RSI Trader EA

Key Definitions

The following is a list of key definitions whose parameters are vital when using this EA. It is important to understand these key definitions because they are used throughout this manual. To understand the manual thoroughly, you need to understand the terminology first.

• Initial Trade: The first trade being initiated. When EA opens the first trade based on your entry logic, we call be initial trade.
• Recovery/Grid Trade: In the EA there is some recovery function. If it is enabled and your initial trade goes in loss, then the EA at first opens several grids to recover your loss, we call those trades is Recovery/Grid Trade.
• Strategy Block: EA comes with several strategy blocks, and you can build your strategy from those blocks. Every strategy block has two types of entry logic, one for the Buy signal and another for the Sell signal.

How to Builder Your Strategy

IMPORTANT
EA comes with several pre-defined strategies, you can’t add a new strategy over there but you have to combine multiple strategies to make a new strategy.

Step #1- Choose Your Strategy Block

To build a strategy at first you have to find a strategy block by indicators. Here is the list of indicators that are used in the strategy block.

KEEP IN MIND – Some indicators are not available in the MT4 terminal. MT5 has supported all indicators.

Step #2- Know what is pre-define Entry logic of your strategy block

After you find your indicator and strategy block, then you have to you have to know what is pre-define entry logic of that strategy block is. EA comes with 40+ strategy blocks, you can build your strategy from those blocks. Every strategy block has two types of entry logic, one for the Buy signal and another for the Sell signal. Before you build your strategy you have to know first what is default entry logic of those strategy blocks is.

Here are the details of how strategy entry logic works.

• Average Indicator
• Oscillators Indicator
• Bill Williams Indicator
• Band Indicator
• Heiken Ashi
• Breakout Strategy
• Stochastic Indicator
• MACD Indicator
• Ichimoku Indicator
• ADX Indicator
• Manual Trading
• Custom Plug

Get Details How All Strategy How –

Step #3- Configure other’s settings to build your new strategy

Now you know your strategy block and also know that list strategy and how block strategy works.

• Active: On mean strategy block is active, Off mean strategy block is de-active.
• Strategy Use For: Every strategy block you can use for three purposes

For Entry: To open trade.

For Exit: To close any trade. Exit settings are used to end/close a trade when the conditions are met. For example, suppose you have an active buy trade using the Moving Average and RSI example shown above. In that case, you can exit the BUY trade if the CCI signals overbought and Bulls Power is below zero with its histogram falling under zero line which could be a potential point of reversal.

If BULLS Power < 0 AND CCI > 100 close active trade.

For Reset: Reset there is a option that prevent you to open same side trade in same time. Exmaple – When you active reset that mean when EA open a Buy trade after close that trade, EA will not open buy trade again, until Sell trade or your reset strategy tigger.  How to active Reset –

Auto Trade Reset Type –

Disable – Mean reset trade disable.
Active – Mean reset trade active. But it work like when Buy trade open EA will not open any buy trade until Sell Trade open.
Reset By Auto –  Mean reset trade active. It is also same condition like Active with strategy give sell signal then Buy reset will be disable mean Buy trade will be open again.

• Buy Signal/Sell Signal: As you know every strategy block has one buy and one sell logic, But with this option that you can use more flexible way to control buy and sell signal.I will give you example of Buy Signal, Sell Signal are same as Buy SignalBuy Signal has four options

Active: When active, strategy block will be generate buy logic

Reverse: By default when strategy block give buy signal, EA will open buy trade. But  when you select Reverse, EA will open opposite trade mean will be open sell trade.

Both Signal: Both signal mean when strategy block find any buy logic, strategy block will be give both buy and sell signal. So EA will open both buy and sell trade when buy entry logic generate. When you need Both Signal, In below example you will clear how to use Both Signal –

Example – Your entry logic is First MA Cross Show MA + both Buy/Sell Signal will be open if ADX Line>30. So you will below Strategy Block For MA Cross, You will be choose Active Average = On and Selete Signal Type = Cross because this strategy is match your strategy

For your ADX condition will be choose Active ADX = On, Strategy Type = OS/OC Situations because this strategy block for your ADX Strategy.

In this strategy block default strategy is –

BUY SIGNAL – When ADX LINE < ADX Buy /Lower Level below
SELL SIGNAL – When ADX LINE > ADX Sell /Upper Level below

But As you know every strategy block has Buy and Sell saparate signal. Your Strategy is ADX>20 that work for both buy or sell trade. So you just need SELL SIGNAL Strategy from this block. You don’t need buy Strategy in this block. So you will be set Sell Signal = Both Singal and Buy Signal = Disable (Because you don’t need buy signal)

Disable: Strategy block will not generate buy logic.

• Strategy Type: Select your strategy logic. Every Block has one Buy and one Sell logic. Before build strategy your have know default buy and sell logic of that block. There are several entry logic your will find.
• TimeFrame: Select Indicator timeframe.

Step #4- Set How your multiple strategies work  together

In this section, you set different conditions for strategy execution. The functionality is based on two conditions, “AND” and “OR”. When “AND” is selected, two or more conditions must be met for a condition to be considered true. With “OR” if any of the set conditions are met then the condition is true.

• –AND– : That mean when your multiple active strategy block give Buy signal in same time then EA will open trade.
• –OR– : Any of active strategy block give buy signal, EA will open that type of trade.

Entry Example Using A Moving Average and RSI For A Signal.

1. If FAST MA crosses Slow MA from BELOW AND RSI is < 30 this is a buy signal. TWO conditions must be met.
2. If FAST MA crosses Slow MA from BELOW OR RSI is < 30 this is a buy signal. ONE condition must be met.
   You can combine AND, and OR for Entry, Exit, and Reset

Step #5-Manage Your Trade

After your strategy is built, the below option gives a lot of functions to manage your trades.

Multi-Pair Section

EA can be used in multi-pair trading mode. That means you can attach EA on one chart and EA will trade multiple pair from one chart. If you don’t need multi-pair trading then you can keep disable it.

Configure your Initial Trade

In this section, you can configure your initial trade. There are a lot of sections to control your initial trade

Use a loss recovery mechanism

In this section you will get some recovery trade function. Recovery mean when your trade in loss EA will do some mechanism to recovery you loss. There are three recovery method –

Grid (Loss Side)
Grid (Profit Side)
Martingale Trading

Configure TakeProfit/StopLoss

In this section, you can set your trade takeprofit/stoploss. There are some useful functions –

TakeProfit/StopLoss in points
TakeProfit/StopLoss in percentage
Profit/Loss in Currency
Total Equity Profit
Break-Event
Trailing

Sometimes EA will stack in the middle of backtest mode for [Market Close]

To solve the problem –

1.1) Set Check Market Close = True

KEEP IN MIND – This problem did not happen for all brokers. Some broker has this problem. Use the Check Market Close option only when you need this. Otherwise, you don’t need to use it.