If someone can make an Expert Advisor based on the Relative Strentgh Index that executes a trade based on the following criteria that would be awesome.


Trending Markets

Only take signals in the direction of the trend.

• Go long, in an up-trend, when RSI falls below 40 and rises back

above it.

• Go short, in a down-trend, when RSI rises above 60 and falls back

below it.
__________________________________________________ _______________


Ranging Markets

• Go long when RSI falls below the 30 level and rises back above it


• Go short when RSI rises above the 70 level and falls back below it


The Expert Advisor would also include a time restriction function. Trades would only be executed during the hours of 07:00 GMT through 18:00 GMT.

The Expert Advisor would also have following functions:

Select Number of Lots

Select Take Profit Amount in Pips

Select Stop Loss Amount in Pips

I don't know the exact criteria one would use to determine if the market is trending or ranging for the purpose of programming this Expert Advisor.

If someone has ideas about this please feel share them.

Thanks

How are you mathematically defining an uptrend and a downtrend?

I was wondering the same thing. I normally just eyeball the the Day chart to determine the direction of the trend or if the market is rangebound.

However a way I imagine if you take a set number candles on the day chart say 21 candles and if a certain percentage of those candles had higher highs and/or higher lows then that would qualify for an uptrend. A down trend will of course be the reverse of the above.

A ranging market would be somewhere between the uptrend and downtrend.

I am sorry I have not totally figured out a way to determine trending/ranging market mathematically, I was hoping to get some ideas from the forum in order to put this Expert Advisor together.

By the way although I use the Day Chart to determine the trend I would actually have the trades execute on the 15 minute chart.

Hope that makes sense.

Someone suggested to me using a moving average to determine the trend. And after doing some research I would like to use this method for the Expert Advisor.

In this case a 55 EMA. If the moving average is below the current candle then this would be considered an uptrend.

If the moving average is above the the current candle then this would be considered a downtrend.

If the moving average is intersecting two or more candles then this would be considered rangebound.

Here is the tricky part of this Expert Advisor as I see it. I would like to use the H1 Chart with the 55EMA to determine the trend.

However I would like the RSI on the M15 Chart. Is this even possible? I don't know as I have no programming skills.

Also the Chart being displayed would be the M15 Chart with the RSI Indicator and hopefully the H1 with the 55EMA could all be calculated in the background, and would not be seen at all (again, if this is even possible).

Thanks

Hi.

I see you didn't respond any more to my emails. You haven't finished our deal.
At least email me and tell me the truth.

Best regards,
Optimu

Try this,(he uses liteforex.com)
Sell
rsi>90 && macd<0 tp=10pips

Buy
rsi<10 && macd>0 tp=10pips

Timeframe M15
EURUSD

to my findings, no single losing trade since jan2008 till now...
But it is only ~1 to 5 trades per months

This is from a Pro, can anyone please write a MTQ4 script that can automate this. Pls, let's all contribute. Thanks