If you're looking to up your trading game, the EMA_RSI_RISK-EA is a solid choice for MetaTrader 5. This Expert Advisor (commonly referred to as an EA) employs a trend-following strategy combined with momentum confirmation, leveraging two Exponential Moving Averages (the Fast EMA and Slow EMA) alongside the Relative Strength Index (RSI).
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Buy Signal: The EA triggers a buy when the Fast EMA crosses above the Slow EMA, provided the RSI is above a specified threshold.
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Sell Signal: Conversely, a sell signal occurs when the Fast EMA crosses below the Slow EMA and the RSI falls below a defined threshold.
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Risk Management: This EA is designed with smart risk management in mind. It dynamically calculates the lot size based on your account balance and the percentage of risk you’re willing to take. Plus, it sets your Stop Loss and Take Profit levels automatically.
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Trading Window: You can customize your trading hours with an optional time filter, allowing trades only during specific times of the day.
The entire code is crafted in MQL5, making it easy to attach to any chart you choose. You can tweak settings for EMAs, RSI, risk levels, lot sizes, and your Stop Loss/Take Profit strategies to align with your own trading style.
Recommended Symbol and Timeframe:
For best results, we recommend trading on EURUSD using the H1 timeframe. However, with the right parameter adjustments, it's also compatible with other pairs and timeframes.
Key Parameters:
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FastEMA / SlowEMA: These define the moving averages you're working with.
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RSIPeriod / RSI_Buy / RSI_Sell: These settings control your RSI parameters.
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RiskPercent: This indicates the percentage of your account balance that you're willing to risk on each trade.
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StopLoss / TakeProfit: Set these in points for effective risk management.
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StartHour / EndHour: Use these to apply a trading time filter.
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