First profitable bot! 50% profit

Howdy trader!

Another week, another free bot! The bot of the week is a special one because, for the first time, I have backtested a bot that made money. Not only that, I did not have to tweak the original strategy to make it work! Let’s dive right in!

The bot works with two indicators the RSI and the Bollinger bands! Here is how it works:

Short Position Strategy:

When aiming for a short position, keep a keen eye on the RSI. It should be above 70, indicating that the asset is overbought. But that's not all; watch for a crucial moment - a break below the upper Bollinger Band. As soon as you witness a candle closing below this upper band, it's your signal to enter a sell position.

Stop Loss (SL): Place your stop-loss order if the price hits the upper Bollinger Band.

Take Profit (TP): Look to take your profit when the price reaches the lower Bollinger Band.

Long Position Strategy:

For long positions, focus on the RSI being below 30, indicating oversold conditions. Now, pay attention to another critical breakthrough - a break above the lower Bollinger Band. When a candle closes above this lower band, seize the opportunity to enter a buy position.

Stop Loss (SL): Set your stop-loss order if the price touches the lower Bollinger Band.

Take Profit (TP): Consider taking your profit when the price hits the upper Bollinger Band.

I did backtest on several assets, however the most profitable of them all has been the Boom 500. During the backtest period of 2 years (1/1/2022 - 22/1/2024) with an initial deposit of $1000, the bot made $555+ in profit! While the period does seem too long just to make 50% profit, this goes to show how hard it is to have a strategy that works well over a long time. However, as always, you can try out the bot for yourself on different timeframes and assets, you might stumble upon assets that would ideally make you more money!

Here are the bot inputs:

You can play around with them on any asset. I have coded the bot to work on any timeframe and any assets. Enjoy!