This expert advisor is specific but easy to use .
Best used with other indicators , first find a harmonic pattern, head and shoulder, double top/bottom, trend retracement flags, ect
Then identify a price range you want to trade in. These EAs can also trade MTF setups.
What it does-
Trades manually input price ranges , then waits for dual rsi conformation.
- trades dual RSI for targeting MTF oversold/bought areas.
- within a manually input price range
- built for trading harmonic patterns
- or price ranges, many uses.
- ONLY will ever open 1 single trade
- then if the trade setup occurs delete the EA from the chart
- MUST reattached the EA each time
- built for manual traders
- no more sitting waiting for a harmonic pattern setups
- DOES NOT draw or use harmonic pattern you will need a seperate indicator.
*important input
inp6-blockID- This block is used to open buy or sell trades ONLY
- To trade only buys / long positions type ( sell )
- To trade only sells / short positions type ( buy )
- This turns off part of the EA used for opposite trade directions.
Inputs are labeled with buy or sell for simplicity.
- inpbuy upper level value- is the upper price limit in which the trade can occur
- inpbuy lower level value- is the lower price limit in which the trade can occur
- example upperlvl 1.11 lowerlvl 1.07 then the EA will only trade in this range
DUAL RSI
- rsiperiod- rsi periods are set at 7 and 3 currently.
- Loperiod - set as current timeframe is the TF on which the rsi takes the trade
- Ro value is the level of the rsi oversold overbought ect.
- Possible to set MTF- you are watching 1 hour pattern
- leave 1 rsi on current TF and the other on a lower TF say 5min for great entry positions.
Then stops and targets are in pips. Sell trades are same inputs.
The second picture show 1 hour chart oversold , third picture is 5min same trade but the rsi has waited for the lower TF to be oversold further.
Backtest on minute data or tick, but can not be tested as a strategy because EA can only open one trade every time attached to the chart.
To use just 1 rsi just set periods and levels the same.
Overall it's easy to use, when you find a price range such as a harmonic pattern or double bottoms/ tops,
head and shoulder patterns ect. Once detected with another indicator just open up this EA and plug in your price range
