Trade Advisor RSI Range Trader is a free software, but its use is limited to work only in the MetaTrader4 trading terminal on trading accounts of FXCM. As the name suggests, the Expert Advisor is an indicator and uses the Relative Strength Index in its work. The Expert Advisor places trade orders to sell or buy in accordance with the ratio of the offer price of the trading instrument and the level of the indicator. RSI Range Trader can execute only one trade at a time. There is no stop-loss function in the Expert Advisor, so when using it you should be careful to avoid a complete depletion of the trading account due to a series of losing trades. The RSI Range Trader Expert Advisor can also be used as an oscillator, in which case it constantly keeps trade orders open.
RSI Range Trader – detailed information
|Executive class||short-term and long-term|
|Type of Expert Advisor||trendy|
|Size of the lot||no less than 1000 pips for 0.1 of the standard lot|
|Size of deposit, $||500|
|Timeframes||from M5 and above|
|Pair tool/forex||EURUSD, GBPUSD|
|Yield, % p.a.||53.37|
|Max. drawdown, % p.a.||29.32|
|Autonomous account type|
|Maximum risk limit|
|Many series in one direction|
|Automatic start lot|
|Fixed Take Profit|
In connection with the popularization of automated trading, many investors ask themselves what is a Forex Expert Advisor? First of all, it is a special program required to manage the trading process automatically, i.e. without the trader’s participation. A trader invests in the robot in advance, a kind of algorithm, the conditions on the basis of which the subsequent market activity is carried out.
When you trade manually, you need to analyze the market yourself, take into account the forex forecast for the current day, forex news and choose the entry points to the market. However, it is also possible to trade automatically, using special programs that do most of the work for a trader – forex advisors.
Trading involves obtaining a great deal of knowledge – understanding the functioning of the market and various nuances, including the ability to apply technical and fundamental analysis. Forex Expert Advisors, i.e. the programs used for automatic trading, cannot help it.