RSI 1 Settings Documentation
This Expert Advisor (EA) incorporates a Relative Strength Index (RSI)-based strategy to capture potential trend reversals and continuations. The RSI is a widely used momentum oscillator that measures the speed and change of price movements. This EA provides customizable RSI settings, entry, and exit strategies for precise trade execution.
The input sections are divided into indicator-related settings and additional features. The indicator-related settings focus on configuring the RSI parameters. Additional features such as grid recovery, hedging, and martingale strategies are common across EAs. Refer to the for these additional features.
MT4 version is available here RSI OverBought OverSold EA MT4
MT5 version is available here RSI OverBought OverSold EA MT5
1. RSI 1 Settings
RSI 1 Input Parameters
- RSI1__TEXT_1 - Divider text for visual clarity in the input section. (Not used in calculations)
- RSI1_TEXT - Label for RSI 1 settings. (Not used in calculations)
- RSI1__TEXT_2 - Divider text for visual clarity in the input section. (Not used in calculations)
- RSI1_TIMEFRAME - Selects the timeframe for RSI 1 calculation. Default: PERIOD_CURRENT .
- RSI1_PERIOD - Defines the RSI period for calculation. Default: 14 .
- RSI1_APPLIED_PRICE - Determines the price type used for RSI calculation (e.g., Close, Open, High, Low). Default: PRICE_CLOSE .
2. RSI Calculation Mode
Input Parameter
- CALCULATION_MODE
- MANUAL: Uses the specified upper and lower RSI levels.
- AUTO: Automatically calculates upper and lower levels based on the upper level input.
Default: AUTO .
Levels
- RSI1_UPPER_LEVEL - Defines the upper level for RSI. Default: 60(Overbought zone) .
- RSI1_LOWER_LEVEL - Defines the lower level for RSI. Default: 40(Oversold zone) .
3. Entry Strategies
ENUM_ENTRY_STRATEGY Options
- ENTRY_STRATEGY1:
- Buy Entry: RSI enters the oversold zone.
- Sell Entry: RSI enters the overbought zone.
- ENTRY_STRATEGY2:
- Buy Entry: RSI exits the oversold zone.
- Sell Entry: RSI exits the overbought zone.
- ENTRY_STRATEGY3:
- Buy Entry: RSI enters the overbought zone.
- Sell Entry: RSI enters the oversold zone.
- ENTRY_STRATEGY4:
- Buy Entry: RSI is below the lower level.
- Sell Entry: RSI is above the upper level.
Default: ENTRY_STRATEGY1 .
4. Exit Strategies
ENUM_EXIT_STRATEGY Options
- EXIT_STRATEGY1:
- Buy Exit: RSI enters the overbought zone.
- Sell Exit: RSI enters the oversold zone.
- EXIT_STRATEGY2:
- Buy Exit: RSI exits the overbought zone.
- Sell Exit: RSI exits the oversold zone.
- EXIT_STRATEGY3:
- Buy Exit: RSI enters the oversold zone.
- Sell Exit: RSI enters the overbought zone.
- EXIT_STRATEGY4:
- Buy Exit: RSI is above the upper level.
- Sell Exit: RSI is below the lower level.
- EXIT_STRATEGY5:
- Disables exit strategy.
This RSI-based EA offers flexible entry and exit strategies, along with customizable calculation modes. The combination of user-defined levels and entry/exit strategies allows traders to fine-tune the EA to their preferred trading style.
2. Additional Features
Moving Average (MA) Filter on Higher Timeframe
The MA filter enables trades that align with the broader trend based on a higher timeframe moving average:
- Uptrend Condition - Allows buy trades when the close price is above the moving average.
- Downtrend Condition - Allows sell trades when the close price is below the moving average.
Loss Recovery Strategies
There are couple of loss recovery strategies popular in the market. Grid, Hedge and Martingale is most popular among them. In this EA, we have these strategies inbuilt. But only one loss recovery strategy can be active at a time. EA will not load, if we enable more than one loss recovery strategies. There is one important point regarding these strategies, we can not set stoploss if you enable Grid or Hedge strategy. It will close trades earlier and will compromise the purpose of these strategies. All of these strategies are by default disabled.
Grid Recovery Strategy
In a losing position, the EA places additional trades in a grid pattern, averaging down the entry price to capitalize on retracements.
Hedge Strategy
To balance exposure during a losing position, the EA opens opposing trades (hedges), allowing profit potential in countertrend movements.
Martingale Strategy
Increases lot size after a loss on each subsequent signal, aiming for overall profitability.
Position Sizing Based on Profit
This feature adjusts the position size dynamically based on cumulative profit, aiming to optimize gains in favourable conditions. As profit accumulates, the EA increases the position size, allowing for scaled growth and larger potential returns.
Day Filter
Specifies trading days to avoid trading during specific days of the week, aligning with your strategy’s optimal market conditions. You can disable the entire day filter.
Time Filter
Limits trading to specific times, preventing trades during low-liquidity periods or other non-ideal market conditions. You can disable entire time filter.
This ADX-based EA, with versatile entry and exit strategies and advanced risk management features, is a comprehensive tool designed to adapt to various market conditions while offering robust control over trading operations. Use each feature thoughtfully to align with your trading objectives and risk management strategy.
Download Optimized set files here
