Hybrid Trading RSI Divergence MT4

This is a code for a MetaTrader 4 (MT4) Expert Advisor (EA) called Hybrid Trading RSI Divergence. It is developed by the Forex Robot Easy Team and is designed to trade forex markets based on RSI (Relative Strength Index) divergences.

Product Description

The Hybrid Trading RSI Divergence MT4 EA is a powerful tool that helps traders identify potential trading opportunities by detecting RSI divergences. RSI is a widely used technical indicator that measures the strength and weakness of a market. Divergence occurs when the price and the RSI indicator move in opposite directions, suggesting a potential reversal or continuation of the trend.

This EA is designed to automatically open positions based on the detected RSI divergences. It uses a combination of entry signals, trailing stops, and adding new positions to optimize trading performance.

Key Features:

• Detects RSI divergences to identify potential trading opportunities
• Opens positions based on the detected divergences
• Implements trailing stop to protect profits and adjust stop loss
• Adds new positions based on new divergences to maximize profit potential

This EA is suitable for both beginner and experienced traders looking to automate their trading strategies based on RSI divergences. It offers flexibility and customization options to adjust the trading parameters according to individual preferences.

For detailed reviews and trading results of this product, please visit Forex Robot Easy. Please note that Forex Robot Easy is not the official developer of this product. We only provide sample code that can work as described in this product. To find the official developer of this product, please refer to MQL5.

How It Works

The Hybrid Trading RSI Divergence MT4 EA works by continuously monitoring the market for RSI divergences. It utilizes the OnInit, OnTick, and OnDeinit functions to execute its trading strategy.

1. OnInit Function:

   • Sets the Magic Number for the trades to differentiate them from other trades
   • Returns INIT_SUCCEEDED to indicate successful initialization

2. OnTick Function:

   • Checks for RSI divergences using the CheckRSIDivergence function
   • If a divergence is detected, it opens a position using the OpenPosition function
   • Checks for trailing stop conditions using the CheckTrailingStop function
   • If trailing stop conditions are met, it adjusts the stop loss using the AdjustStopLoss function
   • Checks for new divergences using the CheckNewDivergence function
   • If a new divergence is detected, it adds a new position using the AddPosition function

3. CheckRSIDivergence Function:

   • Implements the RSI Divergence Indicator to detect divergences
   • Returns true if a divergence is detected, otherwise returns false

4. OpenPosition Function:

   • Implements code to open a position based on the detected divergence
   • Example code: Buys a position with a lot size of 0.1

5. CheckTrailingStop Function:

   • Implements code to check if trailing stop conditions are met
   • Example code: Returns true if profit is more than 50 pips, otherwise returns false

6. AdjustStopLoss Function:

   • Implements code to adjust the stop loss for the open position
   • Example code: Moves the stop loss 10 pips below the current price

7. CheckNewDivergence Function:

   • Implements code to check if a new divergence is detected
   • Example code: Returns true or false based on a condition

8. AddPosition Function:

   • Implements code to add a new position based on the new divergence
   • Example code: Buys a position with a lot size of 0.2

9. OnDeinit Function:

   • Performs any cleanup or logging operations before the EA is stopped

Please note that this ReadMe file only provides an overview of the code and its functionality. For a detailed understanding and usage of the Hybrid Trading RSI Divergence MT4 EA, please refer to the official documentation provided by the developer.

For detailed reviews and trading results of this product, please visit Forex Robot Easy.