Betting based on Welles Wilder's Relative Strength Index

This trigger example was kindly developed and suggested by our customer and a long-term MF Pro user, David Gilbertson.
We are re-typing his comments here. The file is practically the same that the one David originally sent. We took his permission to optimise certain parts of the triggers to make them look simpler. 

Right-click here to download the trigger file.

It combines several aspects. It is a trading trigger that concentrates on the favourite. It is based on Welles Wilder's Relative Strength Index (RSI) which he developed for the stock market a long time ago but it can be used in high volume betting markets. Wilder's index looks at price movements over a defined period (in this case 7 mins). It attempts to identify extreme, over-bought or over-sold conditions judged by price movements.
Generally, if the index is over 80, the market is over-bought and if it under 20, the market is over-sold.
In the betting market context, the objective is to lay-low and back-high, ie lay where the price of a horse or greyhound has gone down a lot over 7 mins and back when the price has gone up a lot over the same period.
I have added a weight-of-money trigger to add support to the Relative Strength Index's prediction that the market is about to turn. There are also protective triggers to identify efficient markets, relating to the market's back book percentage, the market volume and the number of ticks between the favourite's back and lay prices.
It also combines universal loss recoupment and stop-loss/green-up triggers.
The green-up is set at 3% and the stop-loss at 10%. Naturally, these parameters can be adjusted. There is also a time stop-loss trigger if the time before the off is less than 15 seconds.
The RSI is calculated every 15 secs which can put some pressure on memory usage.
The monitoring options should be set for monitoring to commence at least 7 mins before the off.
As with all loss recoupment, there is a question of at what level (if any) to put in a circuit breaker. I have set it at "500" in whatever currency the trader is using. Naturally, this can be changed or removed.

We recommend that you try the triggers in Test Mode first, probably by turning on "Download results from BetFair wherever possible", like we did it.

The betting is based on the RSI index, so it makes sense to keep an eye on it while running the triggers. Open the "View Variables" window and type in "RSI" to see what this variable is currently equal to for the market that is selected at the moment.

Recommended settings for this trigger example:

General Options

Delete finished events automatically - turned off

Monitoring Options

Start monitoring events at ... mins before the beginning - turned on and set to "8"

Stop monitoring events at ... mins after the beginning - turned off

Test Mode Options

Download results from BetFair wherever possible and settle markets automatically - turned on

Settle finished markets automatically - turned off

Share your opinion about this trigger example in comments to this article.

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