Oversold Scalper (Mid-term: 15m)

Author: BitMEX_pez

Description

This 15-minute candle bot places limit bids when the RSI drops to 30, exploiting oversold conditions. It does not place asks, allowing you to manage risk by manually closing positions with take profit (TP) or stop loss (SL) orders. Ideal for traders seeking strategic entry points on a longer interval.

This signal can be used in two ways:

1. As a wick catcher: It is common for there to be a bounce when the RSI hits 30. Set a tight SL/TP (under 1%) to catch the small bounce or trigger a stop loss if the dip continues.
2. As a position builder: Set the max buy price to your target entry price, max position size to your target position size, and max order size to a lower number. The bot will gradually build a position during dips below your entry price. The risk here is that you may not build the entire position size before the price moves back up.

1) Overview

• Strategy: Grid (Long). These bots only place buy orders (bids) and require a take profit (TP) level to close the position.
• Markets: ADAUSD, ADAUSDT, AVAXUSDT, BCHUSD, BCHUSDT, BNBUSD, DOGEUSD, DOGEUSDT, DOTUSD, ETHUSD, ETHUSDT, LINKUSD, LINKUSDT, LTCUSD, LTCUSDT, NEARUSDT, SEIUSDT, SHIBUSDT, SOLUSD, SOLUSDT, TRXUSDT, WLDUSD, XBTEUR, XBTUSD, XBTUSDT, XRPUSD, XRPUSDT
• Objective: Profit from short-term price swings using a grid of limit orders on oversold conditions.

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2. Configuration Options

• Grid Count:

  • Description: The maximum number of bids that can be placed. Bid size by default will be calculated as Max Position Size / Grid Count, with any remaining size placed into the order closest to the top of the book.
  • Default Value: 5
  • Range: 1-20

• Grid Spread:

  • Description: Distance between each limit order in basis points (bps). One basis point is equivalent to 0.01%.
  • Default Value: 25
  • Minimum: 10 bps

• Max Order Size:

  • Description: Maximum size of an order that can be placed at a particular price.
  • Default Value: Undefined
  • Minimum: Lot size (For XBTUSD, this is 100 contracts)
  • Maximum: Max Position Size

• Max Position Size:

  • Description: Maximum “long” or “short” position size the bot can take in the instrument.
  • Default Value: Default grid count * lot size (For XBTUSD, this is 500 contracts)
  • Minimum: Lot size (For XBTUSD, this is 100 contracts)
  • Maximum: Your maximum risk limit

• Max Buy Price:

  • Description: The maximum price at which the bot will place buy orders.
  • Default Value: Undefined

• Stop Loss %:

  • Description: Stop loss set as a percentage distance away from the average entry price.
  • Default Value: Undefined

• Take Profit %:

  • Description: Take profit set as a percentage distance away from the average entry price.
  • Default Value: Undefined

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3. Signals Used

• RSI (Relative Strength Index):
  • What is RSI?: RSI is a momentum oscillator that measures the speed and change of price movements. It moves between 0 and 100 and is used to identify overbought or oversold conditions in the market.
  • Overbought/Oversold Levels: Generally, when RSI is above 70, it indicates that an asset may be overbought and due for a pullback. When RSI drops below 30, it suggests that an asset is oversold, signaling a potential buying opportunity.
  • Data Source: Internal market data from the selected trading pair.
  • Use: This bot places buy orders when RSI drops to 30, indicating an oversold condition and potential for a price rebound.