If you're looking to up your trading game, the Simple Williams Expert Advisor (EA) for MetaTrader 4 might just be what you need. This EA is based on the insights from Bill Williams' influential book, New Trading Dimensions, and is designed for real trading scenarios.
The coding behind this EA includes functions for processing errors and adjusting lot sizes intelligently, ensuring that you have a smooth trading experience. It's well-commented, making it easier for you to understand how it operates. You have two types of signals to work with: classic and pending, which depend on how the Alligator lines align with each other.
Here are some key settings you might want to consider:
- Filter: 30
- Gator_Div_slow: 250
- Gator_Div_fast: 150
These values are tailored for the H4 chart, but keep in mind that each currency pair may require some tweaking for optimal performance. The recommended timeframes for this EA are hourly and above.
For trading signals, you would:
- Buy when the fractal breaks above the Alligator's teeth.
- Sell when the fractal breaks below the Alligator's teeth.
To manage your trades effectively, set a trailing stop at the red line of the Alligator as well as at the fractals. This EA holds only one position at a time, and it does not utilize pyramiding strategies as mentioned in the book.
Important: This EA is compatible only with 5-digit quotes!
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