RSI Level Closing Expert Advisor
Info
The RSI Level Closing Expert Advisor is a Script for MetaTrader 4 that this expert advisor is designed for traders taking their first steps in programming and applying a manual strategy based on the rsi indicator. The core principle is simple: when the RSI is above 70, it signals a potential trend reversal, and a sell order is opened.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Scripts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use RSI Level Closing Expert Advisor
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
This Expert Advisor is designed for traders taking their first steps in programming and applying a manual strategy based on the RSI indicator.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Script works on MetaTrader 4. Place the file in the MQL4/Scripts folder and restart the terminal.
Description & Settings
Related: VR Alert Lite: Price Level Notification Indicator - another powerful script for MetaTrader 4 traders.
This Expert Advisor is designed for traders taking their first steps in programming and applying a manual strategy based on the RSI indicator. The core principle is simple: when the RSI is above 70, it signals a potential trend reversal, and a sell order is opened. Conversely, when the RSI is below 30, a buy order is opened.Also recommended: Mod Stop Reverse EA with Trailing Orders and Break-Even Levels - similar script with strong performance on MetaTrader 4.
To address the imperfections of this strategy, the Martingale approach is integrated. This advisor is optimized for 5-digit price feeds, brokers with low spreads, and importantly, cent accounts. Through extensive experimentation, the "multiplied" Martingale (starting with a 50-pip step and increasing by 50% of the previous step, e.g., 50x50) has been found most effective, utilizing up to 12 pending limit orders.
Trades are closed when the RSI level is crossed and a profitable state is achieved. In cases of strong impulse moves where the RSI target may not be met, utilizing an "overall" profit target is recommended. A breakeven function is also included. The standard RSI period is used. Experimentation is encouraged.
An updated version of the advisor is now available. It operates without pending orders, and upon reaching the closing condition, it activates trailing stops.
if
(tik >
0
&& rsi >= sellclose) trailingpositions();
if
(tik
0
&& rsi <= buyclose) trailingpositions();
You may also like: xi t buy sell auto stoploss - stoploss set from fractal levels with money management risk/reward - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
extern double lot = 1;
extern double moneyclose = 0;
extern int period_rsi = 14;
extern int rsiup = 65;
extern int rsidown = 35;
extern int sellclose = 65;
extern int buyclose = 35;.......
⚠ 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.