Hey there, fellow traders! Today, we’re diving into the Exp_i-KlPrice Expert Advisor, a powerful tool for MetaTrader 5. This EA leverages the i-KlPrice histogram to identify when the market is hitting those overbought and oversold levels. The magic happens when a bar closes and breaks through one of those key levels, giving you a solid signal to act on.
To get this EA up and running, you’ll need to have the compiled indicator file i-KlPrice.ex5. Just pop it into your <terminal_data_folder>\MQL5\Indicators directory, and you’re good to go!
A quick heads-up: the TradeAlgorithms.mqh library file is crucial for using EAs with brokers that offer a nonzero spread. Plus, it allows you to set your Stop Loss and Take Profit right when you open a position. If you want to explore more options with this library, check out this link: Trade Algorithms.
During our tests, we used the default input parameters for the Expert Advisor. Notably, we didn't apply Stop Loss and Take Profit during these tests, so keep that in mind.
Fig.1. Trade examples on the chart
Now, let’s take a look at the testing results from 2014 on the GBPJPY H1:
Fig.2. Testing results chart
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