The Free RSI Expert Advisor is an automated trading system designed to trade EUR/USD on M15 (15-minute) timeframe. It primarily utilizes the Relative Strength Index (RSI) in combination with the DeMarker and Bollinger Bands indicators to make trading decisions. This RSI EA is optimized for short- to medium-term trades, targeting a balance between risk management and profitability. Here is a brief overview of the strategy:
Lot Size (Entry Volume):1.00 – The EA opens trades with a fixed lot size of 1.00 per position, without automatic adjustments based on account balance.
Stop Loss:55 pips – If the price moves unfavorably by 55 pips, the trade will be closed to limit potential losses.
Take Profit:60 pips – When the price moves favorably by 60 pips, the trade will be closed to secure profits.
Indicators Used by the Free RSI Expert Advisor:
RSI
Period: 2 – A very short RSI period, making it highly sensitive to price fluctuations and identifying quick overbought or oversold conditions.
Level: 30 – The threshold for detecting potential reversals when the RSI falls below this value.
DeMarker
Period: 45 – A longer period for filtering signals, ensuring trades align with more established market trends.
Level: 0.00 – A neutral level, primarily used as an additional confirmation for overbought or oversold conditions.
Bollinger Bands
Period: 12 – A mid-range setting to assess volatility and detect price deviations from the mean.
Deviation: 2.50 – A slightly higher-than-standard deviation, making the bands wider to filter out minor price fluctuations.
Check out our Free Expert Advisors Startup Guide before trading with the robot.Disclaimer: This RSI EAis for educational purposes and is free to download. Get the Free RSI Expert Advisor and test it on a Demo account. Traders should regularly monitor the performance to ensure it aligns with expectations.
