This tutorial shows how RSI Expert Advisor can be used on charts of MT5 to Trade
Strategy Premise
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 RSI Crosses below 30
Long Exit: When RSI Crosses Above 70 or Price Reaches Target or Stoploss
Short Entry: When RSI Crosses Above 70
Short Exit: When RSI Crosses below 30 or Price Reaches Target or Stoploss
MT5 Settings
To start Algo trading with RSI on MT5, simply follow the steps given below.
1: Make sure you have completed Jump Start setup
2: 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 MT5 directory in the same folders. In MT5 Click on File => Open Data Folder=> Click on MQL5 => Experts folder. Copy-paste the downloaded file to the Expert folder.
3: (Optional, if indicator nor present in your MT5) In MT5 Click on File => Open Data Folder=> Click on MQL5 => Indicator folder. Download the Indicator file from here and copy-paste to your Indicator folder. Also, paste files to your Include folder if not already present.
4: In MT5 => 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 RSI Expert Advisor on chart
7: Change the Input Parameters as per your Requirement
In Dependencies click on Allow DLL imports
8: Now put the 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.
APIBridge Settings – New Users
Before setting EAs to your system it is advised to add all the symbols in APIBridge to avoid order rejections. Make sure you use the correct expiry and strategy tag as given in MT5.
Here are the Strategy Parameters
| Strategy tag | Use default STG1 unless trading in multiple strategies |
| Port | This should be same as API bridge port application will signal from same port |
| Expiry | Put contract expiry here |
| Order type | Select order type here from MARKET,LIMIT, SLL,SLM |
| Instrument | Set the instrument as per APIBridge |
| RSI Overbought Level | RSI Level for Overbought |
| RSI oversold level | RSI Level of Oversold |
| Trade Type | Type of Trades to take |
| Target | Target Value in Rupees |
| Stoploss | Stoploss Value in Rupees |
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