Expert Adviser using RSI within MT5

Hi

I am looking for an EA that will enter and exit trades using the RSI indicator within MT5. The trades will start on teh close of the candle that crosses either the RSI lower band or the RSI upper band

There would only ever be 1 trade running at any given time and typically, unless Stop Loss value is reached, a Long trade will be followed by a short trade, followed by a long trade again. See below for description of what i am lookinhg for

When to start a LONG trade

LONG trades to be started on close of candle that crosses over the RSI Lower Band into the RSI channel.
There would only ever be 1 trade open at any time. E.g. If there is already a SHORT or LONG trade active then you would NOT start a new trade.

When to close LONG trade

1.       Either when Stop Loss is reached, or

2.       If reverse SHORT trade is started. So close Long trade down when SHORT trade starts

When to start a SHORT trade

SHORT trades to be started on close of candle that crosses over the RSI Upper Band into the RSI channel.
There would only ever be 1 traded open at any time. E.g. If there is already a SHORT or LONG trade active then you would NOT start a new trade.

When to close SHORT trade

1. Either when Stop Loss is reached, or
2. If reverse LONG trade is started. So close SHORT trade down when LONG trade starts

Editable fields within EA

• First trade Lot Size = XX
• Next trade additional Lot Size = XX
• Maximum Lot Size = XX
• Stop Loss Value = XX
• Candle Timeframe = XX
• Maximum Daily loss % of equity = XX
• Stop Trading once equity reaches XX%
• Open trades between these hours (True / False)
• Daily Start Time = 00:00
• Daily Finish Time = 17:00 ( If trade is live at this close time allow trade to continue until closing criteria is reached as explained above )

What does “Next trade additional Lot Size = XX” mean ?

After the first trade is complete the next trade lot size is calculated by adding the lot size of the previous trade + the value of the “Next trade additional Lot Size”. Please see example below for explanation;

If the “First trade Lot Size” = 1.0, and,
If the “Next trade additional Lot Size” = 0.1

• Trade 1 = lot size 1.0 ( Lot Size for trade 1 )
• Trade 2 = lot size 1.1 ( i.e. Trade 1 + 0.1)
• Trade 3 = lot size 1.2 ( i.e. Trade 2 + 0.1)
• Trade 4 = lot size 1.3 ( i.e. Trade 3 + 0.1)
• And so on…..

What does “Maximum Lot Size = XX mean ?

Each trade gets bigger and bigger by the value of the “Next trade additional Lot Size”. However if by doing so you reach the value of the “Maximum Lot Size” then all future trades shall be set at that lot size. Please see below for an example;

If the “First trade Lot Size” = 1.0, and,
If the “Next trade additional Lot Size” = 0.1, and
If the “Maximum Lot Size” = 1.5

• Trade 1 = lot size 1.0 ( Lot Size for trade 1 )
• Trade 2 = lot size 1.1 ( i.e. Trade 1 + 0.1)
• Trade 3 = lot size 1.2 ( i.e. Trade 2 + 0.1)
• Trade 4 = lot size 1.3 ( i.e. Trade 3 + 0.1)
• Trade 5 = lot size 1.4 ( i.e. Trade 4 + 0.1)
• Trade 6 = lot size 1.5 ( i.e. Trade 5 + 0.1)
• Trade 7 = lot size 1.5 ( i.e. Maximum Lot Size value reached)
• Trade 8 = lot size 1.5 ( i.e. Maximum Lot Size value reached)

Question for Developers
Do we add the RSI settings into the EA? Or would the EA replicate the settings as per the MT5 RSI settings?

Please ask any questions you might have.

Thank you.