This tutorial shows how Ichimoku+RSI Expert Advisor can be used on charts of MT4 to Trade
Strategy Premise
The Ichimoku Cloud is a collection of technical indicators that show support and resistance levels, as well as momentum and trend direction. It does this by taking multiple averages and plotting them on the chart. The Cloud is a key part of the indicator. When price is below the cloud the trend is down. When price is above the cloud the trend is up.
The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30. Signals can be generated by looking for divergences and failure swings. RSI can also be used to identify the general trend.
Strategy Logic
Long Entry: When Tenkan-sen Line is above Kijun-sen Line and the candle is above Senkou span A line and RSI is above 50
Long Exit: Exit happens with Short Entry
Short Entry: When Tenkan-sen Line is Below Kijun-sen Line and the candle is below Senkou span B line and RSI is below 50
Short Exit: Exit happens with Long Entry
MT4 Settings
To start Algo trading with Ichimoku+RSI on MT4, simply follow the steps given below.
- Make sure you have completed Jump Start setup
- Download the EA file from here. 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.
- 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 Ichimoku+RSI Expert Advisor on chart
7. Change the Input Parameters as per your Requirement
8. And Now put the Ichimoku and RSI 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
Period of Tenkan-sen line -Tenkan-sen Line Period
The Period of Kijun-sen line- Kijun-sen line Period
Period Senkou Span B line- Senkou Span B line Period
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