If you’re diving into automated trading, let me introduce you to the Exp_BullsBearsEyes Expert Advisor (EA). This nifty tool is built on signals from the ColorBullsBearsEyes indicator. It generates trade signals when certain conditions are met at the end of each bar, such as when the average line breaks through, the histogram direction shifts, or when the signal line changes. It also considers whether the asset is in overbought or oversold territory, or if it breaks out of those zones, depending on the mode you select in the input parameters.
What’s great about the ColorBullsBearsEyes indicator is that it was specifically designed for use with this EA. This means all the algorithms for determining signal entries are embedded within the indicator itself, making the EA's code much simpler and cleaner. The trade signals generated by this indicator are stored in the SignBuffer[] under a specific index, streamlining the process for traders.
To get started, simply drop the ColorBullsBearsEyes.ex5 file into your terminal_data_folder/MQL5/Indicators directory.
The tests below were conducted using the default input parameters for the EA. Note that neither Stop Loss nor Take Profit were utilized during these tests.
Fig. 1. Trade history instances on the chart.
Let’s take a look at the testing results for 2011 on the USDCHF in the H4 timeframe:
Fig. 2. Testing results chart
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