RSI Divergence Trader LITE
Try the default settings on M5 - EURUSD, EURCAD, EURAUD, AUDNZD
Monitoring signal: https://www.mql5.com/en/signals/747414
I believe that the RSI is the best indicator out there and most of the times, a divergence on the RSI is a strong hint for a good entry. This is the lite version of my EA, with just the settings you need to trade divergences. Check out all the extra functions of the PRO version here (including trade recovery, dynamic take profit and other): https://www.mql5.com/en/market/product/44395
-> Features for choosing the right signals:
- Filter based on RSI values
- Define distance in time and price between peak and entry
- Cancel the signal if a counter-signal appears - this means, you cannot have a buy signal and a sell signal at the same time. The trend will go either up or down
-> Order management:
- Exit trades at fixed take profit
- Fixed or trailing SL
- Automatic lot size calculation
- Manage your trades with a grid option
- Increase or decrease lot size
- Increase or decrease grid entry distance
With the standard M5 settings you can expect around 3-5% a month per pair, but with more aggressive settings you can achieve a steady 10% profit/month/pair.
I am happy to answer any questions!
- IMPORTANT: Corrected SL inconsistency: In the old version, at the variable "Fixed SL", the value was positive. In this version, to define the SL, you need to specify a negative value. Meaning, at how many points in loss should the SL kick in. Please update your settings immediately if you use an SL. If you use the default settings, no change needed.
- New TP Type: At Bar Close > Fixed TP - with this new TP, the check to see if TP is reached is performed only after bar close, not at every tick. This could generate more profit, but may be a little more risky
- Removed the option to select different RSI periods between peak and entry. That made no sense, now the same period is used to check for divergences
- New variable: "USA Compliance" -> Necessary only to traders that use an american broker (like OANDA). If it is set to TRUE it won't open buy and sell positions on the same symbol at the same time
- Trades are now closed FIFO -> Oldest trades in a basket are closed first when TP is reached