RSI Trader EA 3.0
Metatrader Expert Advisor (MT4/MT5)
This EA trades using the RSI Indicator. It offers many trading scenarios and flexible position management settings, plus many useful features like customizable trading sessions, a martingale and inverse martingale mode.
- Easy to use and supervise
- It implements three different entry strategies
- Customizable break-even, SL, TP and trailing-stop
- Works for ECN/Non-ECN brokers
- Works for 2-3-4-5 digit symbols
- Trading can be NFA/FIFO Compliant
- Implements a martingale and inverse martingale features
- Customizable indicator settings
- Filter trading by forex sessions
- Built-in money management
The EA implements the following entry strategies, that can be enabled or disabled at will:
- Trade when the RSI Indicator is oversold or overbought
- Trade when the RSI comes back from an oversold or overbought condition
Four different trading behaviors are available in the EA inputs:
- Regular: The EA will buy at bullish signals and sell at bearish signals
- Inverse: The EA will sell at bullish signals and buy at bearish signals
- Only Buy: The EA will buy at bullish signals and disregard bearish signals
- Only Sell: The EA will sell at bearish signals and disregard bullish signals
Additionally, it implements four different money management modes:
- Trade manual lotsize: The EA will trade a fixed lotsize on each trade
- Auto-calculation of lotsizes: The EA will risk % of the account on each trade
- Martingale: The EA will double the lotsize after a losing trade
- Inverse Martingale: The EA will double the lotsize after a winning trade
When loading the expert to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks.
- Indicator Settings
- Enter your desired RSI input parameters and oversold/overbought values.
- Position Management
- This group of settings applies to trading decisions and trade management. You can select trading direction, break-even in pips, break-even behavior, trailing-stop in pips, trailing-step in pips, stop-loss in pip and take-profit in pips.
- Trading Settings
- Select trading direction and trading scenarios to trade.
- Session Settings
- Enable or disable trading for the Asian, European or American sessions, as well as trading week days.
- Filter Settings
- This parameter group allows you to enable or disable multi-timeframe logic for the trades. For example, if you want to trade on the H1 chart confirmed by the D1 RSI, load the EA on the H1 chart and set D1 Filter to true.
- Money Management
- In this settings block you can set the lotsize for the first trade, or allow the EA to calculate it by itself. It also implements a martingale behavior. Entering a manual lot size is recommended. You can also enable NFA/FIFO compliant trading
- EA Settings
- You can select the magic number for the trades, custom comment and manual pip value if you need to override the one the default one. Do not change these unless you know what you are doing.
- Is the EA NFA/FIFO Compliant?
- Yes, it is. Set the parameter called NFA/FIFO Compliant to true.
- Do I need a VPS to run the EA?
- Yes, you do. Or having your home computer turned on 24/5.
- Can I interfere with the trades of the EA?
- Yes, you won't cause the EA to missbehave.
- Will this EA interfere with other EAs running in my account?
- No, it won't.