RSI Breakout Trading Bot (MQL5 Coding Tutorial) #algotrading #tradingbot

apparently there's a better way to trade with the RSI in a previous video we show how to create the RSI expert in under 1 minute let's improve this here when the RSI crosses the upper limit we sell and close any buy conditions and when we cross the lower limit we buy and close any sell positions so you can see these two trades here they're profitable in both directions but what if instead we use the crossing of the upper limit as a breakout indicator if we look back at this we can see many times after it crosses the upper limit price will continue upwards so that's what we're going to do here for Simplicity sake let's delete the sell portion of our code and we can add it back in later and now when we cross the upper limit we're opening a Buy trade not a sell trade and now we're not closing the position until we cross back below this upper limit also this is a Buy trade now so we use the ask price instead of the bid price so maybe this still needs a little optimization because it doesn't immediately seem profitable but we can do that in a future video and that's the general idea of how you can use the RSI for a breakout strategy and that's why they say that