Hey fellow traders! Today, let's dive into the Exp_ColorXXDPO Expert Advisor, designed specifically for MetaTrader 5. This EA is built around the ColorXXDPO oscillator, which signals potential market reversals. The magic happens when a bar closes and the oscillator changes direction, giving you a timely entry point.
Before you get started, make sure you've got the compiled indicator file ColorXXDPO.ex5 in the right spot. Just place it in your <terminal_data_folder>\\MQL5\Indicators directory.
Another cool feature is that the TradeAlgorithms.mqh library allows you to use this EA with brokers that offer nonzero spreads. Plus, you can set your Stop Loss and Take Profit right when you open a position. If you want to explore more variants of this library, check this link: Trade Algorithms.
For the tests shown below, we used the default parameters of the Expert Advisor, and just to keep things simple, we didn’t apply any Stop Loss or Take Profit during the testing phase.
Fig.1. Trade examples on the chart
Now, let’s take a look at the testing results for 2014 on the GBPJPY H6:
Fig.2. Testing results chart
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