Are you looking to enhance your trading strategy? Let’s dive into how you can utilize Bullish and Bearish Engulfing candle patterns in conjunction with the RSI indicator on MetaTrader 4 to make smarter trades.
This system opens buy orders when it detects Bullish Engulfing candles and the RSI is in the overbought territory. Conversely, it will sell when Bearish Engulfing candles appear while the RSI is in the oversold region. It’s a straightforward approach that can help you capitalize on market movements.
Once your account reaches a specific profit target, the system will automatically close all open orders for you. This feature is perfect for traders who want to lock in profits without having to monitor the market constantly.
System Inputs
- Lot Size: Set your desired trade size.
- Profit Goal: Specify your target profit in your account currency.
- Max Loss: Define your maximum acceptable loss (in negative currency).
- RSI Period: Choose the period for the RSI calculation.
- Applied Price for RSI: Decide which price type to apply for RSI.
- Overbought Level: Set your threshold for identifying overbought conditions.
- Oversold Level: Set your threshold for identifying oversold conditions.
Check out some of the results:
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