The Exp_BalanceOfPower_Histogram Expert Advisor is based on change of direction of the BalanceOfPower_Histogram indicator. The signal is formed when a bar is closing if there is change in Moving Average direction.
This Expert Advisor requires the compiled indicator file BalanceOfPower_Histogram.ex5 in order to run. Place it to <terminal_data_folder>\MQL5\Indicators.
Note that the TradeAlgorithms.mqh library file allows using Expert Advisors with brokers who offer nonzero spread and the option of setting Stop Loss and Take Profit together with position opening. You can download more variants of the library at the following link: Trade Algorithms.
Default Expert Advisor's input parameters have been used during the tests shown below. Stop Loss and Take Profit have not been used during the tests.
Fig.1. The instances of history of deals on the chart.
Testing results for 2015 at EURUSD H4:
Fig.2. Testing results chart
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/16214
The BalanceOfPower_Histogram indicator with the timeframe selection option available in input parameters.RSICandleV2
The RSI indicator implemented as candlesticks with indication of breaking the overbought and oversold areas.