If you're looking to level up your trading game, the RSI Eraser for MetaTrader 5 might just be the tool you need. This Expert Advisor (EA) uses signals from the Relative Strength Index (RSI) to help you make informed trading decisions. The idea behind this EA was inspired by a lively discussion on the forum, which you can check out here.
Input Parameters
- RSI: Averaging Period
- Stop Loss
- Risk Percentage Based on Free Margin
The position volume is calculated as a percentage of your free margin, and you can specify the Stop Loss in the input parameters.
Conditions for Opening BUY Trades
- Enter a buy trade when the RSI is above 50% on the H1 timeframe, provided the stop loss conditions are met (see point 3);
- The EA will place trades once a day, allowing for one buy and one sell trade daily;
- If the calculated stop loss exceeds your set Stop Loss parameter, the entry signal will be ignored. For reference, the stop loss is the low of the previous daily bar minus 10 points;
- Set your take profit to three times the size of the stop loss;
- Move to breakeven once the price moves positively by at least the amount of the stop loss;
- If there's an open position from yesterday or earlier, it will consider signals to open a new position. However, if the open position was opened today, new signals will be ignored;
- Conditions for selling are the opposite of buying.
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