Mean Reversion EA using RSI, ATR with News Filter

Basic Entry Conditions:

    Look for trades only between certain time periods e.g. 1000 to 1400

On current chart bar close:

2.       If RSI value is above X (an upper value e.g. 80) or below Y (a lower value e.g. 20) and

3.       ATR1 value is between two extremes (i.e. volatility is not too low or too high)

4.       ATR2 value is between two extremes (this will be a different period to ATR 1, defined in external parameters)

5.       High – Low < x over y past bars (x and y defined in user parameters)

Exit Conditions:

1.       Fixed SL and TP in pips (external parameters)

2.       ATR based TP / SL (all parameters being external)

Note: always used fixed SL/TP but have ability to turn off ATR SL/TP.

Other Options:

1.       News Filter, pulls data from forex factory news calendar with the option to pause the EA for x minutes either side of the news event

Thus need the following external parameters

HighPause            = 5;          // Time Mins Pause EA Before/After High Impact News Event

MediumPause          = 3           // Time Mins Pause EA Before/After Medium Impact News Event

LowPause             = 1          // Time Mins Pause EA Before/After Low Impact News Event

NewsCurrency = EUR, USD ;   //country of the news event to include

Draw vertical lines on chart to represent next day news events (different colour for each type , high, low, medium)

2.       Exclude Trading on certains days of the week e.g.

DaysExclude = Sunday, Friday;

3.       Max Spread = don’t place trade if current spread > maximum

4.       Maximum Orders = 3   EA can open this number of trades (external parameter) in total. Note an opposing signal does not close an open trade.

Money Management:

              Risk based lot size (risk defined in external parameters)

              Maximum lot size per trade

              Maximum slippage

Lot size used risk and value from the fixed SL, even if ATR SL is being used.