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Requirements Specification:
Here are the Requirements Specification for the development of the Weighted Moving Average (WMA) Slope and RSI Expert Advisor in MT4.
1. The idea of the trading system is as follows: Market entries are performed per slope of WMA line and the signal from RSI are both match the trigger conditions. Plus another simple RSI cycling position.
2. Trend is determined based on the WMA slope with the specified period (InpWMATrendPeriod). If the current WMA value is greater than the previous one, the trend is seen as Up_Trend (WMA_current > WMA_previous). Alternatively, if current WMA is below the previous one, the trend is considered to be Down_Trend (WMA_current<WMA_previous).
3. Trading Signals:
- Buy signal: WMA trend is up, last bar average price above the WMA, and RSI below 30. Two buy orders are placed. One buy order will only be closed when the trend changes, the other Buy order will be cycling as per RSI levels. Buy one position when RSI below 30 and Sell the position back when RSI is above 70 ( a cycling RSI based Buy and Sell in the direction of the trend).
- Sell signal: Trend is Down, last bar average price is below WMA and RSI above 70. Two buy orders are placed. One short order will only be closed when the trend changes, the other will be cycling as per RSI levels. Short one position when RSI above 70 and Cover the position back when RSI is below 30 ( a cycling RSI based Short and Cover in the direction of the trend).
Figure1: One position is open to follow the trend, another position is open to cycle with RSI levels in the direction of the trend.
4. Positions are closed at opposite signals: Buy positions are closed on Short signal, and Short positions are closed at Buy signals.
5. Positions are opened at the market price on same bar.
7. No Stop loss or profit taking.
8. System Inputs: Position size (1 default), WMA (200 default) and RSI (4 default) periods. RSI buy level and RSI sell Level (30 and 70 by default).