Larry Conners RS I 2
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup and Use Larry Conners RS I 2
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.
Description & Settings
This Expert Advisor uses three indicators, RSI (Relative Strength Index), fast Moving Average (5 period), slow Moving Average (200 period).
The Idea of this strategy is to determine the general trend by using the slow Moving Average (MA 200). Then buy on the dips and sell on the rises.
Long Entry Rules
RSI (2 period) is less than 6.
Close of previous candle is greater than slow Moving Average.
Long Exit Rules
Close is greater than fast Moving Average.
Short Entry Rules
RSI (2 period) is greater than 95.
Close of previous candle is less than slow Moving Average.
Short Exit Rules
Close is less than fast Moving Average.
Input parameters
Best results on the EUR/USD pair 1H timeframe. Play with inputs to find your desired results.
