Reversal Strategy - expert for MetaTrader 5

This expert advisor uses three indicators to identify reversal of the price of a symbol. It uses a simple moving average along with a standard deviation and the RSI.

It sends a buy signal when the open price is lower than the moving average minus 2 times the standard deviation and the RSI is lower than the oversold value and the close price is higher than the moving average minus 2 times the standard deviation and the RSI crosses the oversold signal upwards. The take profit is equal to the ask price plus 2 times the standard deviation at the time and the stop loss is equal to the ask price minus the standard deviation at the time. It sends a sell signal when the open price is higher than the moving average plus 2 times the standard deviation and the RSI is higher than the overbought value and the close price is lower than the moving average plus 2 times the standard deviation and the RSI crosses the overbought value from above. The take profit is equal to the bid price minus 2 times the standard deviation at the time and the stop loss equal to the bid price plus the standard deviation at the time.

The buy position closes when the close price is higher than the moving average plus 2 times the standard deviation and the sell position closes when the price gets lower than the moving average minus 2 times the standard deviation. It resembles the boilinger bands technique.

This strategy is better used during non-volatile hours when there is no apparent trend and the market is more predictable. Its goal is to make a lot of small profits. The only symbols that should be traded using this strategy is the EURUSD and in lesser degree the GBPUSD. I trade only the EURUSD in small timeframes such as M5.