Author: Khlystov Vladimir
Introducing the Exp_RSI, a straightforward Expert Advisor tailored for MetaTrader 5, leveraging the power of the Relative Strength Index (RSI). This EA operates on a simple yet effective strategy: it sells when the RSI crosses below the overbought level and buys when it crosses above the oversold level. The entry signals are generated based on the closing of each bar once the levels are crossed.
One of the standout features of this Expert Advisor is its compatibility with brokers offering nonzero spreads, thanks to the TradeAlgorithms.mqh library. This library also enables you to set your Stop Loss and Take Profit levels right as you open a position. If you're looking for more options, you can check out additional variants of the library here: Trade Algorithms.
The default input parameters of this EA were utilized during the testing phase shown below. Notably, Stop Loss and Take Profit settings were not applied in these tests.
This EA was originally developed in MQL4 and made its debut on the Code Base on August 4, 2016.
Examples of trades on the chart
Here are the testing results for the year 2015 using the GBPUSD on the H4 timeframe:
Testing results chart
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