RSI Breakout – expert for MetaTrader 4

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Author:

OneStepRemoved.com MetaTrader Programming

The RSI Trend Strategy is a simple Expert Advisor based around using the RSI
indicator as a trading signal. When the RSI breaks above 73 or dips
below 27, the Expert Advisor puts in an order to buy or sell the pair. The Expert Advisor uses
ATRs to set exit prices. When a trend is entered, the stop loss is set
three ATRs behind the entrance price. When the price moves in favor of
the trader more than three ATRs, the stop loss is set to break even. If
the trade continues to work, a trailing stop of three ATRs is used to
eventually close out of the position.

Average true range is a measure of volatility that more accurately
measures volatility in markets prone to gapping such as Commodities and
Forex.

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