Expert4x theTradeableRSI Expert Advisor

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Some background and history

The RSI indicator is one of the most powerful technical indicators that there is and is one of the best indicators for finding turning points in the market and "Long Candles" (strong moves in intended direction). No surprise that it is very popular in most Forex and Binary traders who need to find new trends.

There are many ways one can use the RSI. There are in fact 11 major tradeable signals and readings given by the RSI and it can be used quite scientifically. But the most simple and powerful ones are the ones identifying turning points in the Forex market. As shown below, using only one of the entry strategies, when the indicator is above the overbought 80 line or below the oversold 20 line there is a good chance a reversal.

Trading options added to the basic MT4 RSI Indicator

Over and above the normal options open to the trader such as

  • Period,
  • Overbought and oversold regions,
  • Timeframe,
  • Currency

*** The following automation has been added:-

  • 2 Entry strategies when the price either enters the overbought / over sold regions or exits them.
  • 6 Exit strategies based on the reverse of the any of the 2 entry options, a target, a stop loss, a following stop or a break even stop.
  • Time of day strategy options.
  • Day of the week strategy options.
  • Reverse the direction of entries.
  • With the trend risk management options where no against the trend trades will be opened.
  • Fixed or % of account position sizing.
  • The number of open trades option.
By adding the above functions we have turned a basic MT4 indicator into a highly Trade-able, Automated, Set and Forget RSI Indicator

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Further details

See the Expert4x theTradeableRSI EA page for more information.