Expert Advisor for MT4


Rules
Values marked [xx] are variables set by the user in EA settings.




Indicators used:
RSI
Settings:  [13 period], [weighted close] 


MA of RSI:  [5 period], [smoothed] (shown in yellow)


Supertrend
Settings:  [ATR 10], [multiplier 1.7] (standard settings)




Visualisation:


  





1  Entry
Enter a BUY trade when:
* MA of RSI crosses above 50 on a candle close, AND
* Supertrend line is green (rising market)
Both conditions must be met.
No buy trades while RSI<50


Enter a SELL trade when:
* MA of RSI crosses below 50 on a candle close, AND
* Supertrend line is red (falling market)
Both conditions must be met.
No sell trades while RSI>50




2  Trade Management
When a signal to trade is given, open up to 2 trades if lot size (below) is not zero.
If the lot size is zero, do not open that trade.


Trade 1:  
Lot size:  [0.01] fixed manually by user
Take Profit: Take Profit and close trade at [1.00%] of equity.
Stop Loss:
* No stop loss is set when trade is opened (except the value of the supertrend line)
* When trade is [20] pips in profit, set stop loss to break even plus [1 pip].
Re-entry 
Whilst RSI remains>50, after being stopped out by the supertrend, enter a new trade on a new ST signal? [TRUE / FALSE]


Trade 2:  
Lot size:  [0.01] fixed manually by user
Take Profit: Take Profit and close trade at [0.50%] of equity.
Stop Loss:
* No stop loss is set when trade is opened (except the value of the supertrend line)
* When trade is [20] pips in profit, set stop loss to break even plus [5 pips].
Re-entry 
Whilst RSI remains>50, after being stopped out by the supertrend, enter a new buy trade on a new ST signal? [TRUE / FALSE]
Whilst RSI remains<50, after being stopped out by the supertrend, enter a new sell trade on a new ST signal? [TRUE / FALSE]




3  Normal Exit
Exit a buy trade on a candle close below the green Supertrend line.
Exit a sell trade on a candle close above the red Supertrend line.




4  Settings, Filters and other user options


Trade limits
Limit the number of open trades to [5]
(Once this number of trades is open, do not open any more new trades, irrespective of trade signals)


Days and times to trade:
Monday:
Don’t open a new trade before [09:00]
Don’t open a new trade after [22:00]


Tuesday:
Don’t open a new trade before [09:00]
Don’t open a new trade after [22:00]


Wednesday:
Don’t open a new trade before [09:00]
Don’t open a new trade after [22:00]


Thursday:
Don’t open a new trade before [09:00]
Don’t open a new trade after [22:00]


Friday:
Don’t open a new trade before [09:00]
Don’t open a new trade after [22:00]




High Impact news events:
Don’t open trades within 1 hour before and 2 hours after a big news event.
(These high impact news events: https://www.dailyfx.com/economic-calendar#today)


Magic Number:  xyz