The “Rounding Levels RSI Trade” Expert Advisor trades the RSI indicator using a filter as a round price level, which the candlestick must cross simultaneously with the RSI indicator level.
Advisor settings:
RSI indicator:
- RSI Period = 14; used indicator period
- RSI Shift = 1; the number of the candlestick of the selected chart, from which the advisor takes a signal, 0 – we are guided by the current bar (not recommended) 1 – we are guided by the previous bar, and so on
- applied price = 0; used price
PRICE_CLOSE – 0
PRICE_OPEN – 1
PRICE_HIGH – 2
PRICE_LOW – 3
PRICE_MEDIAN – 4
PRICE_TYPICAL – 5
PRICE_WEIGHTED – 6
- UP Level RSI = 60; upper level of the RSI indicator
- DW Level RSI = 40; lower RSI level
Filter settings:
- Dig = 2; the market price value is rounded up to the number (Dig) of decimal places. For example, the market price now is 1.1228, Dig = 2, the price is rounded up to 1.1200, if this price is caught with its shadows by the candle of the selected chart at the same time as the RSI indicator crosses the set level on this candle, a market order will open.
- Step Plus = 0; increase to the round level
- Tolerance pips = 50; “Backlash” in points. The order can be opened if the open price of the candlestick, on which the RSI indicator signal was received, is within the “backlash” (- + Tolerance pips points from the rounded price, considering the increment to the round price level Step Plus points)
- Buy = true, trade buy orders
- Sell = true; trade sell orders
- Invert sig = true; if disabled (false), the signal by the RSI indicator is generated as follows:
a signal to sell – if the indicator line crosses the upper level from top to bottom (the candlestick should hook the rounded price level);
signal to buy – if the indicator line crosses the lower level from the bottom up (the candlestick should hook the rounded price level)
If enabled (true), the signal for the RSI indicator is generated as follows:
a sell order – if the indicator line crosses the lower level from top to bottom (the candlestick must hook the rounded price level)
buy order – if the indicator line crosses the upper level from the bottom up (the candlestick must hook the rounded price level)
Order management:
- Security Zone = 50; Example: the last order by the advisor was opened at a price of 1.1210, the next order can be opened at a price that is higher than 1.1210 + Security Zone points or lower than 1.1210-Security_Zone points
- SL = 80; stop loss
- TP = 80; take profit
- Lots = 0.01; fixed lot
- Lot Koef = 2; coefficient of increase of the next lot in case the previous order was closed with a loss
- Limit = 5; limiting the number of lot multiplications in case of a losing series of orders
- Use Risk = false; enable / disable proportional management
- Risk = 1; lot size with proportional management
- Max Spread = 30; maximum spread in points at which an order can be opened
- Slip = 5; slippage
- Magic = 100; Magic order number
- Auto Digits = true; Automatic conversion of points to five-digit / three-digit quotes
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