Forex RSI Expert Advisor Setup - Setting Up RSI Expert Advisor
Forex RSI Expert Advisor Setup - Setting Up RSI Expert Advisor - A Forex trader can come up with an RSI Expert Advisor based on the RSI indicator explained below.
Forex RSI Expert Advisor rules can be combined with other Forex trading indicators to come up with other EA Forex Robots that trade using rules based on two or more indicators combined to form a forex trading system.
Relative Strength Index RSI Technical Analysis and RSI Forex Trading Signals
Developed by J. Welles Wilder, described in the book "New Concepts in Technical Trading Systems".
Relative Strength Index is the most popular indicator and it is a momentum oscillator and a trend following indicator. RSI compares a trading currency magnitude of the recent price gains against its magnitude of recent losses price losses and plots this data on a scale of values that ranges between 0-100.
Relative Strength Index measures the momentum of a currency pair; values above 50 signify bullish momentum while values below 50 center-line signify bearish momentum.
Forex RSI Expert Advisor Setup
- RSI is plotted as a green line
- Horizontal dashed lines are drawn to identifying overbought and oversold levels are i.e. 70/30 levels respectively.
Technical Analysis and Generating Signals
There are several methods used to trade, these are:
50-level Crossover Signals
- Buy signal - when the indicator crosses above 50 a buy/bullish signal is given.
- Sell Signal - when the indicator crosses below 50 a sell/bearish signal is given.
Bullish Signal and Bearish Signal - Forex RSI Expert Advisor Setup
