How It Works
Overview
Eazypips EA is an MT4 automated trading system that uses the RSI indicator to detect overbought/oversold conditions and manage trades using a basket-based approach.
Accordion: Step-by-step Workflow
1) Signal Detection (RSI)
- The EA reads RSI on the current chart timeframe.
- SELL signal: RSI >
rsiob(Overbought) - BUY signal: RSI <
rsios(Oversold)
2) First Trade Entry
- Opens a new trade only if there is no active basket in that direction:
- Opens SELL when overbought and no active SELL basket.
- Opens BUY when oversold and no active BUY basket.
- First lot size uses
starting_lot.
3) Layering / Additional Entries
- If price moves against the position by at least
pipstep, the EA can open an additional trade (layer). - Layers are limited by
max_layer. - Lot size increases by
multiplierper layer:- Lot ≈
starting_lot × (multiplier ^ layer_count)
- Lot ≈
4) Basket Take Profit Management
- The EA calculates the basket’s weighted average entry price.
- It then sets a basket TP:
- BUY basket TP: average buy price +
takeprofit - SELL basket TP: average sell price −
takeprofit
- BUY basket TP: average buy price +
- TP is updated continuously for each open order.
5) Stop Loss (Optional)
- If
stoplossis set to 0, trades may run with no stop loss. - If
stoploss> 0, SL is applied in points/pips from entry.
Risk Disclosure Box (Short)
This EA uses layered position management and dynamic lot scaling, which can increase exposure and drawdown during strong trends. Users should apply appropriate risk management and account sizing.
EA Parameters
Table: Order Settings
| Parameter | What it Controls | Typical Use |
|---|---|---|
target_close | Closing mode option (code currently behaves as fixed TP basket style) | Leave default unless you customize |
starting_lot | First trade lot size | Lower = safer |
max_layer | Max number of layers per direction | Limits total positions |
takeprofit | Basket TP distance from weighted average entry | Controls profit target |
stoploss | Stop loss distance (0 = no SL) | Use SL if you prefer defined risk |
pipstep | Distance (in points/pips) before adding next layer | Higher = fewer trades |
multiplier | Lot scaling factor per layer | Lower = slower lot growth |
komen | Trade comment shown in MT4 | Branding / tracking |
mg | Magic number (EA trade identifier) | Avoid conflicts with other EAs |
Table: RSI Settings
| Parameter | What it Controls | Typical Use |
|---|---|---|
rsip | RSI period | 14 is standard |
rsiprice | RSI applied price (e.g., Close) | Default PRICE_CLOSE |
rsiob | RSI overbought level (SELL trigger) | Common: 70 |
rsios | RSI oversold level (BUY trigger) | Common: 30 |
FAQ
Is Eazypips EA fully automated?
Yes. Once installed on MT4 and AutoTrading is enabled, the EA manages entries, layers, and take profit automatically.
Does it use a basket take profit?
Yes. It manages TP based on the basket’s weighted average entry price.
Can it run without stop loss?
Yes, if stoploss = 0. However, this increases risk and requires careful account management.
What affects trade frequency?
Mainly RSI thresholds (rsiob, rsios) and pipstep.
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