The Expert Advisor is based on a completely new approach to filtering the signals of the Relative Strength Index (RSI) indicator (oscillator) to determine a more accurate entry point for opening a buy (if oversold) or a sell (if overbought) trade. The Close of the last two bars is also taken into account.
It trades using an improved averaging method (Martingale principle), called averaging profit. If the initial Take Profit levels (50 pips, for example) will not be reached due to the continued growth of the rates in the direction opposite to the opened trade, the new orders (legs of averaging) will be placed using Take Profit 2 to quickly close all orders with a positive result.
The principle of averaging profit can be seen in this video.
The EA features a protection system against sudden price movements!
Condition for opening grid orders: step can be set depending on the market volatility over the past 12 bars (for example) and with consideration of the distances between the legs.
The EA always picks up its orders (by MagicNumber) and continues trading after a temporary loss of connection.
- Account type: All supported by the MetaTrader 4 trading platform.
- Currency pair: EURUSD.
- Timeframe: M15.
- Minimum lot: 0.01.
- Leverage: 1:500 or higher.
- Deposit: $1000 and higher.
- Works on quotes with any number of decimal places.
- Trades 24/5 (use VPS).
- Lot - lot size to start trading.
- lotdecimal - number of decimal places in the lot to be calculated: 0 - normal lots (1), 1 - minilots (0.1), 2 - micro (0.01).
- ExpoLot - lot multiplier for the subsequent orders in a series.
- Depth - the number of last bars to calculate the volatility.
- Grid - parameter to calculate the orders grid.
- slip - maximum deviation from the requested price when opening and closing market positions.
- TakeProfit - number of pips that should be reached in order to close the trade.
- Drop - protection against sudden price movements.
- MaxTrades - maximum number of legs of orders in a series.
- UseEquityStop - if true, enables the loss limitation function.
- TotalEquityRisk - percentage of the equity to limit the losses. Once the specified value is reached, all trades are closed.
- MagicNumber - magic number (allows the EA to distinguish its orders from others).
- DayTradeST - the day of the week to start trading (1 - Monday, 2 - Tuesday, ... , 5 - Friday). Default - trading is performed throughout the week.
- DayTradeFIN - the day of the week to stop trading (for example, if set to "4" - trading will not be performed on Friday).
- RSI_Period - period of the oscillator.
- RSI_Price - price value for the calculations.
- RSI_Max - RSI upper border.
- RSI_Min - RSI lower border.
This EA requires set files (input data for correct trades). Contact me to obtain the set files and further information.