DaxTrader RSI User Manual
Contents
1. Slippage happens when an order is placed for a particular price but before it can be filled the market moves and that price is no longer available Slippage is a natural occurrence in any fast moving market and it works both ways positive and negative This feature allows you to choose a tolerable slippage value in 1 10 of a pip Take Profit Target amp Stop Loss Target Pretty self explanatory again If you want a 50 pip stop loss or 50 pip profit target enter 50 Be advised of how many decimal places your provider uses This software is designed for forex platforms that use a five decimal quote engine for example EURUSD 1 07990 You may need to adjust your targets if your platform does not have this The next thing is with the Dax because on my FXCM platform there are two extra decimal places so if i want to put a 50 point target would actually need to type 5000 because of the two extra decimals A good way to check your own providers settings on the Dax would be to enter a test trade with no stop loss or profit target Once the trade is open modify the trade manually When you see the order dialog box open look for the Modify Order section Under this section find the Level section Here you can type the target you want Once you have the amount you want use that number in the EA Forex does not need you to do this just enter the number of pips you want to target Maximum number of trades per market This should lim2. DaxTrader RSI Expert Advisor for MetaTrader Manual Contents 1 Introduction 2 How When Are Trades Activated 3 How To Install The DaxTrade RSI EA 4 What Are The Different Settings 5 Strategies 1 Introduction The relative strength index is a great tool to visually check when a particular market is experiencing overbought or oversold conditions The indicator has a number of useful variables which come as standard with all trading charting platforms These variables can be modified to find good opportunities to enter into a trade and more specifically these variables settings can allow us to discover high probability trade setups You probably know all of that already regularly used to see the markets reacting to RSI and thought to myself when a market is overbought where is the best place to sell also used to think the opposite when a market is oversold where is the best place to buy My decision was to buy or sell once the RSI came back through the overbought or oversold level 2 How When Trades Are Activated believed that price could sit inside an overbought or oversold zone for quite some time especially in a strong trend so wanted the EA to activate trades when it came out of the overbought or oversold zone this signalled to me that it was ready to offer the opportunity So began the process of coding the automatic trading software to do exactly that Example 1 Trade opening exam
3. REND FOLLOWING any timeframe The trend will be your friend don t fight it If we are in a bearish trend EURUSD for example or Bullish like the Dax has been recently then you will want to skew your signals towards the trend of the market To do this you need to adjust your RSI settings to weight more heavily to one side or the other How to calculate the trend is your choice maybe trend line support has just been broken or the trend defining level has broken maybe an indicator has told you something maybe you are purely basing your bias on fundamental analysis and monetary policy disparity it s your call 3 BULLISH TREND Set up any timeframe on a chart of your choice Set your RSI period to whatever you like relevant to your timeframe Choose something like 90 30 for RSI or 90 40 if you re aggressively bullish 4 BEARISH TREND Set up any timeframe on a chart of your choice Set your RSI period to whatever you like relevant to your timeframe Choose something like 70 10 for RSI or 60 10 if you re aggressively bearish CONTACT ME Thank you for purchasing guys wish you the best of luck If you need extra help you can contact me here Skype DaxTrader54 Email chris daxtrader co uk Phone number 07912 682257 whatsapp or leave a message
4. Sound false a Title signal UP buy wav ab Title signal DOWN sell way ab Text for UP TREND BULL lab Text for DOWN TREND BEAR Cancel Reset WZ 5 Strategies There are never any guaranteed make money quick schemes in trading regardless of what anyone says Whoever says it is lying Whoever is selling you the product under a get rich scheme is the person getting rich So please be aware these strategies or not systems they are designed for you to experiment with and find your own system 1 SUPER TIGHT STRATEGY 30 minute If you are very risk averse then short term spread betting or trading on margin is probably not right for you so think about a different investment vehicle But of course some traders like me like to minimise risk where possible So like to only choose unusually high probability trade setups Due to the nature of these setups they occur much less frequently so you will not get many signals from this But when you do they can be very lucrative Set up a 30 minute chart of your choice Set your RSI period to 34 Set your levels to 80 and 20 Maximum trades per market of 1 Stop loss of 50 pips Lot size your choice Trailing stop 50 pips 2 SUPER TIGHT STRATEGY 4 Hour Set up a 30 minute chart of your choice Set your RSI period to 14 Set your levels to 82 and 18 Maximum trades per market of 1 Stop loss of 100 pips Lot size your choice Trailing stop 100 pips 3 T
5. dicator ASI Settings for signals Z Send notifications by e mail false xj Section 4 Settings for Signals Use signals Alert Do you want the MetaTrader alert function to alert you when these conditions are met PUSH send messages to your phone Do you want to receive message to your phone You will need to setup this feature inside your MetaTrader Tools Options Notifications Send Notifications by email Do you want to receive the notifications by email You will need to setup this feature inside your MetaTrade Tools Options Email Enable Use beeps Sound Title signal UP Title signal Down just ignore these to be honest Text for UP TREND and Text for DOWN TREND Change the text that appears on your messages alerts notifications for your signals change them to BUY or SELL Expert DaxTraderRSI 2 1 21x About Common Inputs Dependencies Variable Value e RSI price Close price 23 Overbought level 70 jed Oversold level 5 ab __ _ k General Options Advisor e Number signal bar W Lot size 23 Slippage 123 Take profit target jad Stop Loss target 23 Maximum number of trades per market jad Order Magic Number 123 Trailing Stop a2 _ _ oot Settings for signals Z Use signals Alert true A PUSH send messages to your phone false jz Send notifications by e mail false ZA Use beeps
6. e times you use For example if you were in New York that s five hours behind the UK instead of putting 08 00 16 00 you would put 13 00 21 00 If you lived in Dubai that s four hours in front of the UK so instead of putting 08 00 16 00 you would put 03 00 11 00 hope that helps Variable ab lab Start trading a5 End of trading 14 k RSI price Close price jed Overbought level 70 e Oversold level 5 E General Options Advisor e Number signal bar 1 E Lot size 5 0 e Slippage 100 jed Take profit target 0 e Stop Loss target 5000 jed Maximum number of trades per market 2 E Order Magic Number 0 jed Trailing Stop 2500 25 _ 4 Settings for signals Z Use signals Alert true A PUSH send messages to your phone false A Send notifications by e mail false Section 2 Settings for indicator RSI think most of this is self explanatory choose the settings you wish for the EA to use for trading decisions will go through strategy examples later in the manual but for now just remember that the lower the time frame the high the RSI period For example a m1 or m5 time frame wants to really use an RSI period of 34 to iron out the noise H4 and D1 can easily use RSI of 8 or 13 m15 and m30 can use an RSI period of 21 But ultimately experiment with your preferred style The RSI price options are related to at what point the ind
7. icator decide when it has crossed back out of the overbought or oversold zone Variable Value ab 1 The start and end of the trade on GMT ab Start trading 07 00 ab End of trading 22 00 E a _ _2 _______ Settings for indicator FSI EJ RSI period 14 123 RSI price Close price 23 Overbought level e Oversold level E General Options Advisor ed Number signal bar 1 H Lot size 5 0 123 Slippage 100 e Take profit target 0 led Stop Loss target 5000 23 Maximum number of trades per market 2 23 Order Magic Number 0 ed Trailing Stop 2500 a5 t Settings for signals ZA Use signals Alert true A PUSH send messages to your phone false ZA Send notifications by e mail false Section 3 General Options Advisor Number signal bar This is the bar that the EA uses to decide when the RSI is back inside the normal zone would leave this on 1 Lot Size This is size of the trade that you want the software to open Please be aware of what your trading sizes are before you use this EA For example on FXCM forex will use 0 01 as a minimum lot size but if wanted to trade the Dax or Gold or another index or commodity would have to use 1 00 as the minimum lot size Your provider may be different so if you are not sure go and experiment opening trades with a MetaTrader demo account Slippage
8. it the number of trades that the EA opens on any one market at a time Very occasionally one may fall through the net so if you choose 1 in this box and use the EA you may find very occasionally that two trades open This is a small bug which have have yet to isolate Choose what you want here but rarely go higher than 2 Order Magic Number This is a behind the scenes number to help the EA track which trade is being opened Just leave this at 0 Trailing Stop My favourite feature but you will need to play around with this to find your best settings because it depends on the decimal usage of your broker On the Dax with my two extra decimals if wanted a 25 point trailing stop would choose 2500 On forex if wanted a 25 pip trailing stop enter 25 based on a 5 decimal forex calculation Variable Value B 1 8 ab Start trading 07 00 lab End of trading 22 00 The start and end of the trade on GMT ae ee e RSI period 14 123 RSI price Close price 123 O verbought level 70 123 Oversold level 5 b jJ General Options Advisor 123 Number signal bar M Lot size 123 Slippage ed Take profit target 123 Stop Loss target hed Maximum number of trades per market 123 Order Magic Number ed Trailing Stop ab 4 Z Use signals Alert true A PUSH send messages to your phone false Settings for in
9. ple Shown on EURUSD In this example the RSI came above 70 around 11 00 in the morning and price was beginning to peak The RSI began to turn around and then came back through the 70 The EA activated the trade atl the green dot when the RSI closed below 70 i X ul 4 N 10 00 11 00 12 00 13 00 14 00 15 00 Y y T T T Y T y T T T 08 00 EUR USD GR m5 A e Ask a ey Ja kz Bee if sE AP E 09 00 mo T my T wh 1 li i le et l LEN I Jrz 7 Phiri aie Mr ult james eer a i i i ih p TEN Ne k thar rant jiza 13 40 14 25 15 10 1 13 11 2015 06 55 08 25 09 10 100 _RSI EUR USD Close 14 38 09 Example 2 Multiple signals trades using the separate RSI Indicator m oms ms mo Hio oHe oi wi mife at 3 How to Install the DaxTrade RSI EA There are video tutorials available on the website please watch all the tutorial videos before using the product http www daxtrader co uk rsi expert advisor You will need MetaTrader for this software to work 4 What are the different settings Section 1 Trading Hours This section allows you to choose the specific trading hours that you wish for the EA to work for For example if you only want to trade between 8am and 4pm then choose 08 00 in the start trading box and 16 00 in the end of trading box Be aware this is only in GMT so if you live in outside of the UK or this timezone you will need to modify th
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