Hey fellow traders! Today, let's dive into the Exp_ColorSchaffWPRTrendCycle EA, a powerful trading tool for MetaTrader 5 that can help you navigate the choppy waters of the forex market.
This Expert Advisor operates on the ColorSchaffWPRTrendCycle oscillator, utilizing its position relative to overbought and oversold levels to generate trading signals. Essentially, it waits for a bar to close and looks for level breakthroughs to give you the go-ahead.
Before you get started, you’ll need the compiled indicator file ColorSchaffWPRTrendCycle.ex5. Just pop it into your <terminal_data_folder>\MQL5\Indicators directory, and you’re good to go!
Additionally, the TradeAlgorithms.mqh library file is your best friend here. It allows you to use Expert Advisors with brokers who have nonzero spreads and gives you the option to set Stop Loss and Take Profit right when you open a position. If you want to explore more options, you can download additional variants of the library here: Trade Algorithms.
For the tests shown below, we used the default input parameters for the Expert Advisor. Just a heads up: we didn’t apply Stop Loss and Take Profit during these tests, so keep that in mind when you’re reviewing the results.
Fig.1. Trade examples on the chart
Now, let’s take a look at the testing results from 2014 on the GBPJPY H4:
Fig.2. Testing results chart
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