- February 12, 2025
- Posted by: Forex Wiki Team
- Category: Free Forex EA
Introduction
The RSI Flex Grid EA is a fully automated Expert Advisor designed to trade based on the Relative Strength Index (RSI). This EA operates using market orders with an invisible take profit and employs an averaging strategy to turn potentially losing trades into profitable ones. It is best suited for currency pairs such as EURUSD, USDJPY, USDCAD, and GBPUSD on the M5 timeframe. This review provides a detailed breakdown of the features, functionality, advantages, and disadvantages of the RSI Flex Grid EA to help traders understand its effectiveness.
Technical Specifications
Version: 1.6
Year of issue: 2025
Working pairs: Any
Recommended timeframe: M5
Minimum Deposit: $500
Average of account: 1:30 To 1:1000
Best Brokers List
RSI Flex Grid System works with any broker and any type of account, but we recommend our clients use one of the top forex brokers listed below:
RSI Flex Grid Settings
Key Features
- Fully Automated Trading: The EA runs independently, executing trades based on pre-defined rules.
- Not Sensitive to Spread: It can handle various market conditions without being significantly affected by spread fluctuations.
- Stop Loss Implementation: A stop loss is always in place to manage risk effectively.
- Invisible Take Profit: The take profit is hidden from brokers, preventing manipulation.
- Hedge Accounts Only: The EA works exclusively on accounts that allow hedging.
- VPS Recommended: For optimal performance, running the EA on a Virtual Private Server (VPS) is advisable.
Input Settings
Order Settings
- MagicOrderNumber: Unique identifier for the EA's trades.
- Lots: Determines the lot size for the first trade in a sequence (0.01 - 50.0).
- Slippage: Acceptable slippage in pips (1 - 10).
- StartLotBasedOnBalance: Allows automatic lot sizing based on account balance (true/false).
- StartLotBalance: The balance threshold for increasing lot size (200 - 2000).
- AllowNewTrades: Disables or enables new trade groups (true/false).
- PositionComment: Custom label for trades.
- CloseAllButtons: Displays buttons on the chart for manual trade closure (true/false).
Entry Settings
- TimeFrame: Locks the EA to a specific timeframe (M5 recommended).
- MaxSpread: Limits trading when the spread exceeds a set value (1.0 - 10.0 pips).
- TakeProfit: Invisible take profit value (2 - 20 pips, pair-dependent).
- StopLoss: Fixed stop loss (25 - 200 pips, pair-dependent).
- RSIPeriod: RSI period for trade signals (1 - 40).
- MAPeriod: Moving Average period for entry signals (1 - 200).
- AveragingGap: Defines when the EA opens new positions in a losing trade group (5 - 100 pips).
- AveragingLotMultiplier: Multiplies the lot size of subsequent trades in a losing sequence (1.0 - 2.0).
- AveragingLotAddition: Adds a fixed lot size when opening a new trade in an averaging sequence (0.0 - 1.0).
Take Profit Staging & Break Even Exit
- TakeProfitStaging: Adjusts the take profit dynamically based on open trades.
- BreakEvenExit: Ensures trades exit at breakeven after a set number of positions.
Backtest Performance Analysis
1. Profitability
- Initial Deposit: $10,000
- Total Net Profit: $32,999.52
- Gross Profit: $63,870.95
- Gross Loss: -$30,871.43
- Profit Factor: 2.07 (indicating that profits are more than twice the losses)
- Expected Payoff: 2.16
This suggests a profitable system with an overall positive performance. The profit factor of 2.07 is strong, meaning the EA generates roughly $2.07 for every $1 lost.
2. Drawdown & Risk
- Absolute Drawdown: $2,904.88
- Maximal Drawdown: $12,772.78 (38.45%)
While the profitability is strong, the 38.45% drawdown is significant. This indicates that at some point, the account was down nearly 40% from its peak balance, which can be risky, especially for small accounts.
3. Trade Statistics
- Total Trades: 15,300
- Win Rate: 71.5% (10,940 profit trades vs. 4,360 loss trades)
- Largest Profit Trade: $4,606.77
- Largest Loss Trade: -$804.82
- Average Profit Trade: $5.84
- Average Loss Trade: -$7.08
A 71.5% win rate is quite impressive. However, the average loss is slightly larger than the average profit trade, which suggests that a few large losses could impact the account balance.
4. Consistency & Stability
- Maximum Consecutive Wins: 32 trades
- Maximum Consecutive Losses: 14 trades
- Maximal Consecutive Profit: $7,316.37
- Maximal Consecutive Loss: -$4,585.07
The fact that the system had a streak of 32 winning trades shows good consistency. However, the maximum consecutive loss streak of 14 trades indicates that the EA may struggle under certain market conditions.
Advantages of RSI Flex Grid EA
- Automated Execution: No manual intervention required, making trading effortless.
- Risk Management: Always places a stop loss to mitigate potential losses.
- Works in Various Market Conditions: Performs well even in volatile situations.
- Invisible Take Profit: Prevents brokers from manipulating take profit levels.
- Customizable Settings: Traders can adjust RSI, MA, and lot multipliers for optimal performance.
- VPS Compatibility: Ensures 24/7 operation without manual oversight.
Disadvantages of RSI Flex Grid EA
- Grid Trading Risks: Averaging strategies can lead to significant drawdowns in trending markets.
- Requires Optimization: Traders must fine-tune settings for different currency pairs and conditions.
- Hedging Limitation: Cannot be used on accounts that do not support hedging.
- Dependency on VPS: For uninterrupted trading, a VPS is essential, adding extra costs.
- Max Drawdown Concerns: While profitable, high drawdowns can be risky for smaller accounts.
Conclusion
The RSI Flex Grid EA is a powerful tool for traders looking for an automated RSI-based trading system. It offers robust risk management, customizable settings, and an intelligent averaging mechanism to turn negative trades positive. However, traders must be aware of the risks associated with grid trading strategies, including the potential for large drawdowns. For optimal performance, using a VPS and carefully optimizing the EA settings is recommended.
Ultimately, the RSI Flex Grid EA can be an effective addition to a trader’s toolkit, but it should be used with caution and proper risk management strategies.
Download RSI Flex Grid EA
Please try for at least a week an ICMarket demo account. Also, familiarize yourself with and understand how this free forex Tool works before using it on a live account.
