Introducing Simple FX, a free EA designed to effortlessly navigate the Forex market using moving averages. Whether you're a seasoned trader or just starting out, this tool is user-friendly and adaptable.
Simple FX allows you to customize two moving averages based on period, method, and type. You can also tweak the order settings, including lot size, slippage, and magic number. The beauty of this EA is its versatility; it can trade any currency pair with virtually any MT4 broker. For optimal results, it’s best to attach Simple FX to the daily (D1) chart time frame.
The latest version, simplefx2.mq4, comes packed with exciting updates:
- Optional stop loss and take profit settings
- Bug fixes in stop loss and take profit code
- Now waits for the first moving average crossover
- If a stop loss or take profit is activated, it waits for the next MA crossover
- Important variables are now automatically saved to a file
How Simple FX Works
It’s as straightforward as it sounds! When the short moving average (MA) is above the long moving average, the trend is deemed bullish. In this scenario, the EA will close any open sell orders and open a buy order. Conversely, when the short MA dips below the long MA, the trend turns bearish, prompting the EA to close buy orders and initiate a sell order. This way, the EA continuously rides the market trends up and down.
Quick Overview of Key Variables
Stop Loss and Take Profit
Both the Stop Loss and Take Profit settings are optional. You can leave them at zero, and the EA will still function seamlessly. However, if you want more control, you can set a take profit value, for example, 20 pips, by adjusting the Take Profit variable accordingly.
Moving Average Methods
- Simple Moving Average (SMA) = 0
- Exponential Moving Average (EMA) = 1
- Smoothed Moving Average (SMMA) = 2
- Linear Weighted Moving Average (LWMA) = 3
Applied Price Types
- Close Price = 0
- Open Price = 1
- High Price = 2
- Low Price = 3
- Median Price (default) = 4
- Typical Price = 5
- Weighted Close Price = 6
Happy trading!
Best, Glenn Bacon (RobinHood)
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