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Discussion in 'Forex Market MQL5' started by James Goldman, Sep 9, 2020.

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  1. James Goldman

    James Goldman Moderator
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    #rsihedge

    rsihedge-logo-200x200-4544.png

    This is a hedge trading EA based on Grid Averaging System. It uses RSI as entry decision maker.

    EA Explanation
    • The EA puts a stop order (buy stop/sell stop) as X pips from the running price if RSI indicator buy/sell signal is triggered.
    • Exit trades using take profit in dollar, stop loss in dollar and trailing stop.
    • If trades do not reach exit trades setting, another stop order (buy stop/sell stop) is placed as X pips from the running price if RSI indicator buy/sell signal is triggered again.
    Default Settings
    • MagicNumber = 3377.
    • MintoDelStopOrder = 15.
    Lot Management
    • Risk = 1.00. Risk is based on account equity. If set to Risk = 0, the EA uses Lots only.
    • MinLots = 0.01.
    • MaxLots = 10.00.
    Trade Management
    • MaxOrder = 10. Maximum order that you desire.
    • Lots = 0.10.
    • Step = 25. Distance from the running price to a stop order.
    • UseHiddenTakeProfit = true. Activate TakeProfitDollar.
    • TakeProfitDollar = 100.0.
    • UseHiddenStopLoss = true. Activate StopLossDollar.
    • StopLossDollar = 100.0.
    • UseTrailingStop = true. Activate TrailingStop.
    • TrailingStop = 25.
    Indicator Filtering
    • Rsi_Period = 14.
    • Rsi_Timeframe = 0.
    • UseFollowTrend = false. Choose true if you want to follow trend, UseCounterTrend must be false.
    • UpperFollow = 55.
    • LowerFollow = 45.
    • UseCounterTrend = true. Choose true if you want a counter trend, UseFollowTrend must be false.
    • UpperCounter = 70.
    • LowerCounter = 30.
    Time Filtering
    • Use_TimeFilter = true. Activate hour filtering for the EA trades.
    • Trade_Hour_Start = 0.
    • Trade_Hour_End = 24.
    • Monday = true. Define the EA trading days.
    • Tuesday = true.
    • Wednesday = true.
    • Thursday = true.
    • Trade_On_Friday = true.
    Back-test it first on your MetaTrader 4 platform and do some forward test on a demo account to see this EA performance. Test it also on different timeframes and pairs to get the best results. My setting recommendation: use the EA on a bigger timeframe (H1/H4). You can also change the timeframe = 0 to 60 or 240.

    Testing with RSI Period 14 (standard RSI) or Period 20, you can change it to RSI_Period = 14 to 20 if you want to test other periods. It would be better if you use counter trend RSI methods. You may also follow the trend.

    rsihedge-screen-2947.png rsihedge-screen-1651.png

     

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