RSI Expert trades using a Multi Timeframe RSI (5, 15 and 30 minutes), combining also 2 EMAs.
RSI Expert produces trading signals based on the values of several RSI in different timeframes as well as the crossover of two weighted moving averages.
In particular, when all the RSI are above the 50 level and moving averages show a bullish crossover, the EA will send a buy order, while if all the RSI are below 50 and moving averages show a bearish crossover then the EA will sell.
Main settable options
The configurable options of this EA are:
FromHourTrade =6 This and the next parameter define the time range in which the EA will trade.
ToHourTrade =21
FastPeriod =18 Period for the Fast Moving Average.
UseHourTrade = true Defines if EA will trade in a time range or not.
SlowPeriod =60 Period for the Slow Moving Average.
SL =23 Stop loss in pips
TakeProfit =100 Profit target in pips
Lots =1 Position Size
TrailingStop =18 Value for trailing stop
incTp =0 Parameter to control slippage
USE_La_Nina, Mild_Nina, mild, Risk, MM, Use_El_Nino, Mild_nino Parameters used to manage trades using several algorithms.
Our Technical Verdict
RSI Expert is a complete EA, including advanced rules to manage entries and exits. Its main drawback is that it produces very few trading orders, due to its restrictive rules so you should be very patient if you’re planning to trade using this EA.
This EA was tested on 29 September 2011 (Year to Date) on EURUSD M30 MT4 using default settings. Get this EA here (mq4).
Bars in test 10422
Ticks modelled 7761477
Modelling quality n/a
Mismatched charts errors 720
Initial deposit 100000.00
Total net profit 2392.30
Gross profit 6819.80
Gross loss -4427.50
Profit factor 1.54
Expected payoff 56.96
Absolute drawdown 111.30
Maximal drawdown 1269.40 (1.24%)
Relative drawdown 1.24% (1269.40)
Total trades 42
Short positions (won %) 21 (52.38%)
Long positions (won %) 21 (42.86%)
Profit trades (% of total) 20 (47.62%)
Loss trades (% of total) 22 (52.38%)
Largest
profit trade 1100.00
loss trade -253.00
Average
profit trade 340.99
loss trade -201.25
Maximum
consecutive wins (profit in money) 4 (1302.40)
consecutive losses (loss in money) 5 (-961.40)
Maximal
consecutive profit (count of wins) 1685.60 (3)
consecutive loss (count of losses) -961.40 (5)
Average
consecutive wins 2
consecutive losses 2
