This tutorial shows how RVI Expert Advisor can be used on charts of MT4 to Trade
Strategy Premise
The Relative Vigor Index (RVI) is a technical analysis indicator that measures the strength of a trend by comparing a security’s closing price to its trading range and smoothing the results. It’s based on the tendency for prices to close higher than they open in uptrends and to close lower than they open in downtrends.
Strategy Logic
Long Entry: When RVI Crosses above RVI Signal
Long Exit: Exit happens with Short Entry
Short Entry: When RVI Crosses below RVI Signal
Short Exit: Exit happens with Long Entry
MT4 Settings
To start Algo trading with RVI on MT4, simply follow the steps given below.
- Make sure you have completed Jump Start setup
- Download zipped files from here and extract them. You will find three sub-folders: Experts, Indicators and Include. The files in these sub-folders should be copied in your MT4 directory in the same folders. In MT4 Click on File => Open Data Folder=> Click on MQL4 => Experts folder. Copy-paste the downloaded file to the Expert folder.
- (Optional, if indicator nor present in your MT4) In MT4 Click on File => Open Data Folder=> Click on MQL4 => Indicator folder. Download the Indicator file from here and copy-paste in your Indicator folder. Also paste files to your Include folder if not already present.
- In MT4 => Tools => Expert Advisor => Check all option available as shown below.
5. Go to navigator click on refresh to refresh indicator and expert advisor.
6. Now put RVI Expert Advisor on chart
7. Change the Input Parameters as per your Requirement
8. Now put the RVI Indicator on the chart and Change the Parameter as per the Inputs Set in EA.
Please note that the input parameters of EA and the indicator should be the same, or the signal generation will not match with the indicator.
Strategy Parameters
Strategy tag – use default STG1 unless trading in multiple strategies
Quantity- You Can also specify Qty in Bridge->Symbol Settings, it will override the Qty given here
Instrument – Set the instrument as per APIBridge
Magic Number- Leave at Default Value (1234567)
Slippage- Set Slippage value or Leave at Default
Volume- Lot Size
RVI Period- Period of RVI
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