The free RSI robot will open a buy order when the RSI (Relative Strength Index) reaches oversold levels (standard 30) and sells when the RSI reaches overbought levels (standard 70).
You can modify both buy and sell levels. For example 20 and 80.
The EA closes the buy order when a sell order becomes valid, on the contrary, it closes the sell order when a buy order becomes valid (based on the buy and sell RSI input values).
How to use?
Get an idea of the overall trend. Is it going up, down or flat?
In up trends, only take long trades and disable short trades (EA properties common tab). In down trends, only take short trades and disable long trades. In flat markets, you can take both sides of the trade(long&short).
Optional: Set stop-loss and take profit level.
Currency pairs: any
Preferred Time frames: Suitable for 1 min charts and higher (adjust your target levels).
Download the rsi_ea.mq4 forex robot.
Configurable Expert Advisor Options
Lot size, stop-loss, RSI period, buy level, sell level, slippage level …
Strategy Tester Report On M1 AUD/USD