RSIHedge

This is a hedge trading EA based on Grid Averaging System. It uses RSI as entry decision maker.

EA Explanation

1. The EA puts a stop order (buy stop/sell stop) as X pips from the running price if RSI indicator buy/sell signal is triggered.
2. Exit trades using take profit in dollar, stop loss in dollar and trailing stop.
3. If trades do not reach exit trades setting, another stop order (buy stop/sell stop) is placed as X pips from the running price if RSI indicator buy/sell signal is triggered again.
   

Default Settings

• MagicNumber = 3377.
• MintoDelStopOrder = 15.

Lot Management

• Risk = 1.00. Risk is based on account equity. If set to Risk = 0, the EA uses Lots only.
• MinLots = 0.01.
• MaxLots = 10.00.

Trade Management

• MaxOrder = 10. Maximum order that you desire.
• Lots = 0.10.
• Step = 25. Distance from the running price to a stop order.
• UseHiddenTakeProfit = true. Activate TakeProfitDollar.
• TakeProfitDollar = 100.0.
• UseHiddenStopLoss = true. Activate StopLossDollar.
• StopLossDollar = 100.0.
• UseTrailingStop = true. Activate TrailingStop.
• TrailingStop = 25.

Indicator Filtering

• Rsi_Period = 14.
• Rsi_Timeframe = 0.
• UseFollowTrend = false. Choose true if you want to follow trend, UseCounterTrend must be false.
• UpperFollow = 55.
• LowerFollow = 45.
• UseCounterTrend = true. Choose true if you want a counter trend, UseFollowTrend must be false.
• UpperCounter = 70.
• LowerCounter = 30.

Time Filtering

• Use_TimeFilter = true. Activate hour filtering for the EA trades.
• Trade_Hour_Start = 0.
• Trade_Hour_End = 24.
• Monday = true. Define the EA trading days.
• Tuesday = true.
• Wednesday = true.
• Thursday = true.
• Trade_On_Friday = true.

Back-test it first on your metaTrader 4 platform and do some forward test on a demo account to see this EA performance. Test it also on different timeframes and pairs to get the best results. My setting recommendation: use the EA on a bigger timeframe (H1/H4). You can also change the timeframe = 0 to 60 or 240.

Testing with RSI Period 14 (standard RSI) or Period 20, you can change it to RSI_Period = 14 to 20 if you want to test other periods. It would be better if you use counter trend RSI methods. You may also follow the trend.