rs i expert
Info
The rs i expert is a Expert Advisor for MetaTrader 4 that simple expert advisor based on the rsi indicator. the strategy is quite simple here:if the lower level of the rsi is crossed from bottom to top, a buy deal is opened.
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 rs i expert
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
simple expert advisor based on the rsi indicator.
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: e-trailing2: enhanced trailing stop expert advisor - another powerful expert for MetaTrader 4 traders.
simple expert advisor based on the rsi indicator.
Also recommended: e-signal of trade expert advisor - similar expert with strong performance on MetaTrader 4.
the strategy is quite simple here:if the lower level of the rsi is crossed from bottom to top, a buy deal is opened.
if the upper level of the rsi is crossed from top to bottom, a sell deal is opened.
the lot size is fixed and is specified in the settings (lot). it is also possible to set the required stop loss and take profit levels.
since the indicator may temporarily cross any of the levels (upper or lower) during the process of candlestick formation, the trade signal is checked at the closing of a candlestick, and consequently, the deal will be opened at the opening of the next candle. but the closing gets a bit more interesting — the deals are mainly closed when the opposite signal appears. respectively, if buy deals are open, and a sell signal appears, then all the buy deals are closed and a single sell deal is opened.
however, if any of the buy deals has a stop loss set and closing it would yield profit or would simply get it into the breakeven, then the deal will not be closed (swap is not taken into account here), the same will happen to the sell deals. this is very convenient for enabling the trailing stop, for which it is enough to set a value greater or equal to the minimum stop loss / take profit level in the corresponding setting of the expert advisor.
important!
of course, this is not a "switch on and forget" kind or robot, its purpose is more of researching the market and the rsi indicator.
feel free to address any adequate questions concerning the operation or improvement of this expert advisor to me, i will be glad to help!
You may also like: e-news-lucky$ - automated news trading expert advisor - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property strict
input double lot = 0.01; //
input int sl = 0; //stop loss ( )
input int tp = 0; //take profit ( )
input int steptrall = 0; // ( )
input int periodrsi = 14; // rsi.......
⚠ 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.