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Bermaui New Era

Developed by Larry Connors, the 2-period RSI strategy is a mean-reversion trading strategy designed to buy or sell securities after a corrective period.

Bermaui New Era is an Expert Advisor for MetaTrader 4 that tries to apply Larry Connors, the 2-period RSI strategy on FOREX pairs.

The strategy after Bermaui New Era EA can be explained in the next steps:

  1. Looking for buying opportunities when 2-period RSI moves below 5%, which is considered deeply oversold.
  2. Look for short-selling opportunities when 2-period RSI moves above 95%, which is considered deeply overbought.
  3. Exit on the next open of the candle that cross back the 50%.


Bermaui New Era Features

  • This is a rather aggressive short-term strategy designed to participate in an ongoing trend. It is not designed to identify major tops or bottoms.
  • This EA trades RSI-2 and adds to losing positions until exit.
  • You can choose between adding a fixed lot or a mathematically increasing lot (0.01 – 0.02 – 0.03 – 0.04 ….etc.).
  • Attach Bermaui New Era to a DAILY Chart.
  • Bermaui New Era will check on the open of the day if to buy, sell, or do nothing.
  • It is recommended to trade a portfolio of FOREX pairs at the same time to reduce risk as much as possible.
  • Minimum deposit for each 0.01 standard lot is between $700 to $1000 to trade a portfolio that contains 10 FOREX pairs.


Settings

  • EnterRSIPeriod = Time period for RSI used for entry.
  • OverBought = RSI level used to enter sell orders.
  • OverSold = RSI level used to enter buy orders.
  • ExitRSIPeriod = Time period for RSI used for exit.
  • ExitLong = RSI level used to exit buy orders.
  • ExitShort = RSI level used to exit sell orders.
  • AddMoreLots = If ( = No) the EA will add make all opened positions equal to FirstLot. If ( = Yes) the EA will add each new position in a mathematical sequence (0.01 – 0.02 – 0.03 – 0.04 …etc.).
  • MaxOrdersOpened = If number of opened trades with the same magic number equals the number of this parameter, the EA will not open any new trades until all opened trades are closed.
  • FirstLot = if there is no opened trades, then the first open one will be with this lot.
  • UserSlippage = slippage value in pips.
  • UserComment_OB = a comment for the EA's sell orders.
  • UserComment_OS = a comment for the EA's buy orders.
  • MagicNumberBuy = Magic number for buy orders.
  • MagicNumberSell = Magic number for sell orders.


Recommendations

  1. Before using on a live account, test the EA with minimal risk.
  2. VPS is recommended.
  3. For best results, use the leverage of 1:200 or more (1:200/1:500).
  4. Low spreads + low commission + high quality execution are important when choosing a broker to trade.

I hope you find Bermaui New Era a good investment tool for you.

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