Hey fellow traders! Today, we're diving into the Exp_ColorJMomentum Expert Advisor, a powerful tool designed to harness the ColorJMomentum oscillator’s shifts. This EA generates signals based on changes in oscillator direction as each bar closes, helping you spot potential trading opportunities.
To get started with this Expert Advisor, make sure you have the compiled indicator file ColorJMomentum.ex5. You’ll need to place this file in your <terminal_data_folder>\MQL5\Indicators directory for everything to run smoothly.
One of the neat features of this EA is its compatibility with the TradeAlgorithms.mqh library. This means you can use Expert Advisors with brokers that offer non-zero spreads. Plus, it allows you to set your Stop Loss and Take Profit right when you open a position! If you’re looking for more variants of this library, check out the link here: Trade Algorithms.
For the tests I conducted, I used the default input parameters of the Expert Advisor. It’s important to note that I didn't apply Stop Loss or Take Profit during these tests, so keep that in mind when evaluating the results.
Fig.1. Trade examples on the chart
Now, let’s look at the testing results for 2014 on GBPJPY with an H8 timeframe:
Fig.2. Testing results chart
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