Its an intraday short only strategy, that picks up the list of stocks which are expected to revert to mean, the max no of open position will be only 10 stocks max, which places entry, target and stop loss, Where target is 6% and stop loss is 3%. This strategy was basically developed by Mr. Vishal Mehta who explained the details of this strategy in Learnapp we just created a tool to automate it.
1) Current day Closing price of the day > 200 day moving average
2) 2 period RSI > 50
3) closing price should be at least 3% above from the previous day close
4) Entry – short the stock the next day (Limit order) at 1% higher from the closing price
5) stop loss 3% and Target is 6%
RSI BOT is one of most consistent performing bot which has made more than 45 lacs profits in real time with customer’s account so far since June 2020.