Relative Strength Index script / code

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Dear fellow traders,


I just picked up trading and so far I've made some small gains, the last couple of days I've been range trading with the RSI. Whenever it's in the lower quartile of the range and the RSI is below the OVERSOLD (30) line and is rising again I go long and vice versa for going short.

This has been working out for me gaining relative small profits, but more profits because I can execute it multiple times a day. Stop Loss and manual closing prevents me from losing a lot of money when there is a penetration / breaktrough.

This is pretty intensive and I am not sure if this is a really good trading plan, however because I got some basic knowledge with coding I want to write a code for this.


So, basically I want all actions now performed by me, monitoring the support / resistance and determining it, monitoring RSI, placing the trade, placing the take profit / stop loss and manual (but then automated) closing and the trailing stop whenever there is a positive breaktrough to be performed automatically, does a system like this exist, or is it possible to create (without maybe the execution of the trades because I heard you need permission from your broker for this)? 

Hereby summed up:

  • Determining the support / resistance line on (x) number of checks.
  • Monitoring RSI where crossing a line on (x) means opening a trade.
  • Placing the actual trade.
  • Closing the trade when desired profit is reached (near the resistance off course).
  • Placing the take profit / stop loss.
  • Closing the trade when it determines a breaktrough / penetration before Stop Loss line (so a better Stop Loss).
  • Adding a trailing stop.

This all could be tested on a demo account plus historically tested.


Now I know of the http://sufx.core.t3-ism.net/ExpertAdvisorBuilder/ but does anyone has the knowledge if this is possible with that?


Thanks in advance!

 
bertusch:


Now I know of the http://sufx.core.t3-ism.net/ExpertAdvisorBuilder/ but does anyone has the knowledge if this is possible with that?

If you want bad code full of issues . . . then maybe.  If you can't or don't have time to learn then your best option is to pay someone to code this for you:  MT4 & MT5 coding


Read hear for some of the problems with the likes of EA Builder:  https://www.mql5.com/en/forum/139865
 

Ok that is clear. However I have basic knowledge of coding and found a free RSI EA here:

http://fx.netspier.net/free_downloads.php

The site seems to be a scam and I am just checking the EA out in MetaTrader at the moment because the code for as far I can read it seems to be ok. However, there is no determination of support and resistance so it only gives out an alert whenever the RSI dips below or goes above the pre-determined parameters, which is handy as alert but not as automated trader. Is there a website with some basic principles about coding?
 
bertusch:

Ok that is clear. However I have basic knowledge of coding and found a free RSI EA here:

http://fx.netspier.net/free_downloads.php

The site seems to be a scam and I am just checking the EA out in MetaTrader at the moment because the code for as far I can read it seems to be ok. However, there is no determination of support and resistance so it only gives out an alert whenever the RSI dips below or goes above the pre-determined parameters, which is handy as alert but not as automated trader. Is there a website with some basic principles about coding?
Ah,  that is Tonny's site . . . I wondered why the code looked so bad.
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