The Exp_ColorSchaffMFITrendCycle Expert Advisor (EA) is designed to help traders harness the potential of the ColorSchaffMFITrendCycle oscillator. This tool signals trades based on the oscillator's shifts in relation to overbought and oversold levels. You’ll get a clear signal when a bar closes, indicating a level breakthrough.
To get started, you’ll need to have the compiled indicator file ColorSchaffMFITrendCycle.ex5. Make sure to place it in your <terminal_data_folder>\MQL5\Indicators directory.
One key advantage of this EA is its compatibility with the TradeAlgorithms.mqh library, which allows you to trade with brokers that offer nonzero spreads. This library also lets you set Stop Loss and Take Profit orders right when you open a position. You can find more variations of the library at this link: Trade Algorithms.
During our testing, we used the default input parameters for the Expert Advisor. Notably, neither Stop Loss nor Take Profit was applied during these tests.
Fig.1. Trade examples on the chart
Here are the testing results for 2014 on the USDJPY H4 timeframe:
Fig.2. Testing results chart
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