Creator: Aleksey Cherbaev
MQL5 Code Author: barabashkakvn
Welcome to the world of automated trading! Today, we're diving into a straightforward yet effective Expert Advisor (EA) designed for MetaTrader 5, built around the Relative Strength Index (RSI).
Here’s the lowdown on how this trading strategy works:
- A BUY position kicks off when the RSI DOWN level is crossed from below.
- A SELL position is initiated when the RSI UP level is crossed from above.
The lot size is fixed and can be adjusted in the settings under Lots. You also have the flexibility to set your own Stop Loss, Take Profit, and Trailing Stop.
During signal formation, the RSI indicator may temporarily breach either level. To ensure accuracy, the trading signal is confirmed at bar #1 and bar #2. Closing positions is a bit more dynamic; trades are typically closed when an opposite signal triggers. So, if you have open BUY positions and a SELL signal emerges, the EA will close all BUYs and open a SELL position instead.
You can experiment with various values for Stop Loss, Take Profit, and Trailing Stop. If you want to disable any parameter, just set its value to "0.0".
Example Trade on USDJPY, M15:
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