RSI Range Trader

The RSI Range Trader EA buys and sells depending on the relationship of the instrument’s bid price to the RSI indicator’s level. The Relative Strength Index indicator measures price to determine when an instrument has been overbought or oversold.

BUYING LOGIC

When the RSI indicator crosses above the “lower” level, a buy trade is opened.

Note: Used as an oscillator, this EA will always have a trade open (once the initial buy or sell trade opens). Trades close when the RSI indicator crosses below the “upper” level. When this happens, a new sell trade also opens. All trades open at the close of the current candle. Only one trade at a time is opened, regardless of the number of crossovers that occur. Stops and limits are not used.

SELLING LOGIC

When the RSI indicator crosses below the “upper” level, a sell trade opens.

Note: Used as an oscillator, this EA will always have a trade open (once the initial buy or sell trade opens). Trades close when the RSI value crosses above the “lower” level. When this happens, a new buy trade also opens. All trades open at the close of the current candle. Only one trade at a time is opened, regardless of the number of crossovers that occur. Stops and limits are not used.

INPUTS

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

1. Money Management Inputs
   • MagicNumber: A unique identifier that allows the EA to account for and manage its trades
   • LotSize: The number of lots traded
   • MaxDeviation: The maximum slippage allowed (in pips)
2. Indicator Inputs
   • RSI_Period: The number of periods used to calculate the RSI level
   • RSI_Upper_Level: The upper level of the RSI that determines when buy trades are entered
   • RSI_Lower_Level: The lower level of the RSI that determines when sell trades are entered

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. In order to purchase or download the app, an FXCM live account is required. Once downloaded, the app can be used on both live and demo FXCM accounts.