Introduction
Oh, another trading robot! Just in case we didn't have enough already! Meet the RSI OverZone, a robot trading based on RSI signals. Its function is to open trades when RSI enters the so-called overbought and oversold zones. Supposedly, this should generate profits. But wait, there's no user reviews and no rating. Hmm...I smell a mystery.Function description
The RSI OverZone is designed to open trades when RSI enters overbought and oversold zones. In other words, it's betting on reversals. It's similar to many other RSI-based strategies, but with a twist - it supposedly waits for confirmation before jumping in, which is a nice feature indeed. But let's not get ahead of ourselves here.Performance Analysis
Now, according to the statistics on the RSI OverZone page, it's been quite a year. If we believe the stats, the robot has had some good months, but also several not-so-good ones. But hey, it’s trading, right? Profits don’t just fall from the sky.Keep in mind that past performance is no guarantee for future profits. You might want to take the statistics with a grain of salt and remember that every trading strategy has its strengths and weaknesses.
Pros and Cons
On the bright side, the RSI OverZone requires minimal human intervention. You just set it up and let it do its thing. On the not-so-bright side, with no reviews and no ratings, it's kind of hard to judge how well it really does its thing.There are a few things that worry me here. First, the lack of transparency. Secondly, and this is just a guess, the algorithm might not be as adaptive as you would like it to be. Market conditions change and so should your trading strategy.
Source Code RSI OverZone
We don’t have the source code of the original RSI OverZone robot sold on MQL5. But, if you're brave enough, you can create a code based on the description given on MQL5. This code would be a piece of code from easytradingforum.com and is not a product from the EASY Trading team.
Code:
You don't have permission to view the code content. Log in or register now.RSI OverZone Download - The Next Step
So, are you still interested in the RSI OverZone robot? Then keep in mind that EASY Trading Team doesn't sell it. We just provide a framework for you to work with. You can download it and try it out.And, if you have any questions related to the code, feel free to ask. Let's get the discussion going on our forum - maybe together we can squeeze some profits out of this thing.
Remember, trading robots are just tools. Don't rely blindly on them. Use them wisely, and may the pips be with you.
That's all folks. See you on the forum.