Bermaui New Era
Developed by Larry Connors, the 2-period RSI strategy is a mean-reversion trading strategy designed to buy or sell securities after a corrective period.
Bermaui New Era is an Expert Advisor for MetaTrader 4 that tries to apply Larry Connors, the 2-period RSI strategy on FOREX pairs.
The strategy after Bermaui New Era EA can be explained in the next steps:
- Looking for buying opportunities when 2-period RSI moves below 5%, which is considered deeply oversold.
- Look for short-selling opportunities when 2-period RSI moves above 95%, which is considered deeply overbought.
- Exit on the next open of the candle that cross back the 50%.
Bermaui New Era Features
- This is a rather aggressive short-term strategy designed to participate in an ongoing trend. It is not designed to identify major tops or bottoms.
- This EA trades RSI-2 and adds to losing positions until exit.
- You can choose between adding a fixed lot or a mathematically increasing lot (0.01 – 0.02 – 0.03 – 0.04 ….etc.).
- Attach Bermaui New Era to a DAILY Chart.
- Bermaui New Era will check on the open of the day if to buy, sell, or do nothing.
- It is recommended to trade a portfolio of FOREX pairs at the same time to reduce risk as much as possible.
- Minimum deposit for each 0.01 standard lot is between $700 to $1000 to trade a portfolio that contains 10 FOREX pairs.
- EnterRSIPeriod = Time period for RSI used for entry.
- OverBought = RSI level used to enter sell orders.
- OverSold = RSI level used to enter buy orders.
- ExitRSIPeriod = Time period for RSI used for exit.
- ExitLong = RSI level used to exit buy orders.
- ExitShort = RSI level used to exit sell orders.
- AddMoreLots = If ( = No) the EA will add make all opened positions equal to FirstLot. If ( = Yes) the EA will add each new position in a mathematical sequence (0.01 – 0.02 – 0.03 – 0.04 …etc.).
- MaxOrdersOpened = If number of opened trades with the same magic number equals the number of this parameter, the EA will not open any new trades until all opened trades are closed.
- FirstLot = if there is no opened trades, then the first open one will be with this lot.
- UserSlippage = slippage value in pips.
- UserComment_OB = a comment for the EA's sell orders.
- UserComment_OS = a comment for the EA's buy orders.
- MagicNumberBuy = Magic number for buy orders.
- MagicNumberSell = Magic number for sell orders.
- Before using on a live account, test the EA with minimal risk.
- VPS is recommended.
- For best results, use the leverage of 1:200 or more (1:200/1:500).
- Low spreads + low commission + high quality execution are important when choosing a broker to trade.
I hope you find Bermaui New Era a good investment tool for you.