RSI Snowball Martingale

4

Expert Advisor (EA) that utilizes the basic Dow Theory strategy along with RSI for opening positions, and employs support and resistance levels from the Zigzag indicator as stop-loss and take-profit points, you can follow these guidelines:

  1. Dow Theory Strategy: This involves analyzing trends using the Dow Theory principles, mainly focusing on identifying primary trends (bullish or bearish) and secondary trends (corrections). You'll need to implement rules for identifying these trends based on price action.

  2. RSI for Confirmation: Relative Strength Index (RSI) can be used as a confirmation tool. For example, you might open a buy position when the price is in an uptrend according to Dow Theory and RSI is below a certain oversold threshold (e.g., RSI < 30), indicating potential buying opportunities.

  3. Zigzag Indicator for Support and Resistance: The Zigzag indicator helps in identifying significant highs and lows in the price movement. You can use these levels as potential stop-loss and take-profit points. For instance, set stop-loss just below the recent swing low for long positions and take-profit at the nearest swing high.

Recommendations:

Currency pair: XAUUSD
Timeframe: M15
deposit : $100
Account type: Standard
Brokers : Exness (https://one.exnesstrack.net/a/t5m9v5m9) 
When you resister Exness account please fill Partner code: t5m9v5m9 for commission pay back 50% (rebate)


Reviews 2
Raoul Paul Xavier De Jong
1369
Raoul Paul Xavier De Jong 2024.06.27 21:23 

it's ok....

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AlexisTaylor
19
AlexisTaylor 2024.06.30 18:38 

User didn't leave any comment to the rating

Rachyut Senakool
4986
Reply from developer Rachyut Senakool 2024.07.02 08:06
Thank you very much for liking the EA I created. For the MT4 version, I can't find the original file because this EA is the first EA I've made and I've been trial and error until I can't remember the original structure. If I were to install a new EA, I would install both versions for MT4 and MT5. Or would you prefer an MT4 version of the RSI strategy, but it might work a little differently?
Raoul Paul Xavier De Jong
1369
Raoul Paul Xavier De Jong 2024.06.27 21:23 

it's ok....

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