Expert Advisors

DailyFX RSI Trader

Developer: FXCM

The DailyFX RSI Expert Advisor uses a simple yet effective RSI trading strategy.   Quantitative strategists from DailyFX.com developed this EA’s logic after examining millions of trades to find the most effective use of the Relative Strength Index (RSI) strategy.

This specific strategy is most effective when used with an appropriate “risk/reward” ratio as outlined in the article, “What is the Number One Mistake Forex Traders Make?” by David Rodriguez, Quantitative Strategist.

TRADING LOGIC

By default, the DailyFX RSI system buys and sells according to crosses of a 14-period RSI.

A buy trade is created, at the open of the next bar, when the 14 period RSI crosses above 30.

A sell trade is created, at the open of the next bar, when the 14 period RSI crosses below 70.

The EA will only have one trade open at any given time.   If an existing DailyFX RSI trade is open, and due to price movements a new signal is created in the opposite direction, the EA will close the first trade and open a new trade provided the above trading logic is met.

Variables such as RSI Period, Overbought, Oversold, Take Profit and Stop loss levels can all be customized using the EA’s inputs.

INPUTS

The following inputs are available in the EA’s properties window and can be defined by the app user:

Money Management

  • MagicNumber: A unique identifier that allows the EA to account for and manage its trades
  • LotSize: The number of lots traded
  • StopLoss: The stop price, as defined by a number of pips away from the open price
  • TakeProfit: The take profit price, as defined by a number of pips away from the open price
  • MaxDeviation: The maximum slippage allowed (in pips)

Indicator Inputs

  • RSIPeriod: specifies the displayed time as Greenwich Mean Time or Eastern Time
  • RSIOverbought: specifies the displayed time as Greenwich Mean Time or Eastern Time
  • RSIOversold: specifies the displayed time as Greenwich Mean Time or Eastern Time
Risk Disclaimer

The application displayed on this page does not take in to consideration your individual personal circumstances and trading objectives. Therefore it should not be considered as a personal recommendation or investment advice. Past performance is not indicative of future results. There is no guarantee that the systems, trading techniques, trading methods, and/or indicators will result in profits or not result in losses.

Requirements

This Expert Advisor (EA) is only compatible with FXCM MetaTrader 4 software. It does not operate on MetaTrader 4 software provided by any other brokerage. Additionally, an FXCM account is required (including free FXCM demo accounts).

You must have Microsoft .NET Framework 4 installed on your computer. This software is included in the EA installation file.