Enter trade only on a specific day of week (Friday)

[Mark Palangio]

Hi.

Very new here, but I can't seem to find a way to build this back test.

I'm trying to do a back test where if a condition is hit like an RSI lets say, then I want to enter into a VirtualPut, but only on the next Friday or perhaps two Fridays out.  

as an example

RSI test is hit on Monday, then the options to use would be 11 Days out, that is the Friday of the following week.

and if the RSI test hits on:

Tuesday then use 10 days out, that is the Friday on the following week as well

Wednesday would be 9 days

Thursday would be 8 days.

Friday would be 7 days.

Thank you

 

[OptionStack]

You can use the LookBack study to wait X periods  after a market condition is hit, before entering / exiting a trade.

In your situation, you can use the Lookback study with the RSI study to wait 5 trading days (1 week) after RSI hits a certain threshold,  before entering a trade.   AND then combine that with the DayOfTheWeek study to only enter trades on Friday.  This will result in entering trades only on the next Friday after RSI hits a certain threshold.

Here is an example:  Wait till next Friday after RSI condition is hit

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