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Attachments: MTF RSI Trading System
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MTF RSI Trading System

  • Post #1
  • Quote
  • First Post: Edited Sep 25, 2014 12:43pm Sep 13, 2014 10:40am | Edited Sep 25, 2014 12:43pm
Here's a MTF RSI trading system that I would like to share with you.

1. Indicator: Hitman (manual attached) or Dashboard RSI
2. Setting: 2 or 3 with 50 oversold & overbought
3. Timeframe: D1 (optional), H4, H1, M30, M15, M5, M1
4. TP: 30 or trader discretion
5. SL: 20 or trader discretion
6. MM: Trader discretion
7. Pairs: All with < 4 pip spread & 5 day ADR > 60 pips
8. Long: All RSI bars are blue.
9. Short: All RSI are red.
10. Optional: Close all open trades at the end of the session(s) you are trading and start the new trading day.

Disclaimer: What works today may not work tomorrow so trade at your own risk.

Special thanks to the coders: Groenie & Nonor
Attached Image (click to enlarge)
Click to Enlarge Name: 2014-09-22_1109.png Size: 52 KB
Attached Files
File Type: ex4 Hitman.ex4   57 KB | 5 downloads | Uploaded Sep 23, 2014 5:27pm
File Type: tpl Hitman-Dark.tpl   14 KB | 3 downloads | Uploaded Sep 23, 2014 5:27pm
File Type: tpl Hitman-Light.tpl   14 KB | 2 downloads | Uploaded Sep 23, 2014 5:28pm
File Type: pdf User Manual.pdf   271 KB | 6 downloads | Uploaded Sep 23, 2014 5:28pm
it might work or not
but simple & smart approach GL
Quoting txfxtrader
I have been trading a MTF RSI trading system that I would like to share on the forum. I mostly trade the US session. 1. Indicator: RSI MTF previous bar 2. Setting: 55 period with 50 oversold & overbought (programmed into the indicator) 3. Timeframe: H1, M30, M15, M5, M1 4. TP: 20 - 30 (trader discretion) 5. SL: 20 6. MM: modified progressive with a limit of 5 entries (ex: .1, .1, .2, .4, .8 = total of 1.6) = ~2% cumulative loss for each pair series. Start a new series if a win or max lot size is a loss. 7. Pairs: All with < 3 pip spread & 5 day...
My Best Trade is Next Trade!
  • Post #3
  • Quote
  • Edited at 1:07pm Sep 13, 2014 12:39pm | Edited at 1:07pm
08/07/14 - 08/12/14
p/l: +$839
Hi, do you have the source code of the indicator MTF RSI? Or can you explain how it works?
Thanks
Quoting wqking
Hi, do you have the source code of the indicator MTF RSI? Or can you explain how it works? Thanks
It is explained in the first post.

Each TF displays its own last closed candle direction.
MT4/MT5 EAs/Indicators/Alerts coder
Quoting FerruFx
{quote} It is explained in the first post. Each TF displays its own last closed candle direction.
Yeah but I need the exact algorithm so I can code the indicator myself.So I guess, on each time frame, if RSI at bar 1 > bar2, shows green, otherwise, red?
Quoting txfxtrader
1. Indicator: RSI MTF previous bar
Last bar of the indicated timeframe by the indy or last bar of the current timeframe of the open chart?
Quoting wqking
{quote} Yeah but I need the exact algorithm so I can code the indicator myself.So I guess, on each time frame, if RSI at bar 1 > bar2, shows green, otherwise, red?
Why don't you read post #1 ? You have all you need.

BTW your guess is wrong.
MT4/MT5 EAs/Indicators/Alerts coder
  • Post #9
  • Quote
  • Edited at 11:16am Sep 14, 2014 8:47am | Edited at 11:16am
FerruFx is correct. "Each TF displays its own last closed candle direction". Please post your results if you guys decide to give it try.
Hi, could someone explain to me point #6 because I don't understand this thing about 5 entries. I'm a little newbie
Hello

As your system seem interesting, I modify an existing dashboard in order to get a view of the RSI(55) level
for a list of symbol, the list could be extended in the code...
I check for some symbol, it seems to works.
Attached Image (click to enlarge)
Click to Enlarge Name: dash_rsi55.jpg Size: 114 KB
Attached File
File Type: mq4 dashboardRSI55.mq4   5 KB | 3 downloads
No more Fight, the victory has come...
Quoting nonor
Hello As your system seem interesting, I modify an existing dashboard in order to get a view of the RSI(55) level for a list of symbol, the list could be extended in the code... I check for some symbol, it seems to works. {file} {image}
Thank you nonor. Does it display the color for the last closed candle for each time frame? Not much trading action today.
Hello

Yes, it follow the same logic as your RSI_MTF previous.ex4
it is not the current candle, but the last closed one.
Some improvements could be : add two columns with the ADR and the spread, then sort the currencies from all green, at top, to all red at bottom....
No more Fight, the victory has come...
Hi Nonor,

It seems like a great dashboard for this system. My question is, since it takes up so much viewing real estate, how can I reduce and be able to see all of the pairs on the screen since there is no way to scroll down on MT4. Yes, I know I can shrink the price structure on the right of the screen, but it appears that there are more pairs that I can't view. Thanks for whatever you can recommend.

Wiseguy
Hello

first point : How do you get all pair ?, there is no data structure in mt4 wich contains all the symbols provided by the broker, we have to test each symbol with
MarketInfo function to get a price for the symbol and then fill an array with valid pair.., as stated in this old but always valid post :
http://www.forexfactory.com/showthread.php?t=127613

second point : the consequence of the first point is that we don't know at execution level, how many pair we have to deal with, so for the display,
we don't know the number of line wich will be present...the elegant solution will be a graphical windows, with vertical scroll bar, I know it exist in mt5 :
http://www.mql5.com/en/articles/751
but don't know in mt4.
the quick solution is to hard code the pair list and reduce the size of the block and font, and try to display the maximum of lines.....
No more Fight, the victory has come...
Hi txfxtrader, Is there anyway to back test your system? Also if you don't mind me asking, what have your results been like??
Island hopping throughout the Caribbean
Quoting dumplin_eater
Hi txfxtrader, Is there anyway to back test your system? Also if you don't mind me asking, what have your results been like??
ROI for the month has been ~10% with less than that for the DD. This was all trend trading without any counter trend trades. Today is a negative day. Getting ready to close all open positions and hit it tomorrow. I don't have any experience back testing a MTF system.
  • Post #18
  • Quote
  • Edited at 7:50pm Sep 15, 2014 5:40pm | Edited at 7:50pm
Nonor...can you please add the 4HR to the dashboard? It would help filter days like today. Thank you
please, find attached below
Attached File
File Type: mq4 dashboardRSI55.mq4   5 KB | 1 download
No more Fight, the victory has come...
Thanks txfxtrader for the idea and sharing.
However, can you share how do you decide the entries?
Which TF are you in when you do entries?
What signal or method use?

Thanks!
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