RSI Overbought Seller
- Experts
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Alejandro Matias Pingaro
Ingeniero en Sistemas. Programo bots (asesores expertos) e indicadores en MQL5 para MetaTrader 5. Mi tesis de grado fue sobre estrategias de inversión para trading.
Bots desarrollados: DS (v1 a v3), EPP (v1 a v5), CML/CMS, TSC y SUPPLY.
Qué incluyo en cada trabajo: - Version: 1.0
- Activations: 10
RSI Overbought Seller is an Expert Advisor for MetaTrader 5 that only
sells. It waits for a short term overbought reading on M5 and only
takes it when the M30 chart is not overbought itself.
HOW IT WORKS
- Signal: the RSI(7) of the M5 bar that has just closed is above 70.
- Filter: the RSI(7) of the last closed M30 bar is below 60. A spike on
M5 inside a calm M30 is traded; a spike inside a strong M30 rally is
skipped.
- Entry: a sell on the first tick of the next M5 bar.
- Exit: fixed stop loss of 265 points and take profit of 120 points,
placed on the server together with the order, so they work even if
the terminal is closed.
- One trade at a time. No time filter.
The EA evaluates only closed bars. Signals are not repainted. Both RSI
values are calculated inside the EA, on M5 and M30, whatever the chart
timeframe is. Attaching it to an M5 chart is recommended so the drawn
trades match the bars.
LOT MANAGEMENT
The EA trades a fixed lot, set in the LOT input (0.3 by default). The
same lot is used on every trade.
Optional, both off by default:
- Base lot growth: with BALANCE_STEP set to a real amount, the base lot
steps up by LOT_STEP_UP every BALANCE_STEP of profit over the starting
balance (it never goes down). The default BALANCE_STEP is 1000000, so
it never triggers.
- Loss ladder: with LOSS_LADDER on, after each losing trade the next lot
adds LADDER_STEP; after a winning trade it goes back to the base lot.
- MAX_LOT caps the lot of any trade (0 = no limit).
A withdrawal from the account restarts the optional cycles (starting
balance, base lot and ladder). Deposits change nothing. The state is
stored in terminal global variables, so a restart does not reset it.
ON SCREEN PANEL
- ON / OFF button at the top centre of the chart. OFF stops new trades;
open trades keep their stop loss and take profit.
- Status line: current M5 RSI, last closed M30 RSI, floating points of
the open trade, points closed today and trades opened today.
- Trades drawn on the chart: orange lines for trades made by the EA,
blue lines for the trades it would have made on the visible part of
the chart.
AUTOMATIC BROKER CHECKS
Before every order the EA:
- adjusts the lot to the minimum, maximum and step of the symbol;
- checks the free margin and skips the trade if it is not enough;
- checks the minimum stop distance required by the broker;
- checks that sells are allowed on the symbol.
The EA only manages its own trades, identified by the magic number, so
it can run next to other EAs or manual trading.
PARAMETERS
RSI_LEVEL, FILTER_M30, RSI_M30_MAX, SL_POINTS, TP_POINTS, LOT,
BALANCE_STEP, LOT_STEP_UP, LOSS_LADDER, LADDER_STEP, MAX_LOT,
START_ENABLED, MULTIPLE (several trades at once, off by default),
REMOTE_CONTROL (a pending order of 0.43 lots turns the EA on and one of
0.44 lots turns it off; off by default), SLIPPAGE and MAGIC.
RECOMMENDATIONS
Designed and tested on EURUSD M5 with a low spread account. Test it on
a demo account for several weeks before using real money. Results vary
between brokers because they depend on spread, slippage and server time.
The default lot of 0.3 is meant for an account of about 1,000 USD or
more. For a smaller or larger account, change LOT in proportion to the
balance. A long losing streak with a high lot can produce a large
drawdown. Keep MULTIPLE off.
RISK WARNING
Trading leveraged financial markets involves the risk of losing all
invested capital. This product is an automatic execution tool, not
investment advice. Each user is responsible for the settings chosen and
for the trades performed. Past behaviour does not guarantee or suggest
future results.
