The RSI Trend Strategy is a simple Expert Advisor based around using the RSI indicator as a trading signal. When the RSI breaks above 73 or dips below 27, the Expert Advisor puts in an order to buy or sell the pair. The Expert Advisor uses ATRs to set exit prices. When a trend is entered, the stop loss is set three ATRs behind the entrance price. When the price moves in favor of the trader more than three ATRs, the stop loss is set to break even. If the trade continues to work, a trailing stop of three ATRs is used to eventually close out of the position.
Average true range is a measure of volatility that more accurately measures volatility in markets prone to gapping such as Commodities and Forex.
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