RSI Range Trader Review & Rating

The RSI Range Trader Expert Advisor is a free trading software. Its usage is restricted to FXCM brokerage and MetaTrader4 trading platform. The advisor is an indicator type and applies Relative Strength Index indicator in its work. trades EURUSD, GBPUSD currency pairs on timeframefrom M5 and higher. The advisor places buying and selling trades according to the relationship of the tool bid price to the level of the indicator. The minimum recommended deposit is $100. 

RSI Range Trade Expert Advisor places only one trade at a time. The advisor is not featured with stop-loss so it is advised to be careful to avoid losing the deposit. RSI Range Trade can also be used as an oscillator, in this case it always keeps the trades open.

This Expert Advisor (EA) is only compatible with FXCM MetaTrader 4 software. It does not operate on MetaTrader 4 software provided by any other brokerage. In order to purchase or download the app, an FXCM live account is required. Once downloaded, the app can be used on both live and demo FXCM accounts.

The RSI Range Trader EA buys and sells depending on the relationship of the instrument’s bid price to the RSI indicator’s level. The Relative Strength Index indicator measures price to determine when an instrument has been overbought or oversold.

Buying logic

When the RSI indicator crosses above the “lower” level, a buy trade is opened.

Note: Used as an oscillator, this EA will always have a trade open (once the initial buy or sell trade opens). Trades close when the RSI indicator crosses below the “upper” level. When this happens, a new sell trade also opens. All trades open at the close of the current candle. Only one trade at a time is opened, regardless of the number of crossovers that occur. Stops and limits are not used.

Selling logic

When the RSI indicator crosses below the “upper” level, a sell trade opens.

Note: Used as an oscillator, this EA will always have a trade open (once the initial buy or sell trade opens). Trades close when the RSI value crosses above the “lower” level. When this happens, a new buy trade also opens. All trades open at the close of the current candle. Only one trade at a time is opened, regardless of the number of crossovers that occur. Stops and limits are not used.

Money Management Inputs

• MagicNumber: A unique identifier that allows the EA to account for and manage its trades
• LotSize: The number of lots traded
• MaxDeviation: The maximum slippage allowed (in pips)

Indicator Inputs

• RSI_Period: The number of periods used to calculate the RSI level
• RSI_Upper_Level: The upper level of the RSI that determines when buy trades are entered
• RSI_Lower_Level: The lower level of the RSI that determines when sell trades are entered