RSI2 Snapback
- Experts
- Version: 1.0
- Activations: 5
Short-term mean-reversion EA: buys deep RSI(2) pullbacks while price is above the 200 SMA and sells RSI(2) spikes below it, exiting on the snap back.
RSI2 Snapback is a fully automated Expert Advisor for MetaTrader 5 - short-term RSI(2) pullbacks above the 200 SMA. Buys short, sharp dips in a long-term uptrend - and gets out on the bounce. It is designed for XAUUSD (gold) and also runs on forex majors such as EURUSD and GBPUSD.
How it trades
- Long-term filter - buys only when the last close is above the 200 SMA, sells only below it.
- Pullback - the 2-period RSI closes at or below the low level (default 10) for buys, at or above the high level (default 90) for sells.
- Exit - the trade is closed as soon as a bar closes back above the 5 SMA (buys) or below it (sells), or after a set number of bars.
- Safety stop - a hard ATR stop-loss (default 2.5 x ATR) is placed with every order; an optional R-multiple take-profit (default off).
Risk management (built in)
- Every trade is opened with a stop-loss. There is no martingale, no grid and no averaging down.
- Position size from risk % of equity (default 1%) or a fixed lot; lots are normalised to the broker's min / max / step and reduced if free margin is not enough.
- Daily loss limit: no new trades for the rest of the day once equity is down the set % from the day-start equity.
- Max spread filter, optional trading-hours filter, and no orders while the market is closed or trading on the symbol is disabled.
- Stop-loss / take-profit are always placed outside the broker's stops and freeze levels.
- Works on hedging and netting accounts (on netting accounts it opens only when the symbol has no other position).
- One position at a time per magic number; signals are evaluated once per closed bar (no repainting).
Inputs
| Input | Default |
|---|---|
| Signal timeframe | H1 |
| RSI period | 2 |
| Buy when RSI closes at or below this | 10.0 |
| Sell when RSI closes at or above this | 90.0 |
| Long-term SMA filter | 200 |
| Exit when price closes back through this SMA | 5 |
| ATR period | 14 |
| Safety stop-loss distance (x ATR) | 2.5 |
| Optional take-profit (R multiple, 0 = exit by rule) | 0.0 |
| Close a trade after N bars (0 = off) | 12 |
| Risk per trade (% of equity), used when Fixed lot = 0 | 1.0 |
| Fixed lot (0 = size from risk %) | 0.0 |
| Maximum lot per trade (0 = broker maximum) | 10.0 |
| Daily loss limit (% of day-start equity, 0 = off) | 3.0 |
| Max spread (points, 2-digit gold scale: 100 = 1.00 USD; 0 = off) | 50 |
| Max slippage (points, same scale) | 30 |
| Trade only inside the hours below | false |
| Trading start hour (server time, 0-23) | 1 |
| Trading end hour (server time, 0-23) | 22 |
| Show status panel on the chart | true |
| Magic number (change it to run several instances on one symbol) | 26102215 |
Recommended
- Symbol / timeframe: XAUUSD on the default timeframe shown above; also forex majors. Test other timeframes in the Strategy Tester first.
- Account: hedging or netting, any deposit that allows the broker's minimum lot with a sensible risk %.
- VPS: recommended for uninterrupted operation.
Important notes
- No trading system can guarantee profit. Past performance, in the tester or live, does not guarantee future results.
- Always test the EA in the MetaTrader 5 Strategy Tester and then on a demo account before using real money, with your broker's own data and spread.
- Hours are in your broker's server time.
- Start with a low risk % and use money you can afford to lose.
