RSI expert advisor proves unbelievable versatility of RSI forex indicator, that can be easily used both as a trend filter and signal provider. When we use RSI as trend filter, is easy to avoid ranging conditions by simply setting a no trade zone around 50 line of indicator.
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This RSI expert can be used for rapid idea testing and trading approaches developement. Test your RSI forex strategies rapidly on different currency pairs and different timeframes.
Used forex indicators:
RSI (relative strength index) Minor and major trend filters. Higher the calculation period higher the quality of trend confirmation. To avoid staying in trend for too long after its reversal, minor RSI filter with faster calculation period works very well. Range 45 – 55 separates the uptrend from downtrend. Zone in between is a no trade zone for this expert advisor. Momentum will not be sufficient to be considered a trend. You can adjust width of no trade zone by manipulating downtrend and uptrend filter sensitivity input. Wider the zone, stronger trend is required to trigger the signal.
RSI signal: Sell trade will be entered in downtrend, when signal RSI rises above 70 line. Buy trade will trigger in uptrend when signal RSI falls below 30 line.
Notes to input:
Take profit points : Take profit for orders
Stop loss points : Stop Loss for orders
Lotsper1000: When automatic money managem
RSI major filter period: Slower RSI trend filter calculation period
RSI minor filter period: Faster RSItrend filter calculation period
RSI signal period: Signal RSI calculation period
Uptrend filter sensitivity: Sensitivity for uptrend (Value 50 to 70)
Downtrend filter sensitivity: Sensitivity for uptrend (Value 50 to 30)
Break even after profit: Set up profit in points after which SL will move to breakeven
Lotsper1000. Position size used for 1000 USD of equity.
UseMM: True setting will ulock automatic money management.
Lots: Position size: Manual setting when UseMM is disabled
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.