LB & SB Using RSI and Momentum Indicators
Info
The LB & SB Using RSI and Momentum Indicators is a Expert Advisor for MetaTrader 4 that this expert advisor (ea) is a modification of the previous version, allowing users to set parameters for the relative strength index (rsi) and momentum indicators. The new code enables users to restrict buy and sell orders based on RSI and Momentum values.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Experts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use LB & SB Using RSI and Momentum Indicators
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
What this tool does
This Expert Advisor (EA) is a modification of the previous version, allowing users to set parameters for the Relative Strength Index (RSI) and Momentum indicators.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 4. Place the file in the MQL4/Experts folder and restart the terminal.
Description & Settings
Related: forces momentum: trend determination tool - another powerful expert for MetaTrader 4 traders.
This Expert Advisor (EA) is a modification of the previous version, allowing users to set parameters for the Relative Strength Index (RSI) and Momentum indicators.Also recommended: News Expert Advisor: Momentum Trading without Indicators - similar expert with strong performance on MetaTrader 4.
The new code enables users to restrict buy and sell orders based on RSI and Momentum values. For example, if the RSI buy restrict is set to 70, the EA will not place a pending buy order if the RSI is above 70.
The modification is straightforward, and even those with limited coding knowledge can change the indicators to suit their preferences. Here are the new lines of code:
- extern int rsi_period = 14;
- extern int rsi_buy_restrict = 1;
- extern int rsi_sell_restrict = 1;
- extern int momentum_period = 14; // Additional lines for Momentum indicator
- extern int momentum_buy_restrict = 1;
- extern int momentum_sell_restrict = 1;
The following lines are added before the order send:
- double d_rsi = irsi(symbol(),0,rsi_period, price_close, 1);
- double d_momentum=imomentum(symbol(),0,momentum_period,price_close,1);
And these lines are added at the order send:
(d_momentum < momentum_buy_restrict && d_rsi < rsi_buy_restrict) && (d_momentum > momentum_sell_restrict && d_rsi > rsi_sell_restrict)
These changes provide users with more control over their trading strategies by incorporating RSI and Momentum indicators.
You may also like: Developing an Expert Advisor Using the Center of Gravity Indicator - excellent alternative for expert users on MetaTrader 4.
Source Code
#include <winuser32.mqh>
#include <stdlib.mqh>
#define retrycount 10
#define retrydelay 500
#define long 1
#define short 0
#define all 2
extern bool buyallow = true;
extern bool sellallow = true;
extern double ordersize = 0.1;.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.