Expert Advisor using RSI Divergence
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RSI Divergence Expert Advisor
I need an expert advisor which works when divergences are created on the RSI Indicator.
I am attaching an indicator which creates Divergence lines automatically on the RSI Indicator.
The main Structure of the Expert Advisor:-
When to open a buy/sell trade?
After the buy/sell trade (i.e. a bullish or a bearish divergence is created) conditions are satisfied, I want the trade to be opened at the opening price of the next bar and closed at the closing price of the same bar.
The trade conditions are as follows:-
Buy Trade Condition:-
When in the main chart there is a green line connects the bottom/low of two different bars and the same is the case is in RSI Indicator, I want the expert to open a buy trade at the opening price of the next bar i.e., open a trade as soon as the next bar is opened. There is a green arrow facing upward pops in the RSI Indicator window indicating a buy signal.
Sell Trade Condition:-
When in the main chart there is a red line connects the top/high of two different bars and the same is the case in the RSI Indicator, I want the expert to open a sell trade at the opening price of the next bar i.e., open a trade as soon as the next bar is opened. There is a red arrow facing downward pops in the RSI Indicator window indicating a sell signal.
When to close the trade?
It should be automatically closed when the current bar in which the trade is opened finishes, if the take profit / stop loss or trailing stop loss is not hit.
Other features which are going to be user defined:-
1. Time Frames to be available (15 min, 30 min, 60 min, 4 Hours, 1 Day).
2. User Defined Take Profit and Stop Loss.
3. Lot Size.
3.1 User Defined i.e., in Numerical Value e.g. .01, .1, 1 etc.
3.2 Formula Defined i.e. the lot size should be calculated by the following formula: - ‘Balance’ / ‘1000’, where in ‘1000’ is a variable. For e.g.: if the balance is USD 3500 then the Lot size opened should be 3548/1000 = [url removed, login to view] (calculated up to the second decimal place.)
4. Trailing stop loss
I want the trailing stop loss to be off two types i.e.:-
4.1 Normal Trailing stoploss i.e. used in metatrader and it should be a user defined value in pips.
4.2 Break even stoploss: - Which should become active after the trade has moved ‘x’ number of pips in the favorable direction. For e.g.:- A trailing stop loss of ’10 pips’ should be made active after the trade has moved ’20 pips’ in the favorable direction.
• I am also attaching the project detail in a word file as the space at [url removed, login to view] doesn’t allow more than 400 words.
• I am attaching two separate screenshots which indicates a buy/sell trade.
• I am also attaching the Automatic RSI Divergence Indicator.
*** There are certain other points as the word limit over here is 400 words please ensure you read the same before bidding ***
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