reversal strategy
Info
The reversal strategy is a Expert Advisor for MetaTrader 5 that this expert advisor uses three indicators to identify reversal of the price of a symbol. it uses a simple moving average along with a standard deviation and the rsi.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Experts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use reversal strategy
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 uses three indicators to identify reversal of the price of a symbol.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 5. Place the file in the MQL5/Experts folder and restart the terminal.
Description & Settings
Related: EA Money Management Strategy - another powerful expert for MetaTrader 5 traders.
this expert advisor uses three indicators to identify reversal of the price of a symbol. it uses a simple moving average along with a standard deviation and the rsi.
Also recommended: MA and Envelope Breakout Strategy - similar expert with strong performance on MetaTrader 5.
it sends a buy signal when the open price is lower than the moving average minus 2 times the standard deviation and the rsi is lower than the oversold value and the close price is higher than the moving average minus 2 times the standard deviation and the rsi crosses the oversold signal upwards. the take profit is equal to the ask price plus 2 times the standard deviation at the time and the stop loss is equal to the ask price minus the standard deviation at the time. it sends a sell signal when the open price is higher than the moving average plus 2 times the standard deviation and the rsi is higher than the overbought value and the close price is lower than the moving average plus 2 times the standard deviation and the rsi crosses the overbought value from above. the take profit is equal to the bid price minus 2 times the standard deviation at the time and the stop loss equal to the bid price plus the standard deviation at the time.the buy position closes when the close price is higher than the moving average plus 2 times the standard deviation and the sell position closes when the price gets lower than the moving average minus 2 times the standard deviation. it resembles the boilinger bands technique.
this strategy is better used during non-volatile hours when there is no apparent trend and the market is more predictable. its goal is to make a lot of small profits. the only symbols that should be traded using this strategy is the eurusd and in lesser degree the gbpusd. i trade only the eurusd in small timeframes such as m5.
You may also like: Weekly Day Reversal Expert Advisor - excellent alternative for expert users on MetaTrader 5.
Source Code
яю//+------------------------------------------------------------------+
#property copyright "RobotFX"
#property link "https://robotfx.org"
#property version "1.00"
#property description "Educational code - RobotFX www.robotfx.org"
#property strict
#include <Trade\PositionInfo.mqh>
#include <Trade\Trade.mqh>
#include <Trade\SymbolInfo.mqh>
#include <Trade\AccountInfo.mqh>.......
⚠ 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.