This expert advisor opens 12 pending orders in the direction of RSI defined trend and momentum. Each position has a tight stop loss of 5 pis and take profit of 10 pips (by default). Opening of each trade is conditioned by market moving in direction of placed pending orders. Expert advisor is fully based on forex strategy with same name.
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RSI 20 and 50 both used to determine trend and its direction, while filtering out the ranging market. Entry signal is based on envelopes indicator.
Pending sell order are placed in downtrend while price reaches the upper envelope and vice versa for long trades.
Notes to inputs:
take profit: Take profit for orders
Stop loss: Stop Loss for orders
Filter sensitivity above 50. Sensitivity for uptrend with 51 being the most sensitive setting.
Filter sensitivity below 50. Sensitivity for downtrend with 49 being the most sensitive setting.
Slow filter period: Calculation of slow RSI filtering out the major trend.
Medium filter period: Calculation of faster RSI filtering out the medium trend.
Lotsper100. Position size used for 100 USD of equity.
Envelopes period: Calculation period of signal Envelopes forex indicator.
Stay valid: How long wil untriggered pending orders remain valid.
Adding to the winner. Scalping algo expert advisor
We recommend you to use this forex strategy with one of our trusted forex brokers (STP/ECN with MT4 bridge).
To win you must trade with broker on your side.
Dislaimer: Expert advisor was tested for profitability on historical data. All screen shots provided are displaying real results of the test. However past data will never guarantee future success. Every expert advisor needs to be tested properly on demo account. LIVE use only on your own risk. Read full disclaimer.
TheForexKings Team does not give any financial advice. TheForexKings does not take any responsibility for any user’s investments and investment decisions. All rights reserved. Strictly for personal use.