RSI Eraser
Info
The RSI Eraser is a Expert Advisor for MetaTrader 5 that the expert advisor is designed to utilize rsi (relative strength index) indicator signals for trading decisions. Input Parameters:- RSI: Averaging period- Stop Loss- Risk percentage for each trade based on free margin- Position volume is determined as a percentage of free margin, and Stop Loss is set via input parameters.
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 RSI 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 designed to utilize RSI (Relative Strength Index) indicator signals for trading decisions.
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: Exponential Ultra No Lag LWMA Trading System - another powerful expert for MetaTrader 5 traders.
The Expert Advisor is designed to utilize RSI (Relative Strength Index) indicator signals for trading decisions.Also recommended: EMA and WMA Crossover Strategy - similar expert with strong performance on MetaTrader 5.
Input Parameters:
- RSI: Averaging period
- Stop Loss
- Risk percentage for each trade based on free margin
- Position volume is determined as a percentage of free margin, and Stop Loss is set via input parameters.
Buy Trade Entry Conditions:
- Enter a buy trade when RSI is above 50% on the H1 timeframe and the Stop Loss condition is satisfied (see below).
- The EA enters the market once daily, allowing one buy and one sell trade per day.
- If the calculated Stop Loss exceeds the specified Stop Loss parameter, the entry signal is ignored. Stop Loss is set as the low of the previous daily bar minus 10 points.
- Take Profit is set at three times the Stop Loss size.
- Move to breakeven if the price moves positively by at least the Stop Loss distance.
- If there is an open position from the previous day or earlier, new position signals will be considered. If the open position was opened today, signals are ignored.
Sell Trade Entry Conditions are opposite.
You may also like: Invest System 4.5 Trading Robot - 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.