If you're looking to enhance your trading strategy, the Eliot Waves Expert Advisor (EA) might just be your new best friend. This handy tool draws two trend lines using a zigzag pattern on your chart and trades whenever an Eliot retracement forms. It’s equipped with a trailing stop loss and take profit features, making it versatile across all time frames and suitable for major forex pairs as well as NASDAQ stocks.
Key Features of Eliot Waves EA
- Always start with a demo account to get the hang of it!
- This EA trades exclusively on the price of the open candle!
- If you prefer not to scale up lot sizes after a loss, set IncreaseFactor=0.
- The EA combines two moving averages with trend lines for optimal performance.
- Be aware that trend lines don’t function in test mode.
- Optimization tests can only be conducted using moving averages.
- In live trading, the trend lines and moving averages will work hand-in-hand.
- During tests, the EA merely draws trend lines on the screen in visual mode without incorporating them into trade creation.
- Make sure to backtest using the open prices only option.
- The trend lines serve as a filter, increasing the probability of winning trades.
Input Settings
- Use_TP_In_Money: Activate take profit in money (values: true/false).
- TP_In_Money: Set take profit in money (values: 10-100).
- Use_TP_In_percent: Enable take profit in percentage (values: true/false).
- TP_In_Percent: Set take profit in percentage (values: 10-100).
- Enable_Trailing: Activate trailing stop with money (values: true/false).
- Take Profit In Money: Set in current currency (values: 25-100).
- Stop Loss In Money: Set in current currency (values: 1-20).
- Exit: Close trades if the trend goes against you and control drawdown (values: true/false).
- Lots: Define lot size (values: 0.01-1).
- Lots size Exponent: Set exponent (values: 1.01-2).
- IncreaseFactor: Specify how much to increase lots from total margin after a loss (values: 0.001-0.1).
- Stop_Loss: Set stop loss (values: 30-500; set value 600 for multiple trades).
- MagicNumber: Assign magic number (values: 1-100000).
- TakeProfit: Set take profit (values: 50-200; set value 600 for multiple trades).
- FastMA: Define fast moving average (values: 1-20).
- SlowMA: Define slow moving average (values: 50-200).
- Mom_Sell: Set momentum sell trigger (values: 0.1-0.9).
- Mom_Buy: Set momentum buy trigger (values: 0.1-0.9).
- UseEquityStop: Risk control (values: true/false).
- TotalEquityRisk: Define risk (values: 0.01-30).
- Max_Trades: Set maximum trades (1-12).
Optimizing Your Trading Experience
It's essential to optimize this EA every few months using the inputs mentioned above. You can use it either as a hedging grid EA or a single trade EA. For those looking to dive deeper into backtesting, check out this helpful guide: Backtesting Guide.
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