The RSI expert advisor that runs on MT4 is a powerful trading software that evaluates oversold and overbought conditions in a bid to trigger accurate buy and sell signals.
The EA is also designed to trigger a divergence signal based on the Relative Strength Index indicator.
This occurs if the robot’s algorithm agrees to conditions of non-conformity between price action and the RSI component.
The RSI EA is able to catch regular and hidden price divergences and give trading instructions based on those.
The EA made $127.73 profit on the AUD/USD pair 1-minute chart from an initial deposit of $100.
The EA works on any currency pair of your preference.
Default EA settings:
Open buy; true, open sell; true, close buy signal; true, stop loss; 0.0, take profit; 0.0, trailing stop; 0.0, rsi period; 14, buy level; 30.0, sell level; 70.0, auto lot; true, risk; 10.0, manual lots; 0.1, magic number; 123, RSI EA, slippage; 10.
The default EA settings can be modified directly by editing the source code or changing the robot’s input values.
It’s highly advised to test the expert advisor for MT4 on a demo account first before running it on a real trading account.
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Strategy Tester Performance Report
Find below the strategy tester performance report for the RSI EA attached to the AUD/USD 1-Minute trading chart.
Strategy Tester Performance Highlights
The expert advisor made a total profit of $127.73 ($100 initial deposit) from 51 trades during the initial testing period.
The largest winning trade generated $18.68 in profit, while the largest losing trade lost -$14.28.
See the test results report above for all details.
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Adjustable Parameters & Inputs
Open buy, open sell, close buy signal, stop loss, take profit, trailing stop, rsi period, buy level, sell level, auto lot, risk, manual lots, magic number, slippage.
More Info About This Expert Advisor
Recommended Currency pairs: Majors & Minors
Trading Platform: MT4
Time frames: Any
Expert Advisor Type: RSI + divergence
Copy and paste the expert advisor in the MT4 experts data folder.
Then restart the MT4 terminal and attach it to any chart.