The NewsCatcher Free Expert Advisor opens trades on a reversal from the support and resistance levels. The possibility of entering the market is confirmed by the indicator “relative strength index” (RSI). The RSI indicator is represented as a tachometer.

It is recommended to trade during periods of strong market volatility, which occurs after political events or the publication of economic data.

The Expert Advisor can be used both in semi-automatic mode (the RSI indicator serves an informational purpose) and in automatic mode (the RSI indicator serves as the basis for entering the market). The recommended timeframe for semi-automatic mode is no more than 30 minutes, for automatic mode-H1 (1 hour).

Practice shows that the semi-automatic mode, when the user visually determines the reference levels of support and resistance, gives the best result.

In order for the transaction to take place, the price must touch the bold line at least once. After that, a thin line appears, the intersection of which means the opening of the transaction. At the same time, buying is possible only on a growing bar, and selling – on a falling one.

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You can flip the timeframe to see how the current level looks on other timeframes. The Expert Advisor saves the current level. To reset the level, turn off the buy or sell button.

1) Purchase strategy.

The price moves down and reaches the oversold zone. If the price continues to move down, the Expert Advisor will move the support level (the bold line on the chart), from which a purchase is possible. The EA will push back the support level until the price performs a confident reversal and crosses the thin line. Then the Expert Advisor opens the purchase.

2) Sales strategy.

The price moves up and reaches the overbought zone. As in the first case, the EA will move the bold resistance line further away from the price until the price makes a confident downward turn. When the price crosses a thin line, a sale occurs.

Color preset – color scheme for buttons and tachometer.

Distance – the distance from the current level that the price passes to the transaction.

Magic – a magic number.

Volume-specify a fixed amount (example: 0.1) or a percentage of the available funds (example: 0.03%).

Stop loss – stop loss in pips.

Take profit – take profit in pips.

Trail – the trail in pips.

RSI > > > Period of calculation>> – period or number of bars.

RSI >>> Prices series>> – the applied price.

RSI > > > Bottom level>> – lower bound.

RSI > > > Top level>> – upper limit.

buy-enables the purchase strategy. The price should be in the oversold zone, the RSI in the red zone.

sell-enables the sales strategy. The price should be in the overbought zone, the RSI in the green zone.

dynamic-enables dynamic detection of stop levels (stop loss and take profit) by the nearest price peaks. In this case, the EA finds the stop loss and take profit levels no closer than the corresponding stop loss and take profit values from the current price.

zero-the stop loss will be set at the opening price as soon as the trade goes into plus.

sound-enables notification of the appearance of a thin line (a trade is possible during a reversal), the opening of a trade, the movement of a trailing stop, and the closing of a trade.

auto-enables automatic trading mode. In this case, the EA buys when the RSI indicator is in the red zone, and sells in the green zone. Auto mode automatically turns on and off the necessary buttons. If you click the buy or sell button in auto mode, auto mode is disabled.

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