The Forex RSI Wizard Expert Advisor works based on changes in the RSI. It looks for the direction and the strength of the Relative Strength Index (RSI) and then places a buy or a sell order in the corresponding direction. To ensure maximum accuracy the EA also takes the bollinger bands in to account, in order to minimize false signals.

Forex RSI Wizard is intended for trading any currency pair on the M5 timeframe or higher. However, backtests indicate that it is best suited for GBPAUD on H1.

Customizable Indicator parameters

• Lotsize: Defines the position size, i. e. you can trade 0.01 to 10 or more lots, according to your account size
  
• Stop Loss: Here you can set the stop loss in Pips.
  
• Take Profit: Here you can set the Take Profit in Pips.
  
• Bollinger Bands: Periods, Deviation and Shift: Here you can finetune the settings of the bollinger bands.

For accounts with balances $500+ you can leave the settings as is. For smaller accounts, e.g. $100, we recommend the following settings:

• Lotsize [lot]: 0.01