RSI Expert Advisor Setup - Setting Up RSI Expert Advisor
RSI Expert Advisor Setup - Setting Up RSI Expert Advisor - A trader can come up with an RSI Expert Advisor based on the RSI indicator explained below.
RSI Expert Advisor rules can be combined with other indicators to come up with other Expert Advisor Bots that trade using rules based on two or more indicators combined to form a system.
RSI RSI Analysis & RSI Signals
Created by J. Welles Wilder, explained in the book "New Concepts in Technical Trading Systems".
RSI is the most popular indicator & 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 the recent losses price losses and draws this data on a scale of values that ranges between 0-100.
RSI measures the momentum of a currency pair; values above 50 signify bullish momentum while values below 50 center-line signify bearish momentum.
RSI Expert Advisor Setup
- RSI is plotted as a green line
- Horizontal dashed lines are drawn to identifying over bought and oversold levels are i.e. 70/30 levels respectively.
FX Analysis & 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
