Taking advantage of the many possibilities to combine patterns and indicators in MT5 gets you trading solutions that register good results despite the FX market ups and downs, or thanks to them.
Since some developers already put up a free Stars and RSI expert advisor, let’s take a look at it and see how it works and why it would be a good idea to set it up and let it trade for you.
Working pattern of Starts and RSI EA
Morning star shows the downtrend reversal and uses three candles – long, short (signaling when the market reached the changing point) and a third bullish one. Evening star shows uptrend reversal and uses the same three candles just to determine the end of the price increase.
Morning and evening stars EA go together with the RSI indicator. Basically, the indicator is a backup. It has to confirm the signals to open short/long positions. And in order to do so, the levels must be higher than 60, for short and lower than 40, for long.
On the other hand, to close a position, RSI must be 70 or 30, for long, short respectively. This is the critical level the indicator must reach. Or the reverse signal must not be confirmed.
Want to try new robot? Find the best one here!
|Dark Cloud Cover and Piercing Line||Engulfing and MFI||Exp_Fast2||LeManTrend||Hammer and MFI|
|LibCustomChart||Lines CrossOver||Multik EA||Puria Method||Stars and RSI|
Stars and RSI trading robot for MT5 will confirm morning star if RSI is below 40, and will close short if RSI crosses 70 or 30 levels, upward. It will confirm Evening star, should RSI is above 60, and crosses 70 or 30, downwards.
Implement it with the Wizard, test it and benefit from the good results it can bring you in the real market trading.