If you are on the market for a simple, straightforward robot that would protect your investments from major losses, but will also predict the ups and downs of the FX, you are in luck. We found exactly this kind of an EA on the MT4 platform.
MetaTrader 4 RSI EA uses the Relative Strength Index, and, basically, it determines the overbought and oversold levels. Once the indicator is in the oversold area, your robot will buy, but once it reaches the overbought level, it will place a sell order.
Features of RSI EA
Being a simple robot, it includes all simple parameters that you will find in most robots:
The developers tested it for AUD/USD, M1 period, for about one month, last year, and they got a profit factor of 2.82. This is a robot fit for long or short positions, as, according to the test, they got more or less the same profit percentage (73, and 68%).
RSI EA for MT4 Use case
So, in order to see if this numbers can be improved, we made some small changes to the default settings and put RSI Forex robot to the test. The results were quite interesting. But let’s see how it works. We used the same currency and timeframe as the developer: AUD/USD, M1.
- OpenBuy = true
- OpenSell = true
- CloseBySignal = true
- AutoLot = true
- SL = 1,000
- TP = 200
- TrailingStop = 100
- RSIperiod = 14
- BuyLevel = 16
- SellLevel = 74
Not impressed? Pick another robot here:
Results of the RSI EA
Better results compared to the developer’s test in short positions, where we had an 82% winning, while the long stood above 68%.
All in all, this RSI Expert Advisor for FX can bring you some good results, should you need some simple, no hassle trading method. Just make sure you test it before using it in real trading.