This is a hedge trading EA based on Grid Averaging System. It uses RSI as entry decision maker.
- The EA puts a stop order (buy stop/sell stop) as X pips from the running price if RSI indicator buy/sell signal is triggered.
- Exit trades using take profit in dollar, stop loss in dollar and trailing stop.
- If trades do not reach exit trades setting, another stop order (buy stop/sell stop) is placed as X pips from the running price if RSI indicator buy/sell signal is triggered again.
- MagicNumber = 3377.
- MintoDelStopOrder = 15.
- Risk = 1.00. Risk is based on account equity. If set to Risk = 0, the EA uses Lots only.
- MinLots = 0.01.
- MaxLots = 10.00.
- MaxOrder = 10. Maximum order that you desire.
- Lots = 0.10.
- Step = 25. Distance from the running price to a stop order.
- UseHiddenTakeProfit = true. Activate TakeProfitDollar.
- TakeProfitDollar = 100.0.
- UseHiddenStopLoss = true. Activate StopLossDollar.
- StopLossDollar = 100.0.
- UseTrailingStop = true. Activate TrailingStop.
- TrailingStop = 25.
- Rsi_Period = 14.
- Rsi_Timeframe = 0.
- UseFollowTrend = false. Choose true if you want to follow trend, UseCounterTrend must be false.
- UpperFollow = 55.
- LowerFollow = 45.
- UseCounterTrend = true. Choose true if you want a counter trend, UseFollowTrend must be false.
- UpperCounter = 70.
- LowerCounter = 30.
- Use_TimeFilter = true. Activate hour filtering for the EA trades.
- Trade_Hour_Start = 0.
- Trade_Hour_End = 24.
- Monday = true. Define the EA trading days.
- Tuesday = true.
- Wednesday = true.
- Thursday = true.
- Trade_On_Friday = true.
Back-test it first on your MetaTrader 4 platform and do some forward test on a demo account to see this EA performance. Test it also on different timeframes and pairs to get the best results. My setting recommendation: use the EA on a bigger timeframe (H1/H4). You can also change the timeframe = 0 to 60 or 240.
Testing with RSI Period 14 (standard RSI) or Period 20, you can change it to RSI_Period = 14 to 20 if you want to test other periods. It would be better if you use counter trend RSI methods. You may also follow the trend.