On the other hand, in such a strong-trending market, RSI typically can't reach its threshold on the side of that sustained move. For example, if your usual threshold for a sell-side entry is, say, 90, when market is moving strongly downward, RSI rarely will reach 85-88.
I would like to build in to my strategy recognition of that concept. So, my idea is this:
By defining a Lookback int variable, which would specify a look-back period, I would like my strategy to test whether market has reached that usual SignalThreshold (a double variable) during the Lookback period. If it has not, I then would like my strategy to adjust SignalThreshold by some amount (for example, 2 increments).
My question is this:
How do I code such a contingency into an existing strategy? That is, by using the sell side as an example, if market has not attained SignalThreshold during the Lookback period, adjust SignalThreshold to SignalThreshold - 2.
I have tried amending my strategy to include the following, but it won't compile:
{
if (MAX(RSI(xx,xx),Lookback)[0] < SignalThreshold)
SignalThreshold == SignalThreshold - 2.0;
}
else if ....
Am I on the wrong track to accomplish what I want?
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