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Rules
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Specification
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The EA takes all triggers from the RSI.
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There is only one trade open at any given time
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Opening: Trigger: the two previous candles show movement down && the RSI is at the 50 in the current candle. If the RSI has moved downward toward the 50 in these two candles, a short trade will be opened. If the RSI has moved upward toward the 50 in <= 2 candles && the RSI is at 50 in the current candle, a long trade will be opened.
Contingency: The probability that the RSI will continue in the same direction is higher than that that it will touch on the 50 without going below and move upward. However, the RSI will sometimes touch on the 50 within these conditions and move back up. In this instance, once it is established that the RSI is not moving as expected, the trade will be closed. ex. RSI moves from 56 to 53 in two candles previous to the RSI reaching 50. The RSI then moves back to 53. The trade is closed.
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Contingency (cont.) - when a trade is closed, another trade is opened going in the opposite direction immediately. ex. the RSI moves from 56 to 53 and then to 50 when a short trade is placed. The RSI moves back up to 53 and the short trade is closed. A long position is then opened at RSI 53.
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Closing: There are three different Closings for the EA.
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This first closing: the RSI crosses the 50 moving upward, triggering a long position trade, the trade moves in the expected direction. Then the RSI goes back down and recrosses the 50. The Close occurs at the moment that the RSI recrosses the 50 going the opposite direction to the trade. If it is a long trade, the trade will close when the RSI crosses the 50 moving downward. If it is a short trade, the trade will close when the RSI crosses the 50 moving upward
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Note: the criteria for opening a new trade will be in place during this process so that when the RSI recrosses the 50, another trade will open based on above criteria for an opening at the RSI 50.
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Closing 2: In a long trade when the RSI is moving upward, it touches the RSI 70. From here, if the RSI moves downward, the trade will be closed. In a short trade when the RSI is moving downward if the RSI moves upward from the 30, the trade will be closed.
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Closing 3: When the RSI reaches the 70 and the RSI continues to go upward, the trade will close when the RSI recrosses 70 going downward. When the RSI reaches 30 in a short trade and continues going downward, the trade will close when the RSI recrosses the 30 going upward.
ALSO IN THE EA: a function that determines the lot size by taking a percentage of the total account size. ex. The account balance is 10,000.00. The function takes 1% of the account size, 100 dollars, and calculates 50:1 leverage, or, 5,000 dollars to arrive at 0.05 lots. For this function, the percentage of the account to be traded and leverage amount should be inputs that can be changed.
Images detailing trade conditions will be presented to you if you become the developer for this project.