The RSI EA Metatrader 4 Forex Scalping robot is an algorithmic trading software that utilizes the Relative Strength Index or RSI indicator in gauging market signals.
The RSI EA has a set of logic that will buy when the RSI is in an oversold condition and sell when the RSI is in the overbought region.
The EA offers users the option of setting the levels they wish to use to open and close trades.
This bot is a scalping system because it works best on the 1-Minute time frame.
However, it can be optimized for use on other timeframes as well.
In conclusion, the RSI expert advisor can be adopted on all currency pairs if rightly optimized.
Strategy Tester Report
Find below the RSI EA forex robot strategy tester report for the AUD/USD forex pair on the 1-Minute chart.
The EA made a total profit of $127.73 from a total of 51 trades. The largest winning trade generated $18.68 in profits, while the largest losing trade generated a loss of-$14.28.
Bars in test: 32521 ticks modelled
Initial deposit: $100.00
Total net profit: $127.73
Total trades: 51
Largest profit trade: $18.68
Largest loss trade: -$14.28
Consecutive wins: 3
Consecutive losses: 1
MT4 Forex Robot Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Expert advisor
Input Parameters: OpenBUY, OpenSELL, CloseBySignal, StopLoss, TakeProfit, TrailingStop, RSIperiod, BuyLevel, AutoLot, Risk, ManualLots, MagicNumber, Koment, Slippage
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the rsi_ea.mq4 into the MQL4 Experts folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Experts (paste here)