Hey fellow traders! Today, I'm excited to share a super handy RSI system that can make your trading life a whole lot easier on MetaTrader 4.
Trading Setup Overview
Let’s dive right into the details of our trading setup. Here's what you need to know:
- Currency Pair: EUR/USD
- Time Frame: M5
- Deposit: $10,000
- Lot Size: 1
- Stop Loss (SL): 50 pips
- Trailing Stop (TS): 50 pips
Hourly Trading Strategy
Now, let’s take a look at the hourly strategy:
- Time Frame: H1
- Deposit: $10,000
- Lot Size: 1
- Stop Loss (SL): 150 pips
- Trailing Stop (TS): 150 pips
How It Works
This system is all about timing your entries when the RSI swings back from the extreme zones. Here’s the basic workflow:
- Open one position as the RSI returns from the extreme zone.
- Once your first trade is in profit by 20 pips (this can be adjusted in the code), feel free to open two more positions.
For those interested, the custom indicator edition, known as Extreme RSI, can be found in the codebase.
Happy trading, and may your pips be plenty!
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