RSI_Expert - MetaTrader 4 Expert | Forex Indicator Download - MT4/MT5 Resources

Simple Expert Advisor based on RSI indicator.

The strategy here is very simple:

Lot size is fixed and specified in Settings (Lot Size). It is also possible to set the desired stop loss and take profit levels.

Since the indicator may temporarily cross any level (above or below) during the candlestick formation, the trading signal is checked at the close of the candlestick and, therefore, the trade will be opened at the opening of the next candle. But closings get more interesting - trades are mostly closed when opposing signals appear. Accordingly, if buy trades are open and a sell signal occurs, all buy trades are closed and a single sell trade is opened.

However, if any buy trade has a stop loss set and closing it would generate a profit or just bring it into breakeven, then the trade will not be closed (swaps are not taken into account here), the same will happen on the sell trade. This is very convenient for enabling trailing stop loss, just by setting a value greater than or equal to the minimum stop loss/take profit level in the corresponding settings of the Expert Advisor.

Of course, this is not a "turn it on and forget it" robot, its purpose is more to study the market and the RSI indicator.

Attachment download

📎 rsi_expert.mq4 (10.95 KB)

Source: MQL5 #13809