RSI Averaging MT4

RSI Averaging MT4

A simple averaging EA using RSI.

The EA opens an initial position when the RSI reaches the specified level. If the market then moves against the position by the specified price distance, the EA adds another position.

The lot size of each additional position increases according to the configured multiplier, and the entire basket is closed at a profit based on the average price of all positions.

You can also set a maximum loss amount for the entire basket. When the loss reaches the specified level, the basket can be closed by an SL.

Main Features

・Simple initial entry based on RSI
・Additional entries at a specified price distance
・Configurable lot multiplier
・Configurable maximum number of positions
・Basket TP based on the average price of all positions
・Configurable maximum basket loss amount
・Configurable maximum spread allowed for entry
・Position management using a Magic Number
・Displays the current status, RSI, position count, average price, TP, SL, profit/loss, and other information on the chart

Example Usage

As a standard usage example,

Symbol: USDJPY
Timeframe: M15

screenshots of the parameter settings and backtest results are provided.

However, the EA is not restricted to any specific symbol or timeframe. By changing the parameters, it can be used with various symbols and timeframes.

The standard settings are intended only as reference settings to help you get started. When using the EA for actual trading, please perform backtests and demo trading according to the symbol, timeframe, and account conditions you intend to use, and determine appropriate settings for yourself.

Risk Warning

This EA uses an averaging strategy that adds positions while adjusting the average entry price.

Therefore, if the market continues to move strongly in one direction, the EA may hold multiple positions, which can result in increased floating losses and higher margin requirements.

Risk becomes higher, especially when using a large lot multiplier or increasing the maximum number of positions.

The EA includes a function to set a maximum loss amount for the entire basket. However, the actual realized loss may not exactly match the configured amount due to factors such as spread, swap, execution price, slippage, and trading conditions.

Past backtest results do not guarantee future profits.

Please perform sufficient backtesting, forward testing, and demo trading before use, and use the EA at your own discretion.

About This EA

Rather than combining a large number of complex conditions, this EA is built around relatively simple concepts: RSI, additional entries, lot multiplication, basket TP, and maximum loss management.

This free EA is intended for users who want to test a simple averaging strategy and explore how it can be used by adjusting its parameters.