RSI Eraser - expert pour MetaTrader 5

The Expert Advisor is based on the iRSI (Relative Strength Index, RSI) indicator signals. Inspired by the forum topic at https://www.mql5.com/ru/forum/219752 (in Russian).

Input Parameters

• RSI: averaging period
• Stop Loss
• Risk in percent for a deal from a free margin

Position volume is calculated as percent of free margin, Stop Loss is specified in input parameters.

Conditions for opening BUY trades

1. Entering a buy trade if RSI is above 50% on the H1 timeframe and the stop loss size condition is met (See p.3);
2. The EA enters the market once a day. There can be one buy trade and one sell trade per day;
3. If the calculated stop loss exceeds the Stop Loss parameter, the entry signal should be ignored. Stop loss is equal to the low of the previous daily bar minus 10 points;
4. Take profit is three times the size of the stop loss;
5. Moving to breakeven if the price has passed a distance in the positive direction which is not less than the stop loss size;
6. If there is an open position that was opened yesterday or earlier, signals to open a new position will be handled. If the open position was opened today, signals will be ignored;0
7. Sell conditions are opposite.