Introduction
So, you've decided to dive into the world of automated trading with the AW RSI based EA MT5. Good for you. This trading robot, as the name suggests, is grounded in the Relative Strength Index (RSI) indicator—a popular tool among traders. But before you get carried away by backtest results and user reviews, let's break down the installation, configuration, and some practical tips to ensure you're getting the most out of this EA.Installation and Setup
Setting up the AW RSI based EA MT5 isn't rocket science, but let's make sure you get it right.- Download the EA: First, obtain the AW RSI based EA MT5 from the official store or Forex Robot Easy.
- Platform Integration: Ensure you have the MetaTrader 5 platform installed. Import the EA by navigating to File -> Open Data Folder -> MQL5 -> Experts and paste the EA file here.
- Restart MT5: Restart your MetaTrader 5 platform to recognize the new EA.
- Attach to Chart: Open the desired Forex pair chart, preferably those recommended by the vendor (like EUR/USD, EUR/JPY), and drag the EA from the Navigator panel onto the chart.
- Configure Inputs: Adjust the input parameters such as RSI period, Overbought/Oversold levels, Lot size, etc., to suit your trading strategy.
- Enable Auto Trading: Make sure the 'AutoTrading' button at the top of the MT5 platform is enabled.
User Experience
Let's not kid ourselves, automated trading is as much about trial and error as it is about strategy. User reviews have pointed out some mixed results, which is hardly surprising. While one user, Rednaxela55, reported small but consistent profits in their demo account, real accounts can be a different ball game.Tips for Improvement
You've set up your EA. Now what? Here are some recommendations to squeeze more out of your trading robot:- Pair Selection: Not all currency pairs are created equal. Perform thorough backtesting on multiple pairs before committing real capital.
- Timeframes: Experiment with different timeframes. While some users have found success on the 30-minute and 1-hour charts, your mileage may vary.
- Risk Management: Start with smaller lot sizes. Even a seemingly perfect EA can falter during high volatility.
- Constant Monitoring: Don't just set and forget. Regularly monitor the EA's performance and make adjustments when necessary.
- Demo Testing: Conduct extensive testing in a demo account before going live. This can save you from unpleasant surprises.
Source Code of AW RSI based EA MT5
Unfortunately, the original source code for the AW RSI based EA MT5 isn't something we're privy to. However, based on its description on MQL5, we can craft a similar EA. If you've got questions about coding, feel free to ask. Do note that our version is based on the description and not a carbon copy of the AW RSI based EA MT5.Moreover, the EASY Trading Team is not in the business of selling this robot. We merely provide an example EA, based on the principles outlined in the commercially available version.
Code:
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Ready to take the plunge? Ensure you get your hands on the AW RSI based EA MT5 from a trusted source. Remember, while automation can help, it isn't a substitute for due diligence and hands-on management. If you have any queries or need further assistance, drop them in the comments.Happy Trading—or at least, let's hope for manageable losses.