This trading method can be one of the most profitable method lying around. Not only this, but it can be among the simplest to trade as well. This method can work on any timeframe and any pair. If you know how to draw lines on a chart, then you are good to go.
With this system, we are going to use one of the most popular indicator which is none other than the RSI. This indicator all the trading platforms which I know of. The RSI is a very powerful indicator and it is very responsive to market changes most of the time. Place the RSI on your chart and set it to 21. You can make the RSI a little thick to make it more visible as we are going to use it very thoroughly.
We are going to use trendlines and support/resistance line for our trade entries. But first of all, we will need to draw these lines and we are NOT going to draw it on the price chart itself as this is the normal practice but we are going to draw these lines on the RSI indicator window. We can do this very easily... we just eyeball the RSI indicator and draw the trendlines if we see if going in and upward or downward direction. We also need to identify levels where the RSI gets difficulty to go through and we draw a support or resistance line there. This is easy to identify, we just need to look for 2 peaks at the same or near levels.
After you have successfully draw these lines, you just need to sit and wait for the RSI to break through these lines. Once it does so, you just open a trade in the direction of the break and you place your stoploss at recent swing high or low depending on the direction you are trading. Now let us look at a few trade examples:
In the example above, we have a resistance level which formed and we waited for the RSI to gather some momentum and break through it and as you can see, this trade proved to be a good one.
In this second example, we have a support that formed and we waited for the RSI to break through it and once it did that, we took the short. Please take not that the SL was at the recent swing high and since price did not retrace back that high, we were kept into the trade and we took a good profit from it as well.
In this last example, firstly we have drawn and up trendline and we waited for the RSI to break through it, and once it did, we took the short trade which gave us a nice bunch of pips. Secondly, while the price was falling, the RSI was falling as well and this lead to the formation of a down trendline, we watched this closely as well and once the RSI broke this trendline, we took a long and this gave us many pips as well. Setups like this can happen a few times, especially when the market is ranging.
As you have see in these 3 examples above, we have been working with the generic trendline and support/resistance lines on the RSI and not on the price and this has proves out to be a good deal. Please take note that this is the basic skeleton on the trading system. Although it can work all by itself, you can tweak and modify it on your own to make it more powerful. You can add more indicators to the chart to filter the false breakouts as this happen a few times as well.
I hope that you have enjoy this reading and if you want to give this system a try, then you are welcome. Do not forget to share your experience and ideas here. I would like to hear back from you fishermen...
Cluster analysis of volumes is now available in MetaTrader 5!
The YuСlusters indicator is a professional tool for analyzing the trading volumes. The cluster graph is plotted based on tick data. For the exchange financial instruments these are the volume, type and price of a deal. For the Forex instruments - the real or tick volume (depending on the broker) and Bid price.
There are 6 criteria of cluster generation:
Time interval, the criterion is set in seconds. Price range, the criteri
The script is intended for automatic placing of Sell Stop pending orders, Stop Losses and Take Profits on the user specified levels. This script is not that useful as "Virtual pending buy stop", since short positions are opened as Bid price crosses the levels. Thus spread widening is not dangerous. Nevertheless, you need to have this script to prevent unwanted hitting of the Stop Loss levels.
Automation of the process of placing the Sell Stop pending orders, Stop Losses and T
S2 Trend At Wavelet is designed to eliminate the noises on the Price Chart. A clear picture of the market flow will be seen due to the elimination of the unnecessary variations on the chart.
Capabilities of S2 Trend:
Chart End could be shifted to any desired point by Market End Line; A desired Scale could be used by selecting Scale Menu and the result will be shown on the chart; A separate diagram on the Main Chart could be shown by using Chart window's check box; Graphical representation
Tick volume is equal to amount of ticks at the unit of time. There is direct correlation between tick volume and real amount of deals. Every change of the price is a result of a real request to perform a deal. Consequently, fewer requests we have, the less price changes we get, and, as a consequence, tick volume is smaller.
In this case, when big amount of requests appear on the market, price changes happen more often. Big tick volume appears. Tick volume is an important indicator of trad
The EASIEST way to manage your risk for each trade!
Add the indicator to your chart, configure a risk percentage (of account equity) Enter the number of pips for your stop loss into the text entry field that appears on the chart The position size to take will automatically be updatedThe product features two modes - a compact mode which allows entry of stop loss pips and shows the resulting lot size based on the percent risk setting, as well as an expanded mode that also shows
The indicator displays in a separate window a price chart as bars or Japanese candlesticks with a periodicity below a minute.
Available periods (seconds): 30, 20, 15, 12, 10, 6, 5, 4, 3, 2, 1.
The display mode (bars or candlesticks) is switched by clicking on the chart.
Period in seconds - the period of bars in seconds Price levels count - the number of price levels on a chartBuffer number: 0 - Open, 1 - High, 2 - Low, 3 - Close, 4 - Color.
FULL Automatic is a fully autonomous trading robot for MetaТrader 5 without configurable parameters.
It is similar to SAFE Automatic robot intended for traders having no knowledge of trading basics. It works in Low, Medium, High and Extremal trading modes.
The EA applies modified versions of well-known strategies, including Elliott waves, following a trend, half-pyramiding, scalping, speculative trading with a double deposit protection. The EA switches the strategies automati
Three variables are available for every strategy, any one of them can be disabled, their period can be changed.
type_order=ORDER_FILLING _FOK - order filling type.
ReverseTrade=false — trades opens in reverse direction if true. ExitOnBar=true — trades close on each bar only. spreadcover=false — Spread you pay includes in profit trades. It's like trade with zero spread but you should remember that it can decrease exact match between tester's result and live one. It
The indicator is intended for determining the spread and swap size, the distance for setting stop orders and stop losses from the current price allowed and the risk per 1 point in the deposit currency.
The indicator informs a trader about possible additional expenses and profits connected with transferring a position to the next trade session of the financial instrument. It also informs about the spread size and the distance of pending orders, stop loss and trailing from the current price. In a
This is a panel for controlling the profit/loss in dollars, pips or % of balance. A new function for trailing profits has been implemented.
The panel can be used as a virtual Stop Loss or Take Profit.
It also features the emergency button - CLOSE ALL.
You can also try the full version of the VirtualTradePad for mt5 panel, as well as the Profit or Loss for mt4 panel
Other versions in this collection:
VirtualTradePad for mt5 Digit Market Time Pad Market Time Pad Scalper PadMain f
Open interest (current) is the total volume of effective contracts (futures, options) for which there have been no calculations yet. In MetaTrader 5 an open interest is displayed as "Open Interest" in "Details" tab of the "Market Watch" window, but it is not available as an indicator. This product displays the open interest as a candle chart for all trading instruments for which it transmitted to MetaTrader 5.
Easy to use - it does not have any specific parameters. Color and le
This software has no equals in the world and represents a universal trade "console" covering trading signals, automated market entry, setting of Stop Loss and Take Profit, as well as Trailing Profit for multiple trades at the same time in a single open window. Intuitive control of the Expert Advisor in "three clicks" ensures a comprehensive use of all its functions on different computers, including tablets PCs.
Interacting with additional signal indicators that mark the chart to give a real mar
FXG_Info – the most important data in one place.
MetaTrader 5 Indicator FXG_Info provides basic statistical information about a particular currency pair. So that in combination with a chart representing currency price it is easy to determine whether the current situation is good for trading. And when you open a position it will clearly show you the current data such as SL, TP, RR. You are not limited to currency. You can use any market which is provided by you broker.
The following information
The Trade Manager Pro EA is a MetaTrader Expert Advisor that performs position management for you avoiding human errors and enhancing your trading activity.
Amazingly easy to use Trade easily from the chart Trade with precise risk management, hassle free Capital preservation is top priority Let profits run without your attention Enjoy risk-free trades as soon as possible Automatic trailing stops for all opened trades Initial stop losses are placed as soon as trades are
Safe Automatic is a safe MetaТrader 5 trading robot working autonomously on a VPS server. The good results are achieved on EURUSD.
The EA applies modified versions of a trend-following strategy, half-pyramiding, scalping, Elliott Wave method and speculating trading with a deposit protection. The EA switches the strategies automatically. The robot does not trade at night from 10 p.m. to 4 a.m. (server time).
The robot was tested in the special tester on real ticks. Empirical e
Who will be interested in this product:
those who are used to diversify the portfolio with a large number of pairs. those who work with a large number of orders those who trade news using pending orders (see the "Grid request" tab).The panel is designed to make managing a large number of orders as easy as managing one.
The currency pairs and order types for opening are formed here. The prices and stop levels are set.
User can define the price valu
This indicator shows how much time is left on the current candle.
You have absolute control over appearance of remaining time label. Also, you can set additional flag to show remaining time in the comment section of your chart and how much time has already passed on the current candle measured in percents.
Fast Copy MT5 allows to copy trades between different MetaTrader 5 (netting)(hedge) and MetaTrader 4 accounts in any direction and amount, quickly and easily (without loading the system).
Any type of copying is available MT5 —> MT5 MT5 —> MT4 MT4 —> MT5 MT4 —> MT4
* For any interaction with the MT4, it is necessary to additionally install Fast Copy MT4
One tool for sending and receiving transactions: [master] > [slave] operation mode can be selected in th
This indicator gives full information about the market state: strength and direction of a trend, volatility and price movement channel. It has two graphical components:
Histogram: the size and the color of a bar show the strength and direction of a trend. Positive values show an ascending trend and negative values - a descending trend. Green bar is for up motion, red one - for down motion, and the yellow one means no trend. Signal line is the value of the histogram (you can enable divergence
Does not support openning multiple orders on a single symbol on MT5
MultiMTCopier MT5Receiver - new and improved multi-terminal positions copier for your real/demo account, works faster, requires less, flexible in managing and upgrading, new information support. This Expert Advisor is designed for the MetaTrader 5 terminal, trades will be copied into this terminal.
The EA will copy all positions without delays Additionally integrated notification in situations requiring user
Veno EA MT5 is a safe and fully automated medium-term trading robot.
The EA does NOT use hedging, martingale, grid strategies, arbitrage, etc.
Veno Expert System MT5 automatically monitors the appearance of participants with distinct preference towards buying or selling on the market. Trades are conducted on sharp cluster and news based movements of the market. The robot analyzes the market volumes and volatility, and follows strong supply and demand movements. It smoothly sets breakeven level
Easy Order is an Expert Advisor allowing you to enter any type of trade with one click based on your RISK preferences.
You can choose to enter a trade and automatically calculate your lot size based on how much of your account you want to risk. Risk is calculated based on your Stop Loss placement. You can use a fixed lot size if you don't want to use risk based calculation of lot size. Your previous setting of risk based or fixed lot size remains saved for your next use of this Expert Advi
The script is intended for automatic placing of Buy Stop pending orders, Stop Losses and Take Profits on the user specified levels.
Avoiding unwanted entering a long position in case of false hitting the level as a result of widening of the spread by a dealing center. Avoiding unwanted triggering of a Stop Loss in case a quote pierces a significant level (fractal) without further confirmation with the close price. Setting a necessary virtual order and entering the market in
News Loader Pro is a tool that automatically updates every economic news in real time with detailed information from several online data sources. It uses the unique technology to load data with full details from popular Forex websites. An alert will be sent to your mobile/email before an upcoming news release. Moreover, it also marks the news release points on the chart for further review and research.
In Forex trading, news is one of the important factors that move
This indicator allows you to enjoy the two most popular products for analyzing request volumes and market deals at a favorable price:
Actual Depth of Market Chart Actual Tick Footprint Volume ChartThis product combines the power of both indicators and is provided as a single file.
The functionality of Actual COMBO Depth of Market AND Tick Volume Chart is fully identical to the original indicators. You will enjoy the power of these two products combined into the single super-indicator!
VirtualTradePad - is a contol panel for working with orders in МetaТrader 5 : buy, sell, buystop, buylimit, sellstop, selllimit, close, delete, modify, tralling stop.
VirtualTradePad won 2nd prize in the "Best Control Panel in the MQL5 Language" Contest.
The panel consists of 5 tabs.
VirtualTradePad PositionsStyle VirtualTradePad Ordersstyle VirtualTradePad SignalsStyleDemo version of the panel - VirtualTradePad LiteProfit or Loss PadINFO PadYou can also try this panel for
The indicator is based on the comparison of the correlation of trading instruments following an original algorithm. It determines the difference between correlated contracts (delta). The greater the difference, the more it is likely that this Delta will return to zero.
More suited to the FORTS market.
The greater the deviation from zero, the more it is likely that the price will return to zero. Also, the indicator divergence can be applied by comparing highs and lows.
Trade Controller provides multiple methods to protect and maximize your profits. This powerful weapon helps you to set the protect and trailing-stop rules on your trade automatically in many effective methods. Once it is set and turned on, you don't need to monitor your orders anymore, the software will keep watching and control your orders with your predefined rules.
It's designed to support multi-protection and trailing strategy: Protect by break-even, protect by percentage, protect by pip, p
EasyPen is designed as beautiful and innovative way to create and manage all your chart analysis, scribbles, notes and more. The app takes advantage of new MQL5 technology to offer an experience unseen in the other apps or in older MQL versions.
An App That Changes Everything
There is no existing drawing app that allows the level of customization that EasyPen offers. Change color of your pen, choose brush size, save drawings, keep drawings attached to specific position in chart, and more. With
This panel is designed for quick and easy one-click trading. All you need to do is to set up all the necessary parameters and enjoy trading! It supports two languages: English and Russian.
The panel consists of four parts:
1. Trade Window
Standard trading operations are conducted from this window: opening buy and sell trades. A trade is opened for he current symbol.
TakeProfit, StopLoss and Trailing stop can be set for each trade. To do this, mark an appropriate item. The values are entere
Thank you for your nice words... this method can be used with other indicators as well such as the CCI or the Momentum.
Please can any body help me in how to find surport and
Interesting setup but I’m curious why you use 21 for the RSI. 21 looks pretty flat and it can be hard to catch a breakout. I use the RSI but use the standard 14.
You can change the RSI period as to your liking but a shorter RSI period will usually produce a more curvy line and these will in turn produce more false breakouts. When using a longer RSI period, you can trade the short term trend with more ease. Also, the SR etc are easier to spot... However, as I said, the system is very open and the idea is just the skeleton of a bigger and more complex trading system... keep posting your trades and ideas.
You know what, that does make sense, I think I'll take a look at 21.
I know you said to just draw the trendline on the RSI but what I do is draw trendlines on the RSI and the chart. I look for breakouts and/or divergence. Also, I'm more of a "scalper" and use a 5m chart. What time frame do you like for your setup?
Can you give us a hint about your "bigger and more complex trading system"?
Looking for divergence itself is the very start in developing this method further... however, i do not personally trade divergence... and I my posts are aimed mostly at those new to forex who need simple systems to start with...
As for me, I am also trying to define a scalping method with this method as its base.. so far, it is working nicely... However, the method I am using is not exactly as mentioned here... I look for the trendlines and support/resistance lines on the indicator, then I draw the lines... Second I wait for the breakout of these lines on the indicator window.. however, I do not take the trade immediately on the breakout... I confirm this breakout first by looking at the price action on the bar chart... for instance, if the indicator broke a support and is going down, I will confirm this down break by observing the price and see if it is breaking the most recent low it made... if it breaks, then I might take the trade, or what for price to retrace around 38% before taking the trade... this is very discretionary type trades and mostly based on price action... So far, it has been working well for me... I am using this to scalp on the eurusd M1 charts... You can see performance here minus the 2 first gbpjpy trades as they were trades not related to this system... was lazy to open another test account...
MT Intelligence - Results for bossxero
All the best
Thanks bossxero. I understand what you are talking about regarding price action. I was looking at higher time frames earlier and now that I look at the 1m I see the RSI looks better and not so flat. I normally trade on the 5m and will look at the 1m for price action but I like the idea of using this on the 1m. I’m going to start watching it and hopefully we can develop this setup more
I was looking at your results. I only trade EUR/USD also. It looks like you don’t have a set profit target. Are you just using price action for your exit? What about stops? Some losses were more than others, so you don’t use a set stop?
One last question. What hours do you trade? There are times on your results but I don’t know what time zone that is. I’m in Chicago and I’m too lazy to get up for the London session so I trade from 8:00am EST to 12:00 EST. Though I will sometimes take trades in the afterno
Sorry about all the questions but thanks for your help.
For the stoploss, the initial stoploss is set at the recent swing high or low.. and I move my stop to breakeven as soon as I can. As for the TP, I do not use fixed exit and I will usually exit when I see price starting to show reversal signs such as bouncing off a support line. I do not observe any time session while trying to test this system as it is a test system for now. I try to trade/practice/tweak/refine it whenever i have some free time in hand. Thanks for the questions and hope I have answered them.