Name:
RSI Breakout
Author:texasnomad (2013.05.28 07:57)
Downloaded:5966
Download:
zip RSI Breakout RSI-Trend-MT4.zip (7.5 Kb)

Author:

OneStepRemoved.com MetaTrader Programming

Description:

The RSI Trend Strategy is a simple Expert Advisor based around using the RSI indicator as a trading signal. When the RSI breaks above 73 or dips below 27, the Expert Advisor puts in an order to buy or sell the pair. The Expert Advisor uses ATRs to set exit prices. When a trend is entered, the stop loss is set three ATRs behind the entrance price. When the price moves in favor of the trader more than three ATRs, the stop loss is set to break even. If the trade continues to work, a trailing stop of three ATRs is used to eventually close out of the position.

Average true range is a measure of volatility that more accurately measures volatility in markets prone to gapping such as Commodities and Forex.

6 comments  To post a new comment, please log in or register

hmm following this strategy in my micro account yes it gives profit but depend on monthly market move
23.11.2013 17:46 nasirsultanaasi

Superbonus:
Can you please put in a take profit and stop loss ? I had a trade with a profit going to sleep and woke the next morning and there was a loss . It made 32 pips profit and then turned around . Michael

Hi how are you, i want to tell you the secret of forex market i.e Volume and Price…. if you get practiced with this in EA then you need nothing and every every time you will receive profit;
I am using strategies and offering managed account for those who want to invest in forex but afraid of loss then this is the plafform where he can grow with no loss, i am offering 15% to 30% depending on market a month against investment in managed account.

contact me personally with email subject as “managed account 15% to 30% a month” at [email protected]

06.11.2013 11:31 hamayooon4u

You have created a very nice and simple ea, I like this ea very much very nice work. I have noticed in testing that most trades go into profit but, reverse and take a lose. I believe the ea would be more profitable if a hard stop lose was used and the trailing stop were set to start at break even. I think this would keep loses to a minimum and increase the chance of catching a good trade for good profit.

22.10.2013 15:45 Ctaylor

Can you please put in a take profit and stop loss ? I had a trade with a profit going to sleep and woke the next morning and there was a loss . It made 32 pips profit and then turned around . Michael
21.08.2013 13:53 Superbonus

Looks interesting, thanks for sharing.

11.06.2013 10:22 Beakon

I think I get it. This EA is using the RSI to catch a breakout, not to indicate it is oversold  or overbought.