MT4-RSI Level EA

A simple EA that trades based on Relative Strength Index levels.

How it works?

• This EA trades with Relative Strength Index Level .
• Relative Strength Index Level will base its value on the current time frame.
• Only allows one open trade at a time.
• Two strategy to choose, Reversal and Trend following .
• Optimize risk management settings for lot size and martingale.

Strategy:

Reversal

• Opens a buy position if the RSI is below oversold level.
• Opens a sell position if the RSI is above overbought level.

if Close on Reverse Trend is set to true.

• Close a buy position if the RSI is above overbought level.
• Close a sell position if the RSI is below oversold level.

Trend Following

• Opens a sell position if the RSI is below oversold level.
• Opens a buy position if the RSI is above overbough t level.

if Close on Reverse Trend is set to true.

• Close a sell position if the RSI is above overbought level.
• Close a buy position if the RSI is below oversold level.

Parameters:

• MagicNumber - return an identifying (magic) number of the currently selected order.
• Custom Comment - trade comment text.
• Strategy - The option to choose Reversal or Trend Following.
• Max Spread Pips - distance between Ask and Bid, at which you allow the EA to open a trade.
• Max Slippage - The difference between the expected price of a trade, and the price the trade actually executes at which you allow the EA to execute an order.
• ~~~~~RSI Settings~~~~~
• RSI Period - Input RSI period.
• Over Sold - Input Oversold level.
• Over Bought - Input Overbought level.
• Indicator Bar Value - The option to choose current bar value or closed bar value.
• ~~~~~Risk Management Settings~~~~~
• Start Lot - Starting lot size.
• Loss Factor - Multiplier of last lot size if the last trade was a loss.
• Max Consecutive loss - Maximum Consecutive loss, it will restart to starting lot size if reached.
• StopLoss - Stop loss value relative to open price. Measured in pips.
• TakeProfit - Take profit value relative to open price. Measured in pips.
• Trailing Step - Modify Stop order in steps when moves price moves to its favor, set 0 to deactivate.
• Trail above break even - if set to true it will only trail if calculated stop loss moves in favor of the order open price. (Above Buy Order Open Price, Below Sell Order Open Price)
  
• Close on Reverse Trend - if set to true, it will close open trade if it met the condition in reverse of opening the trade.
• Use_Candle_Filter - if set to true, it will only buy if the previous candle is bullish, and sell if the last candle is bearish.
• ~~~~~Time and Day Filter Settings~~~~~ - For Opening of Trades Only.
• Daily Start Time - Starts to open a trade.
• Daily Stop Time - Ends to stop opening a trade.
• Monday - Trade on Monday.
• Tuesday - Trade on Tuesday.
• Wednesday - Trade on Wednesday.
• Thursday - Trade on Thursday.
• Friday - Trade on Friday.
• ~~~~~Alert Settings~~~~~
• Send_Email
• Audible_Alerts
• Push_Notifications

Martingale is a very risky strategy!

Do not trade with money you can’t afford to lose!

Consider withdrawal as a part of the strategy!

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