The Relative Strength Index was developed by Welles Wilder and published in 1978 in “New Concepts in Technical Trading Systems”. It is an oscillator that shows extreme overbought and oversold market situations and, through RSI divergences, provides further indications of possible upcoming trend change.
The most popular way to trade with the RSI indicator is to look for a sell trade when the RSI signal line is above the extreme level of 70 or to look for a buy trade when it is below the 30 level. Traders use the RSI indicator to determine if trends might be coming to an end and there could be a market reversal, or to see if there is still something left in the tank.
What is the free RSI EA?
If you are a fan of the RSI indicator and don’t want to constantly be sifting through multiple charts and timeframes for RSI signals, then this free RSI EA can be a great solution.
It will analyse all of the charts that you attach it to in the MetaTrader 4 (MT4) platform for buy or sell signals which can save you plenty of time and allow you to simultaneously follow lots of currency pairs or other financial instruments.
How does the free RSI EA work?
When the RSI EA finds a valid trading signal according to its built-in algorithm, it will send you a signal alert via SMS, email or a platform pop-up. You can choose the alerts that you wish to receive from the RSI EA settings.
Not only can it send you alerts for manual trading, but you can set it to actually place trades on your behalf in case you are not around to do it yourself. It includes customisable settings and money management features such as stop loss, take profit, break even and a trailing stop.
RSI EA Trading Strategy
I have built this free RSI EA for MT4 (MQL4) so that you can use it to generate signals and automatically trade based on the main RSI trading strategy of extreme levels.
RSI Extreme Strategy
- Buy Signal: RSI signal line is below 30
- Sell Signal: RSI signal line is above 70
RSI EA Features
- All of the RSI EA settings are customisable
- The RSI robot can send RSI signals and trade automatically
- Keep full control over your money management
- The RSI EA MQL4 is developed for the MT4 platform
- The RSI MT4 EA can be used on any MT4 forex broker
- The RSI EA is free to use without any restrictions at all
- Includes easy to understand setup instructions
RSI EA Settings
- Expert Name
- Pop Up Alerts
- Email Alerts
- SMS Alerts
- Days Filters
- Hours Filter
- Magic Number Buy
- Magic Number Sell
- Maximum Spread
- Maximum Slippage
- Open Orders Limit
- Use Risk
- Risk Percent
- Stop Loss
- Take Profit
- Close Opposite Signal
- Use Break Even
- Break Even Point
- Use Trailing Stop
- Trailing Gap
- Close Percent
- Minimum Lot Close
- RSI Extreme
- RSI Period
Conclusion: Is this free RSI EA for me?
If you are looking to get automated RSI signals in MT4 then yes, this can do the job. It can send you buy or sell signal alerts and place trades without you needing to do anything. As with any automated or manual forex strategy, there is no guarantee at all on the results that you will get.
This RSI robot has not been optimized so it does not include set files. You will need to choose your own settings. However, you do have unlimited access so you can test it as much as you want on all of your favourite currency pairs and chart timeframes.
If you manage to come up with some interesting settings that show good historical performance, please feel free to share them with me.
You might also want to check out my other free forex EA’s that you can download:
- Free Bollinger Bands EA
- Free CCI EA
- Free Moving Average EA
- Free Envelopes EA
- Free ADX EA
- Free Ichimoku EA
- Free Stochastic EA
- Free Parabolic SAR EA
- Free MACD EA
- Free Price Action EA
If you are looking for a forex robot that combines multiple technical indicators along with price action analysis, please feel free to take a look at my free forex robot. Otherwise, you can download the free RSI EA.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.