Entry Strategy:
This EA uses two RSI indicators with different time periods as the basis for entering trades.
When the latest candlestick opens, perform the following:
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If both RSI indicators closed below 30 on the previous candlestick and RSI1 crosses above RSI2 (golden cross), place a 1-lot BUY order at the current price.
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If both RSI indicators closed above 70 on the previous candlestick and RSI1 crosses below RSI2 (death cross), place a 1-lot SELL order at the current price.
(The values 30 and 70 are parameters that can be modified in the EA's parameter window.) Additional Orders: This EA places at most one order per candlestick. No new orders will be placed if the previous order is still open.
Dual RSI Lines: In MT4, locate the RSI indicator in the “Navigator” panel under the “Indicators” menu. Double-click the RSI menu item and set the period to 14 to add an RSI line to the chart. Then, click the RSI menu item again, hold the left mouse button, drag it onto the existing RSI chart, release the mouse, and set the period to 28. This creates a dual RSI line setup.
Exit Strategy:
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When an order is placed, the EA sets a 200-point stop loss and a 500-point take profit. The order will automatically close when the price hits the stop loss or take profit. (Stop loss and take profit points can be modified in the EA's parameter window.)
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If the opposite entry condition is met, the current order is closed at the market price.