Introduction: An insider look to RSI Pro Analyser MT5 Trading Robot
Trading in the forex market can be thrilling, yet without the proper tools, the experience could turn out messy. RSI Pro Analyser MT5 is a trading robot developed to make your trading experience smoother. Unbiased user reviews? We haven't got any yet. If you've used this robot, why not leave a review? Now, let's dive into the interesting world of trading algorithms.
Installation and Settings
Setting up a trading robot can be a battle on its own. Thankfully, with the RSI Pro Analyser MT5, it's as easy as ABC. First, download the robot from the provided link on the MQL5 site. Open your MetaTrader 5, click on File, then Open Data Folder. Navigate through the MQL5 -> Experts -> Advisors folder and drop the robot file there. Restart your MT5 and the robot should be in your Navigator window.
For the settings, well, you're in for a ride. This robot has quite a number of buttons and switches that need clicking and tweaking. We'll go over the essential ones. However, remember that the settings can be highly subjective and dependent on one's trading style and risk appetite.
1. RSI Period: Determines the period for the Relative Strength Index.
2. Overbought Level: Level above which the market is considered overbought.
3. Oversold Level: Level below which the market is considered oversold.
4. Use Trailing Stop: A 'True' or 'False' function to enable or disable Trailing Stop.
5. Trailing Stop: The points away from the entry price where the Stop Loss will be moved.
6. Magic Number: Unique identifier for trades opened by this EA to differentiate them from other trades.
Always ensure a proper testing of the settings on a demo account before going live.
Experience with RSI Pro Analyser MT5
Having tested and used several trading robots, the RSI Pro Analyser MT5 does offer a little spark of interest. Its simplicity and straightforwardness make it a good, albeit not perfect, algorithm for beginners.
Its biggest USP is probably its built-in risk management system. This, in combination with its RSI-based strategy, provides a decent structure for a trading robot.
But remember, it's just a tool. The robot will not make you rich overnight. Trading involves risk and it's important to understand that loss is part of the game.
No reviews yet? Why not be the first to review?
Source Code of RSI Pro Analyser MT5
Ah, the enchanting world of MQL5 coding. We don't have the actual source code of the RSI Pro Analyser MT5, but we can create a version based on the description provided on the MQL5 site. If you are interested in this kind of sorcery, join us at Easy Trading Forum. Ask your questions, let's get coding together.
Remember, this is not the original code of the robot you can buy on MQL5. This is an example code from easytradingforum.com, based on the robot's description. The EASY Trading Team doesn't sell the RSI Pro Analyser MT5 or any other trading robot – we just love coding them.
Code:
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The RSI Pro Analyser MT5 is a decent tool for forex trading. If used wisely and under the right conditions, it can aid in making informed trading decisions.
Before concluding, here's a friendly nudge to always remember that trading robots are tools to aid in your trading, not magic wands that guarantee profit. Use them sensibly, understand the risks involved and never stop learning.
Download, use, test and don't forget to share your experience by leaving a review. Happy trading!