A simple RSI EA

Hi friends,

Today i will show you how to put together a simple RSI Expert.

Lets take a look at some of the Functions, variables and parameters

Lets see...mmmmm

// Basic RSI Expert Advisor

// Input parameters
extern int rsiPeriod = 14; // RSI period
extern int overboughtLevel = 70; // RSI overbought level
extern int oversoldLevel = 30; // RSI oversold level

// Global variables
double rsi; // Variable to store the RSI value

// Expert Advisor initialization function
int init()
{
    return(0);
}

// Expert Advisor tick function
void start()
{
    // Calculate the RSI value




    rsi = iRSI(NULL, 0, rsiPeriod, PRICE_CLOSE, 0);

    // Check for overbought condition
    if (rsi > overboughtLevel)
    {
        // Place a sell order
        OrderSend(Symbol(), OP_SELL, 0.01, Ask, 3, 0, 0, "RSI Expert Advisor");
    }
    // Check for oversold condition
    else if (rsi < oversoldLevel)
    {
        // Place a buy order
        OrderSend(Symbol(), OP_BUY, 0.01, Bid, 3, 0, 0, "RSI Expert Advisor");
    }
}

// Expert Advisor deinitialization function
void deinit()
{
}

1. Input Parameters: The code begins by declaring input parameters that can be modified externally. In this case, we have rsiPeriod, which determines the period length for calculating the RSI, and overboughtLeveland oversoldLevel, which define the threshold levels for identifying overbought and oversold conditions.

2. Global Variables: A global variable rsi is declared to store the RSI value calculated in the start()function.

3. Initialization Function: The init()function is called during EA initialization and can be used for any necessary setup or initialization. In this example, it returns 0 without performing any actions.

4. Tick Function: The start()function is executed on each tick of the price. It first calculates the RSI value using the iRSI()function, which retrieves the RSI indicator value for the specified parameters.

5. Trading Logic: The code then checks if the calculated RSI value is above the overboughtLevel. If it is, it executes the code block to place a sell order ( OP_SELL ) using the OrderSend()function.

6. If the RSI value is below the oversoldLevel, the code places a buy order ( OP_BUY ) using the OrderSend()function.

7. Deinitialization Function: The deinit()function is called during EA deinitialization and can be used for any necessary cleanup or actions. In this example, it is left empty.

Please note that this is a basic implementation for educational purposes. A complete and functional EA would require additional components like risk management, position sizing, and error handling. Additionally, it is important to thoroughly test and optimize any trading strategy before deploying it in live trading.

Have Fun...