjustable take.


Recommendations

  • Currency pair: XAUUSD, GOLD
  • Timeframe: 12H
  • Minimum deposit: $1000


Risk Warning:

Before you buy RSI 2 Storm, please be aware of the risks involved. Past performance is no guarantee of future profitability (cBot may also have losses). The backtests shown are highly optimized to find the best parameters, so the results are not transferable to real trading. Do not invest or risk money that you cannot afford to lose.

Summary

AI summary
RSI 2 Storm is a trading bot designed for buy entries based on the Relative Strength Index (RSI) with a default period of 2, adjustable by the user. It monitors the RSI value at each new candle and initiates a first buy entry when RSI falls below a configurable threshold indicating an oversold market. If the take profit target—calculated by default as the maximum price of the two previous candles—is not reached by the close of the next candle, a second buy entry is made. A third entry follows if the take profit remains unmet by the start of the subsequent candle. The stop loss is time-based, set by default to trigger five candles after the third entry, rather than price-based.
Key adjustable parameters include the RSI period, oversold threshold, number of candles for stop loss timing, and the number of previous candles used to calculate take profit. The bot is recommended for trading the XAUUSD (Gold) pair on a 12-hour timeframe, with a suggested minimum deposit of $1000. Users should consider the inherent risks of trading and the limitations of backtested results when using this bot.
Trading profile

Customer reviews

4.0
Reviews: 3
5
33 %
4
33 %
3
33 %
2
0 %
1
0 %
Customer reviews
November 8, 2024
Ngl, this one makes sense if you are not trying to yolo every signal. It works with it on demo first and see how it behaves when XAUUSD volatility gets messy. The first run should stay small enough to be boring.
November 7, 2024
The product feels practical when it helps the trader skip weak ideas. A 64 setup journal on London open gives a better read than guessing from one session.
November 2, 2024
This belongs in the review stack for gold trading. A sample of 38 setups on M15 should show whether it really improves the routine.

Discussion

FAQ

Forex
Commodities
RSI
XAUUSD
Products available through cTrader Store, including trading bots, indicators and plugins, are provided by third-party developers and made available for informational and technical access purposes only. cTrader Store is not a broker and does not provide investment advice, personal recommendations or any guarantee of future performance.

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Since 24/10/2024