BurtonM
New member
MT4 RSI EA Trading Strategy That PRINTS Money
This title comes from a video by Ali Casey at StatOasis on YouTube,Thank you Ali for sharing all your data analysis, and backtesting.
RSI Trading Strategy That PRINTS Money
(Tested & Proven)It is important you watch the video link above to understand the 2 EAs I have coded.
IMPORTANT: These MT4 EAs are developed and backtested on the S&P500 Daily timeframe.
All files are attached below this post for easy downloading.
I have coded 4 versions: MT5 version is here. TradingView version is here. Python version is here.
Test the EAs on a Demo account to check that they are operating correctly.
Here is the 1st code, a simple RSI EA (The only difference is I added a StopLoss)
Entry condition: if RSI < RSIEntryLevel
Exit condition: if RSI > RSIExitLevel || barCount >= MaxBarsHold
//+------------------------------------------------------------------+
//| Basic RSI_EA.mq4 |
//| |
//| Copyright 2025, BurtonM |
//+------------------------------------------------------------------+
#property copyright "Copyright 2025, BurtonM"
#property link "https://advancequants.com/"
#property version "1.00"
#property strict
// Input Parameters
extern double LotSize = 0.01; // Trading lot size
extern double StopLoss = 50; // Stop Loss in points
extern int RSIPeriod = 2; // RSI Period
extern double RSIEntryLevel = 25; // RSI Entry Level
extern double RSIExitLevel = 65; // RSI Exit Level
extern int MaxBarsHold = 5; // Maximum bars to hold position
// Global Variables
int ticket = 0;
int barCount = 0;
//+------------------------------------------------------------------+
//| Expert initialization function |
//+------------------------------------------------------------------+
int OnInit()
{
// Validate lot size
if(LotSize < MarketInfo(Symbol(), MODE_MINLOT) ||
LotSize > MarketInfo(Symbol(), MODE_MAXLOT))
{
Print("Invalid lot size. Please adjust to be between ",
MarketInfo(Symbol(), MODE_MINLOT), " and ",
MarketInfo(Symbol(), MODE_MAXLOT));
return INIT_PARAMETERS_INCORRECT;
}
return(INIT_SUCCEEDED);
}
//+------------------------------------------------------------------+
//| Expert deinitialization function |
//+------------------------------------------------------------------+
void OnDeinit(const int reason)
{
}
//+------------------------------------------------------------------+
//| Expert tick function |
//+------------------------------------------------------------------+
void OnTick()
{
// Check if we have an open position
if(ticket > 0)
{
// Check exit conditions
if(ShouldExit())
{
ClosePosition();
ticket = 0;
barCount = 0;
}
else
{
barCount++;
}
}
else
{
// Check entry conditions
if(ShouldEnter())
{
ticket = OpenPosition();
barCount = 0;
}
}
}
//+------------------------------------------------------------------+
//| Check entry conditions |
//+------------------------------------------------------------------+
bool ShouldEnter()
{
double rsi = iRSI(NULL, 0, RSIPeriod, PRICE_CLOSE, 0);
return (rsi < RSIEntryLevel);
}
//+------------------------------------------------------------------+
//| Check exit conditions |
//+------------------------------------------------------------------+
bool ShouldExit()
{
double rsi = iRSI(NULL, 0, RSIPeriod, PRICE_CLOSE, 0);
return (rsi > RSIExitLevel || barCount >= MaxBarsHold);
}
//+------------------------------------------------------------------+
//| Open a new position |
//+------------------------------------------------------------------+
int OpenPosition()
{
double sl = Ask - StopLoss * Point;
int t = OrderSend(Symbol(), OP_BUY, LotSize, Ask, 3, sl, 0, "RSI EA", 0, 0, clrGreen);
if(t < 0)
{
Print("Error opening position: ", GetLastError());
return 0;
}
return t;
}
//+------------------------------------------------------------------+
//| Close the current position |
//+------------------------------------------------------------------+
void ClosePosition()
{
if(!OrderSelect(ticket, SELECT_BY_TICKET))
{
Print("Error selecting order: ", GetLastError());
return;
}
if(!OrderClose(ticket, OrderLots(), Bid, 3, clrRed))
{
Print("Error closing position: ", GetLastError());
}
//+---------------------------End Of Code------------------------+
I do not recommend using this 1st EA as it does not use/access OrderReliable for MT4
OrderRelaible is code that has been around for many years to assist MT4 EAs in being more reliable
I have coded/created a NewOrderReliable library that provides several important advantages for an EA:
Retry Mechanism:
- If an order fails to execute, the library automatically retries up to 10 times (defined by retry_attempts)
- This helps handle temporary network issues or broker server delays
- Each retry attempt includes a random sleep time between attempts to avoid overwhelming the server
Error Handling:
- Better error detection and reporting through OrderReliableErrTxt function
- Detailed error messages are printed for debugging
- Specific handling for common errors like invalid prices or stops
- Helps identify why trades aren't executing as expected
Sleep Randomization:
- Uses OrderReliable_SleepRandomTime between retries
- Sleep time varies between 4.0 and 25.0 seconds (defined by sleep_time and sleep_maximum)
- Helps prevent request flooding and reduces server rejection probability
- More broker-friendly than immediate retries
Order Selection Safety:
- OrderSelectReliable function provides safer order selection
- Helps prevent issues with concurrent access to order selection
- More reliable than standard OrderSelect when managing multiple orders
Trade Validation:
- Includes built-in validation for stop losses through OrderReliable_EnsureValidStop
- Helps prevent invalid order parameters from being sent
- Reduces errors due to incorrect price levels
Consistency:
- Provides consistent behavior across different brokers
- Helps handle varying broker server response times
- More reliable execution in different market conditions
Maintenance Benefits:
- Centralized order handling code
- Easier to update and maintain trading logic
- Consistent error handling across multiple EAs
Server Load Management:
- Intelligent retry timing helps reduce server load
- Better compliance with broker API limitations
- Reduces risk of being blocked for excessive requests
The 2nd code of the RSI EA incorporates the NewOrderReliable library.
The 3rd code of the RSI_StdDev_EA incorporates the NewOrderReliable library.
From Ali Casey's video I have coded 2 EAs, RSI_EA, and the RSI_StdDev_EA, both requiring the NewOrderReliable library
Put the NewOrderReliable file in the experts/include directory.
IMPORTANT: Test the EAs on a Demo account to check that they are Opening & Closing trades correctly.
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