If you're looking to harness the power of trend indicators, the Exp_SimpleBars Expert Advisor is a solid choice for your MetaTrader 5 setup. This EA operates based on signals generated from the SimpleBars indicator, which gives you an edge in identifying market trends.
Here's the deal: the trading signal is triggered when a bar closes and the color of the indicator bars changes. It’s a straightforward yet effective approach to catch those crucial market moves.
To get the most out of this EA, make sure to place the compiled indicator file SimpleBars.ex5 in your terminal_data_folder/MQL5/Indicators. This setup is essential for the EA to run smoothly.
Also, a little tip for you: the TradeAlgorithms.mqh library file is a game changer. It enables you to use Expert Advisors with brokers that offer a nonzero spread while allowing you to set Stop Loss and Take Profit simultaneously with the opening of a position. You can explore more options in the library by following this link: Trade Algorithms.
The tests below used the default input parameters of the Expert Advisor, and it’s worth noting that neither Stop Loss nor Take Profit were utilized during these tests.
Fig. 1 The instances of history of deals on the chart.
Now, let's take a look at the testing results for 2013 on the XAUUSD H6 timeframe:
Fig. 2. Chart of testing results
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