Author of the concept: John Smith, with MQL5 code contributions from: barabashkakvn.
Today, let’s talk about a trading strategy that leverages the RSI indicator. This method ensures you have adequate funds before jumping into a trade.
Initial Check:
- To open a BUY position: RSI on bar "1" should be less than 45
- To open a SELL position: RSI on bar "1" should be greater than 55
Confirmation for Opening a Trade:
- For a BUY: RSI on bars from "2" to "2" + "CountBars" should be less than 45
- For a SELL: RSI on bars from "2" to "2" + "CountBars" should be greater than 55
Position Management:
This strategy uses the closing price of bar "1" as a reference point for managing your positions.
The EA has demonstrated impressive results on the H1 timeframe with the default settings. Check out the results below:
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