Looking for simple RSI EA
Is there any EA that trades on RSI
How about this idea
Buy when RSI crosses 50 in UP
Sell when RSI crosses 50 in DOWN
Buy when RSI crosses 52 in UP
Sell when RSI crosses 48 in DOWN
Or any other combination
If there is an EA please let me know
too easy to work
Do you know how to code an EA?
or can googled forex strategy builder.
RSi 50 won't work?
Why would it be too difficult to make money with this idea?
Any specific reasons
Have a look at the attached DJX index chart with 50% RSI
It does work. My problem is when to exit the trade. Sometimes you can wait until it crosses back to the other side of 50 and not lose too much profit but sometimes you lose much more than you really should. It just depends if it's trending or not against you.
If you are using the daily chart you also have to be very patient. Sometimes it will range at the 50 level & that's when you should stay away. But knowing if it ranges there is the tricky part.
Have a look at the Daily Fozzy method. That may be in line for what you are looking at.
One of the drawback of trading such crossover strategy with EA is that it generates many false signals which may wipe out your account balance.
So is there a EA that is easily available?
When you say " EA is that it generates many false signals which may wipe out your account balance."
Do you mean ( using LOng example)
This method will get MORE trades which get you in to Long when RSI crosses 50 but then goes down
THAN trade which after keep going well beyond 50 without dropping?
Also somebody mentioned weekly .. I am currently studying it on 15 min charts , quick trades
Please advice further
in a ranging market the price goes up and down hitting your stoplosses. rsi may be going up and down too. no need for EA. just add rsi indicator on any chart, you will understand
learn price action. get rid of indicators. if it was so simple as buying on rsi 50, everybody would be doing that only. follow j16 thread, understand candle stick patterns. there are several threads on this PA.
On a daily timeframe even if the price barely crosses the RSI 50 line you might still have + 10 pips after the spread.
No one wants to sit around watching a daily chart so a RSI EA (based on the above rules) might be worth a try.
Just keep the take profit low, and/or have a partial order feature so part of the trade can be closed after 10 pips, and the rest left to ride trend in case there is one.
FXCM RSI EA
The problem with the FXCM RSI Oscillator EA is that it closes trades when you cross the opposite threshhold you set for opening/closing. A solution is to set it to open OR sell only and set the other level for 50. For excample set the buy level to 58 and the sell level to 50 AND set the EA to buy only. If you have a hedging account you can set up a sell ony EA on another chart... I use E/U 15m and 30m charts with this EA to open trades.
Thanks to FXCM for giving us this nice EA.
If the daily charts are used at your hand, patience is necessary. Maybe it will range at the 50 level and you should stay away from this position.
I created a simple RSI EA template that does what the OP requires and may be used as a template for other types of Expert Advisors. The article How to create a simple MT4 expert advisor that trades once per bar covers the issues related to using an indicator in an EA, referencing a different time period within the code and only placing one trade per bar to limit whipsaws. The article also discusses how to deal with some of the errors that can occur when placing an order with OrderSend().
I need an EA that will open a buy when the RSI drops to at or around the 33 RSI and close the trade when up at or around the 68 RSI
Does anyone know of one?
i dont know if you can help with that or not, this ea works fine on Strategy testing but not on a demo account, i don't understand why , i have activated the DLL and live trading and also on the options of MT4 as well , other EA works fine on the MT4 but only this one .
i have tried diffrent Brokers XM, oanda , fxopen and icmarket same issue.
Can you please help me it's a great EA and i really want to try it.
PZ RSI Trader EA.ex4
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