Simple RSI Automated Trading Example
Info
The Simple RSI Automated Trading Example is a Expert Advisor for MetaTrader 4 that this is a simple code example demonstrating automated trading based on the relative strength index (rsi). The strategy utilizes the RSI indicator with a period of 14, calculated on the closing price.
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 Simple RSI Automated Trading Example
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 is a simple code example demonstrating automated trading based on the Relative Strength Index (RSI).
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-news-lucky$ - automated news trading expert advisor - another powerful expert for MetaTrader 4 traders.
This is a simple code example demonstrating automated trading based on the Relative Strength Index (RSI).Also recommended: e-moving in wl2: automated stop loss adjustment - similar expert with strong performance on MetaTrader 4.
The strategy utilizes the RSI indicator with a period of 14, calculated on the closing price.
- Open Buy Orders: Initiate a buy order when the RSI falls below 25.
- Close Buy Orders: Exit buy positions when the RSI rises above 50.
- Open Sell Orders: Initiate a sell order when the RSI exceeds 75.
- Close Sell Orders: Exit sell positions when the RSI drops below 50.
The system also includes trailing stop loss, fixed take profit, and fixed stop loss functionalities.
You may also like: e-trailing: automated trailing stop for all positions - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property strict
input int magicnumber=1982; //magic number
input double lots=0.01; //fixed lots
input double stoploss=50; //fixed stop loss (in points)
input double takeprofit=150; //fixed take profit (in points)
input int trailingstop=25; //trailing stop (in points)
input int slippage=3;.......
⚠ 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.