All orders
Rules
Job finished
Specification
The Heikim Ashi RSI Oscillator by Jay Rogers is a Trading view indicator. I have recently had it converted to MT4.
Next project is to create an EA that will use the indicator for buy/sell, simple trade management and risk management.
The indicator works best on the 1 minute time frame (EURUSD, GBPUSD, AUDUSD).
I still use some discretion when taking a trade, for example when price is in free fall the indicator does not work but when price is steady the indicator based on a set of rules works very well.
The issue is taking these profit levels and trade set ups on a consistent basis thus needing a robot to do this.
The trade management has 3 partial limit levels to get out at profit. 1 level for a full loss. These are based on the stop level, if the entry is 1.0803 (Buy) the stop might be 6 pips 1.0796.
The first profit level is 1.0809 (6pips 1/1). Stop is now moved to -2. Next profit level is 9 pips (1.5/1), Stop is moved to +1 and the last profit level in this example would be 12 pips (2/1 based on the original opening position).
The example idea above will vary meaning perhaps the order entry sigal was at 1.0805 and the STOP needs to go 2 pips below the recent low. Image provided.
Risk I set at 0.10% of available capital
As per the image included, the buy signal is when HARSI is in the oversold area (-20) and comes back into the boxed boundries..the buy is the close of the 2nd green candle (preferbaly the 2nd green candle is a bigger candle versus the 1st green candle). The HARSI is not used to get out of a trade.
The image is from a Tradingview chart but this project will need to be completed for MT4
I can offer more insights and answer your questions as needed.
