The Expert Advisor is based on the iRSI (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 open position 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
RSI with RSI - indicator MetaTrader 5 In his article Combining Rsi With Rsi, author Peter Konner describes the use of two different RSI calculations using different…
