Are you ready to elevate your trading game? Let’s dive into the world of the Andrews Pitchfork Expert Advisor (EA) designed for MetaTrader 4. This nifty tool draws the Andrews Pitchfork on your chart and trades along with the trend, utilizing a trailing stop loss and take profit mechanism. It’s versatile enough to work across all time frames, major forex pairs, and even NASDAQ stocks!
Getting Started
Before you hit the live market, I recommend trying it out on a demo account first. Here are a few key pointers:
- This EA only trades based on the price of the open candle!
- If you prefer not to increase your lot size after a losing trade, simply set IncreaseFactor=0.
- I’ve combined a straightforward EA with two moving averages and the Andrews Pitchfork for enhanced performance.
- Keep in mind the Andrews Pitchfork does not operate in test mode.
- Only moving averages can be optimized during testing.
- In live trading, the Andrews Pitchfork and moving averages work hand in hand.
- During tests, the EA will merely display the Andrews Pitchfork on your screen without using it for trade execution.
- The Pitchfork acts as a filter, boosting your chances of winning trades.
Inputs You Can Customize
- Use_TP_In_Money: Enable Take Profit in monetary terms (values: true/false).
- TP_In_Money: Take Profit in money (values: 10-100).
- Use_TP_In_percent: Enable Take Profit in percentage (values: true/false).
- TP_In_Percent: Take Profit in percentage (values: 10-100).
- ------------ [Money Trailing Stop For Multiple Trades] ----------------------
- Enable_Trailing: Enable trailing based on monetary values (values: true/false).
- Take Profit In Money: (values: 25-100).
- Stop Loss In Money: (values: 1-20).
- ------------------------------------------------------------------------------------
- Andrews Pitchfork length: (bars) (values: 10-100).
- Andrews Pitchfork color: Choose your preferred color.
- Exit: Close trades if the trend goes against you (values: true/false).
- Lots: Lot size (values: 0.01-1).
- Lots size Exponent: (values: 1.01-2).
- IncreaseFactor: Adjust lot size from total margin if you lose a trade (values: 0.001-0.1).
- top_Loss: Stop Loss (values: 30-500). Set value 600 for Multiple Trades.
- MagicNumber: Unique identifier for trades (values: 1-100000).
- TakeProfit: Take Profit (values: 50-200). Set value 600 for Multiple Trades.
- FastMA: Fast Moving Average (values: 1-20).
- SlowMA: Slow Moving Average (values: 50-200).
- Mom_Sell: Momentum Sell trigger (values: 0.1-0.9).
- Mom_Buy: Momentum Buy trigger (values: 0.1-0.9).
- --------------------- CONTROL DRAW DOWN -----------------------------
- UseEquityStop: (values: true).
- TotalEquityRisk: (values: 0.01-20).
- -------------------------------------------------------------------------------
- Max_Trades: (1-12).
- FractalNum: Number of High and Low (values: 1-10).
- ---------------- IF YOU USE ONLY 1 TRADE: -----------------------
- USETRAILINGSTOP: Enable trailing stop (values: true/false).
- WHENTOTRAIL: When to initiate trailing (values: 40-100).
- TRAILAMOUNT: Amount to trail (values: 40-100).
- Distance From Candle: (values: 1-100).
- USECANDELTRAIL: If using trailing stop (values: true/false).
- X: Number of candles (values: 1-100).
- USEMOVETOBREAKEVEN: Enable break even (values: true/false).
- WHENTOMOVETOBE: When to move to break even (values: 1-30).
- PIPSTOMOVESL: Pips to adjust stop loss (values: 1-30).
It’s crucial to optimize this EA every few months using the same input values listed above. You can use it as a hedging grid EA or a single trade EA.
How to Perform a Back Test: For a detailed guide, check out this helpful link.
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