Whale Chandlier and RSI

This Expert Advisor (EA) generates trading signals by combining popular technical indicators such as Chandelier Exit (CE), RSI, WaveTrend, and Heikin Ashi. The strategy opens positions based on the confirmation of specific indicator filters and closes an existing position when the color of the Heikin Ashi candlestick changes. This is interpreted as a signal that the trend may be reversing.

The main purpose of this EA is to find more reliable entry points by filtering signals from various indicators. To manage the risk of opened trades, the strategy determines the stop loss level based on the Chandelier Exit indicator and calculates the take profit level as a multiple of this risk. This allows for adjusting profit potential relative to the risk taken.

Key Features and Filters

This section provides a detailed explanation of each filter used for the strategy's trading decisions and how they work.

Filters (Master Switches)

You can enable or disable the filters in this section.

• Use RSI Filter: When this filter is enabled, the EA will only enter a trade when the RSI value is below a certain level (for a long trade) or above a certain level (for a short trade).

• Use WaveTrend Filter: When this filter is active, trades will only be executed in specific regions where the WaveTrend indicator generates a signal.

• Use HA Doji: When this filter is on, it checks if the previous candle was a Doji (a candle with a small body). This can be interpreted as a potential sign of indecision or trend weakness and can be used to prevent an entry.

• Use Chandelier Exit Filter: This is one of the main filters. When enabled, it only opens a position if the price is above the Chandelier Exit level (for long trades) or below it (for short trades). This helps confirm that the trade is already in the direction of the current trend.

Signal Combination

• Signal Mode: This setting determines how the filters above are combined.

  • OR: A trade can be opened if any of the enabled filters provide a signal.

  • AND: A trade is opened only if all enabled filters provide a signal at the same time.

Chandelier Exit (CE)

• ATR Period: Sets the period for the ATR (Average True Range) indicator used in the Chandelier Exit calculation.

• Multiplier: Adjusts how large a multiplier of the ATR value is used to calculate the stop loss and CE levels.

RSI

• Short RSI Period: The period setting for a fast-reacting RSI.

• Long RSI Period: The period setting for a longer-term RSI, used to determine the direction of the trend.

• Long RSI Level: Serves as a filter for long (buy) signals if the RSI is below this level.

• Short RSI Level: Serves as a filter for short (sell) signals if the RSI is above this level.

WaveTrend (WT)

• n1 / n2: These are the periods used in the internal calculations of the WaveTrend indicator.

• Long and Short Window: These settings define the range in which the WaveTrend line must be (e.g., between -65 and -45) to generate a buy signal and the range (e.g., between 45 and 65) to generate a sell signal.

Trading & Risk

• Lot Size: Specifies the fixed lot size to be used for each trade.

• TP Ratio: Determines the ratio of the Take Profit to the Stop Loss. For example, if set to 1.5, the TP distance will be 1.5 times the SL distance.

• Magic Number: This is a unique number that allows the EA to distinguish its trades from those opened by other EAs.

Behavior & Debug

• One Trade Per Bar: When this setting is on, the EA will check for a trade signal only once per new candlestick.

• Debug: When this is enabled, you can see all the EA's trading steps and errors in the "Experts" tab of the Terminal.

Important Risk Disclaimer

This Expert Advisor is a trading tool based on market analysis and operates automatically. Please be aware that this strategy, or any automated trading system, does not guarantee future market movements. Past performance data is not an indicator of future results.

Automated trading strategies may not perform as expected under unforeseen market conditions (e.g., high volatility or market gaps). By using this EA, you are exposed to the risk of losing some or all of your capital. Please only trade with capital you can afford to lose and set lot sizes that are appropriate for your risk tolerance. Be sure you fully understand the risks before purchasing or using this product.