"Sell the highs and buy the lows" is the essence of FX trading.
Excess supply of currencies come and get sold. One of the indicators to determine overbought and oversold is the continuous positive and negative lines. If the positive and negative lines appear continuously, it may be overbought or oversold.
The EA (automated trading software) introduced this time is based on these ideas.
This EA will place a buy order if the following conditions are met:
On the other hand, the conditions for sell orders are as follows:
This entry logic is checked only when a new candlestick occurs.
This EA closes the trade using a take profit stop loss specified in the parameters.
An ATR stop loss can also be used.
This EA allows you to trade fairly extreme overbought and oversold conditions.
For example, it is possible to sell only if the candlesticks have been bullish for 10 consecutive days. However, it is a fairly unlikely occurrence that the candlesticks would be bullish for 10 consecutive days. So, there will be fewer trading opportunities when setting such paraments, but the winning rate would probably be quite high also.
Another feature of this EA is that it utilizes RSI in the entry logic. This makes it easier to determine overbought and oversold conditions.
Note: Backtest results may be optimized. Also, the backtest results may differ from the trade results when using a live trading account. Please understand this point before you use the EA.
Download the “UpDownDays” Forex Robot from the button below
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.
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