rs i eraser
Info
The rs i eraser is a Expert Advisor for MetaTrader 5 that the expert advisor is based on the (relative strength index, rsi) indicator signals. inspired by the forum topic at (in russian).
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 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.
What this tool does
the expert advisor is based on the (relative strength index, rsi) indicator signals.
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: exp kolier super trend x2 - another powerful expert for MetaTrader 5 traders.
the expert advisor is based on the (relative strength index, rsi) indicator signals. inspired by the forum topic at (in russian).
Also recommended: gaps - similar expert with strong performance on MetaTrader 5.
input parametersrsi: 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.
You may also like: adx trading strategy for metatrader 5 - excellent alternative for expert users on MetaTrader 5.
Source Code
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⚠ 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.