RS I Eraser
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. 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 RS I Eraser
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
The Expert Advisor is based on the (Relative Strength Index, RSI) indicator signals. Inspired by the forum topic at (in Russian).
Input Parameters
RSI: averaging period
Stop Loss
Risk in percent for a deal from a free margin
Position volume is calculated as percent of free margin,
Stop Loss
is specified in input parameters.
Conditions for opening BUY trades
Entering a buy trade if RSI is above 50% on the H1 timeframe and the stop loss size condition is met (See p.3);
The EA enters the market once a day. There can be one buy trade and one sell trade per day;
If the calculated stop loss exceeds the
Stop Loss
parameter, the entry signal should be ignored. Stop loss is equal to the low of the previous daily bar minus 10 points;
Take profit is three times the size of the stop loss;
Moving to breakeven if the price has passed a distance in the positive direction which is not less than the stop loss size;
If there is an that was opened yesterday or earlier, signals to open a new position will be handled. If the open position was opened today, signals will be ignored;0
Sell conditions are opposite.
