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RSI Strategies EA
RSI strategies EA supports multiple RSI based strategies. Purchasing this EA can save you the time taken to automate your existing RSI strategy, through coding a custom EA and it also helps you discover profitable RSI strategies as its fully compatible with the strategy tester and all settings are editable. The EA supports both scalping, short term and long term strategies. The various supported settings are explained below:
NOTE: The default settings in the EA are simply place holders. Before using the EA, please enter your own settings that work for you best.
- Lots- This is the lot size for opening trades. If this value is greater than zero, then fixed lots will be used.
- RiskPercentage- The percentage of free margin to risk in a trade. The Lots setting must be left as 0 to use this setting instead.
- TakeProfit- The fixed take profit value in points. If 0 then no take profit will be set.
- StopLoss- The fixed stop loss value in points. If 0 then no stop loss will be set.
- CloseOnReverseSignal- If set to 1 or true, then trades will be closed if a trade signal opposite the one that opened the trade appears.
- WaitForCrossBarClose- A trade will only occur after the bar where the cross occured closes.
- OneTradeAtAtime- If set to true, then only one trade will be opened at a time.
- MaximumTrades- If this setting is greater than 0, then the EA will be limited to a maximum of this number of trades at any one time.
Settings for trailing stop;
- AllowTrailingStop- This setting must be set to true if trailing stop is to activate.
- TrailDistance- The trailing stop will be this distance in points away from the price.
- TrailTrigger- The trailing stop will only start when the trade is at least this number of points in profit.
- TrailStep- After the trailing is active, a new modification will only occur when there is at least a change of this points. This prevents too many trade modifications on every little price change and hence saves on memory usage.
Settings for the RSI indicator;
- RSIperiod- Period setting for the RSI indicator.
- AppliedPrice- Applied price setting for the RSI indicator. Set 0 for close price, 1 for open price, 2 for maximum price, 3 for minimum price, 4 for median price, 5 for typical price and 6 for weighted close price.
- BuyPoint- RSI level of which if crossed upwards, a buy trade opens and any open sell trade from the ea is closed.
- SellPoint- RSI level of which if crossed downwards, a sell trade opens and any open buy trade from the ea is closed.
In the EA, a buy signal or uptrend is when the RSI crosses the BuyPoint setting upwards and a sell signal or downtrend is when the RSI crosses the SellPoint setting downwards.