RSI Robot Developer Edition
Below you find how RSI Robot is constructed. The Developer Edition is designed to find new settings for currency pairs and time frames. I'm using the Developer Edition to find settings for new currency pairs.
(RSI Robot Developer Edition for unlimited Demo Accounts and one Live Account)
With the Developer Edition you have plenty of possibilities to change settings and search for a perfect setup !
RSI period 14 (pink line) and 3 (blue line) are set by default. These are the initial buy and sell triggers when crossing each others.
Here RSI periods are set to 20 (pink line) and 6 (blue line). You can see that crossings are less compared to above settings with 14 and 3. This will change the behavior of the EA.
RSI_tolerance - distance between period 3 and 14 for signal to enter the trade
RSI_exit_tolerance - distance between period 3 and 14 to exit the trade (to make this work you'll have to disable trailing and disable TP)
RSI_higherTF - will check next higher timeframe for better confirmation of the signal (false by default)
RSI_lowerTF - will check next lower timeframe for better confirmation of the signal (false by default)
CCI Period (14) is default. You can set CCI true or false for better confirmation of the RSI trigger signal. With the Developer Edition you can set the CCI period to anything you like. Below you find samples of Period 7 and 21.
The commodity channel index (CCI) is an oscillator originally introduced by Donald Lambert in 1980.
Since its introduction, the indicator has grown in popularity and is now a very common tool for traders in identifying cyclical trends not only in commodities, but also equities and currencies. The CCI can be adjusted to the timeframe of the market traded on by changing the averaging period. Readings above +100 imply an overbought condition, while readings below −100 imply an oversold condition. As with other overbought/oversold indicators, this means that there is a large probability that the price will correct to more representative levels.
CCI_buy_level - at this level the confirmation for a long position will be set to true
CCI_sell_level - at this level the confirmation for a short position will be set to true
CCI_lookback - number of candles going back after the RSI trigger is true to check confirmation of the CCI
Acceleration Oscillator (AC) Levels
The AC Oscillator represents the difference between the Awesome Oscillator and the 5-period moving average, and as such it shows the speed of change of the Awesome Oscillator, which can be useful to find trend reversals before the Awesome Oscillator does. The Accelerator Oscillator has been developed by Bill Williams. It can also be used for better confirmation of the main RSI trigger signal.
AC_buy_level - is the height of a positive or green AC bar value to be reached to confirm the RSI main trigger signal to go long
AC_sell_level - is the height of a negative or red AC bar value to be reached to confirm the RSI main trigger signal to go short
MACD, short for moving average convergence/divergence, is a trading indicator used in technical analysis of stock prices, created by Gerald Appel in the late 1970s. It is supposed to reveal changes in the strength, direction, momentum, and duration of a trend in a stock's price. The MACD and average series are customarily displayed as continuous lines in a plot whose horizontal axis is time, whereas the divergence is shown as a bar graph.
By default the period settings are set to 12 (MACD_fast) and 26 (MACD_slow). You can change periods to anything you like.
Here periods are set to 24 (MACD_fast) and 52 (MACD_slow)
Turn MACD on or off for better confirmation of the initial RSI trigger signal.
Moving Average (MA) Period
The green plot line connecting all the (fixed) averages is the moving average. A moving average is a set of numbers, each of which is the average of the corresponding subset of a larger set of datum points. The first image shows a 9-day Moving Average (Default) and the image below shows a 21-day MA.
UseMAfilter - when set true the EA will not trade when trend is moving side ways
MA_Period - here you can set the day period of the EA
MA_lookback - number of candles counting back
MA_min_dist - as long as the distance between the first candle to the last lookback candle isn't bigger than MA_min_dist the EA will notice a sideway movement and won't open any trading position.
NoTradesMonday - when set to true the Robot won't trade on Mondays
NoTradesFriday - when set to true the Robot won't trade on Fridays
TimerSec - here you can set a timer in seconds to wait before opening a trade after RSI trigger signal was true. When the counting is done and the signal is still true it will open the trade. It's to avoid false signals.
RelaxMins - after closing a position the EA will do nothing for the next adjusted minutes
RelaxMinsManual - when you exit a position manual the EA won’t do nothing for the next adjusted minutes
AddEntryIntervall - time in minutes before opening an additional trade after another RSI trigger has come true (don't compare with recovery trade)
HoldLoserMins - time in minutes to close loser trades
MaxSpread - no trades will open when spread is bigger
RecoveryMode - enable recovery when a trade is loser
SuspendTradingOnRecovery - when set to true no additional trades will open when new RSI trigger signal is true
RecoveryLoss - here you set the pip distance when a recovery trade will open
Lot - here you set the lotsize for every trade when Money Management (MM) is disabled
MM - enable/disable Money Management
MaxLots - maximum lotsize that will open when MM is enabled
Risk - maximum percentage of balance to risk per trade
LotsRiskReductor - if MM=true but Risk=0, the EA uses LotsRiskReductor percentage of free margin for each trade
LotFactor - if a previous trade has brought losses, the next trade’s lot size is increased LotFactor times
StopLoss – trade is closed when StopLoss is hit
TakeProfit – trade is closed when TakeProfit is hit
TrailingStop – trailing stop distance
TrailingStopStart – profit in pips that turns the trailing stop function on
TrailingStopStep – minimal change in pips for SL
StealthMode – hides SL and TP from your broker
GMToffset – converts the time of your server to the time of your broker
Comments – enable/disable comments
SendEmails – enable/disable emails
Push – enable/disable push notifications
Slippage – execute the price within a range of x pips from the requested entry price
MagicNumber – order ID - when you trade more charts with equal pairs the number has to be changed
Comment – leave your comment