CryptoHero offers traders the ability to enter positions in periods of sustained selling through the new Average RSI or Stochastic RSI setting found in the latest version of CryptoHero.
Before this new feature, a trader can only configure entry condition when an RSI level is hit in a single period. The disadvantage is that an entry can become premature, especially when the coin’s price keeps going south.
With the new Average RSI option, a trader can configure the bot to enter a trade only if the RSI level maintains around an average level for the last few period as defined by the Trading Frequency.
For example, consider a trader who configures Average RSI = 28 for average of last 2 periods.
the RSI level for coin X at Time T = 35
T+1=31
T+2=28
T+3=29
T+4=30
T+5=27
T+6=25
T+7=28
The bot will enter at time period T+7 because average of RSI for (T+5) + (T+6) = 26 which is less than the trigger level of 28.
As you can see, by using Average RSI indicator setting, getting in at a low price carries a higher confidence level. Traders who want to trade even on a faster frequency can consider Average Stochastic RSI setting.
This new setting is found in CryptoHero’s Advanced bot and other bots such as DCA, etc.