RSI EA MT4/5 Settings/Inputs Guide

RSI EA MT4/5 Settings/Inputs Guide

12 September 2021, 10:50
Juvenille Emperor Limited
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✔️ RSI EA MT4©: https://www.mql5.com/en/market/product/45228

✔️ RSI EA MT5©: https://www.mql5.com/en/market/product/67625



RSI EA MT4/5 Settings/Inputs Guide

  • Allow Long: True/false for opening Buy orders.

  • Allow Short: True/false for opening Sell orders.

  • One Trade at a Time: True/false option for opening or not multiple trades at the same time, in the same or different direction. When this option is true, the EA will only open 1 trade at a time.

  • Lot Size: The Lot Size of orders.

  • Use Risk: True/false of the Risk % option

  • Risk %: The % of account's balance that it will be risked in every trade. Risk is calculated on Virtual Stop Loss level.

  • Magic Number: The Magic Number assigned in every trade.

  • Use Opposite Logic: True/false option for opening the opposite trade for every signal. For example a buy instead of a sell and a sell instead of a buy.

  • EA Comment: The comment the EA will print in the Comments section of the Terminal/Toolbox window of your MT4/5 terminal.

  • Start Hour: The Hour the EA will start functioning.

  • Start Minutes: The Minutes the EA will start functioning.

  • End Hour: The Hour the EA will end functioning.

  • End Minutes: The Minutes the EA will end functioning.

  • Trade on Monday: True/false setting for trading on Mondays.

  • Trade on Tuesday: True/false setting for trading on Tuesdays.

  • Trade on Wednesday: True/false setting for trading on Wednesdays.

  • Trade on Thursday: True/false setting for trading on Thursdays.

  • Trade on Friday: True/false setting for trading on Fridays.

  • Trade on Saturday: True/false setting for trading on Saturdays.

  • Trade on Sunday: True/false setting for trading on Sundays.

  • RSI Timeframe: The Timeframe of the RSI indicator.

  • RSI Period: The Period of the RSI indicator.

  • Open Trade on: Selector of the 4 available strategies of the RSI EA. Live bar means that the EA will open a trade on RSI extreme levels, while the candle is still open. Closed candle means that the EA will wait for a candle to close and then it will open a trade on the RSI extreme level of that closed candle. RSI crossing means that the EA will open a buy trade on a crossing of the RSI Buy Crossing Level set below, going upwards and a sell trade on a crossing of the RSI Sell Crossing Level going downwards. This last strategy is a unique approach of the Relative Strength Indicator since it's a trend following strategy and not a reversal one. RSI Crossing Multi means that the EA will open a buy trade on a crossing of the RSI Buy Crossing Level set below, going upwards and will keep opening a new buy trade on each new candle if the RSI is above the RSI Buy Crossing Level. The EA will open a sell trade on a crossing of the RSI Sell Crossing Level going downwards and will keep opening a new sell trade on each new candle if the RSI is below the RSI Sell Crossing Level. When you use the RSI Crossing Multi strategy you must keep in mind 4 things. First that you need to change One Trade at a Time to false, to allow the EA to open multiple trades, second that you may need to lower the Net Asset Risk % to a lower than 99 level in order the EA to be able to open more trades, third that you will need to adjust your preference in the RSI Crossing Multi Minimum Distance below, to set the minimum distance in points for the same direction buy or sell trades and finally that you may select whether you want the EA to close all one direction trades (buys or sells) before it opens the other direction trades (sells or buys), by setting the Close Orders by Opposite Signal to true or false respectively below. Also don't forget to increase the number of Orders per Session setting, if you are planning to open more than 100 trades per daily session.

  • RSI Sell Level: The RSI level over which the EA will open Sell orders, on live bar or on closed candle, depending on the chosen strategy. It doesn’t affect the 50 RSI crossing strategy.

  • RSI Buy Level: The RSI level under which the EA will open Buy orders, on live bar or on closed candle, depending on the chosen strategy. It doesn’t affect the 50 RSI crossing strategy.

  • RSI Crossing Sell Level: The RSI level under which the RSI Crossing strategy will open a sell trade.

  • RSI Crossing Buy Level: The RSI level above which the RSI Crossing strategy will open a buy trade.

  • RSI Crossing Multi Minimum Distance: Is the minimum distance in points for the same direction buy or sell trades of the RSI Crossing Multi strategy. For example if this setting is set to 0, the EA will open new buys/sells at any level, regardless to how close they are to already opened buys/sells. Also if this setting is 10, the EA will not open new buys/sells unless their distance from the already opened buys/sells is at least 10 points. This setting applies only to same direction trades, so for example if the setting is 10, the EA may open a new sell closer to 10 points to an already opened buy.
  • Orders per Session: The Number of orders that the EA can open in a trading session, between Start and End Time.

  • Use MA Filter: True/false of the Moving Average Filter option, that allows the EA to open Buy orders only if the price is above the set Moving Average (the reverse for a Sell order). 

  • MA Filter Timeframe: The Timeframe of the Moving Average Filter.

  • MA Filter Period: The Period of the Moving Average Filter.

  • MA Filter Method: The Method of the Moving Average Filter.

  • MA Filter Shift: The Shift of the Moving Average Filter.

  • MA Filter Applied Price: The Applied Price of the Moving Average Filter.

  • Net Asset Risk %: The Equity/Balance % level, under which the EA will not open any more orders.

  • Max Spread in Points: The Maximum Spread allowed.

  • Max Slippage in Points: The Maximum Slippage allowed.

  • Use SL/TP Levels in: Points/Percentage of Average Daily Range. When Points are selected the EA uses the below Stop Loss / Take Profit / Break Even and Trailing Stop Loss levels in points for trading. When Percentage of Average Daily Range is selected the EA uses the further down Stop Loss / Take Profit / Break Even / Trailing Stop Loss in % of ADR (Average Daily Range) levels for trading. These levels that are express in percentage of the average daily range of the instrument that is trades helps the EA in being more responsive to the changes and volatility of the market.

  • Stop Loss in Points: The Stop Loss level for every order.

  • Take Profit in Points: The Take Profit level for every order.

  • Virtual Stop Loss in Points: The Virtual Stop Loss level for every order.

  • Virtual Take Profit in Points: The Virtual Take Profit level for every order.

  • Break Even Profit in Points: The profit level for every order, in which the EA will move the Stop Loss level to Break Even.

  • Trailing Start in Points: The level that the EA will start Trailing the Stop Loss for every order.

  • Trailing Stop in Points: The Trailing Stop Loss distance.

  • Trailing Step in Points: The Trailing Stop Loss Step. 

  • Average Daily Range Candles: The number of daily candles that are used by the EA for the calculation of the average daily range for the Stop Loss / Take Profit / Break Even / Trailing Stop Loss in % of ADR (Average Daily Range) levels.

  • Stop Loss in % of ADR: The stop loss level used by the EA for each trade. This level is calculated as a percentage of the average daily range of the instrument that is traded. For example if 30 is inserted in this setting and the average daily range of it is 1000 points, the stop loss level that will be used by the EA will be 300 points.

  • Take Profit in % of ADR: The take profit level used by the EA for each trade. This level is calculated as a percentage of the average daily range of the instrument that is traded. For example if 50 is inserted in this setting and the average daily range of it is 1000 points, the take profit level that will be used by the EA will be 500 points.

  • Break Even in % of ADR: The profit level for every trade, in which the EA will move the Stop Loss level to Break Even. This level is calculated as a percentage of the average daily range of the instrument that is traded. For example if 20 is inserted in this setting and the average daily range of it is 1000 points, the profit level at which the Stop Loss will be moved to Break Even will be 200 points.

  • Trailing Start in % of ADR: The level that the EA will start Trailing the Stop Loss for every trade. This level is calculated as a percentage of the average daily range of the instrument that is traded. For example if 40 is inserted in this setting and the average daily range of it is 1000 points, the stop loss level that will be used by the EA will be 300 points.

  • Trailing Stop in % of ADR: The Trailing Stop Loss distance for every trade. This level is calculated as a percentage of the average daily range of the instrument that is traded. For example if 30 is inserted in this setting and the average daily range of it is 1000 points, the Trailing Stop distance will be 300 points.

  • Trailing Step in % of ADR: The Trailing Stop Loss Step for every trade. This level is calculated as a percentage of the average daily range of the instrument that is traded. For example if 10 is inserted in this setting and the average daily range of it is 1000 points, the Trailing Stop Loss Step will be 100 points.

  • Basket Take Profit %: The Take Profit level in % of balance (decimals are available) for all open positions combined, in which the EA will close all open positions. *

  • Use Basket Stop Loss: True/False of the Basket Stop Loss option.

  • Basket Stop Loss %: The Stop Loss level in % of balance (decimals are available) for all open positions combined, in which the EA will close all open positions. *

  • Use Basket Break Even: True/False of the Basket Break Even % option.

  • Basket Break Even %: The profit level in % of balance (decimals are available) for all open positions combined, in which the EA will move the Stop Loss level to Break Even. *

  • Use Basket Trailing Stop Loss: True/False of the Basket Trailing Stop Loss option.

  • Basket Trailing Start %: The profit level in % of balance (decimals are available) for all open positions combined, in which the EA will start Trailing the Stop Loss level upwards.

  • Basket Trailing Stop %: The Trailing Stop Loss level in % of balance (decimals are available), in which the EA will close all open positions if it is reached. *

  • Basket Trailing Step %: The Trailing Step level in % of balance (decimals are available), in which the EA will move the Stop Loss level.

  • Close Orders by Opposite Signal: True/False of the option to close one direction orders on an opposite RSI signal. 


* These settings/options are calculated as equity over balance, taking swaps and commissions into account.


✔️ RSI EA MT4©: https://www.mql5.com/en/market/product/45228

✔️ RSI EA MT5©: https://www.mql5.com/en/market/product/67625