Mastering RUBBERBANDS EA: Your Go-To System Trading Tool for MetaTrader 4

Introducing RUBBERBANDS EA

Version 1.6 is here, and trust me, you won’t find Versions 1.4 or 1.5 lurking around!

This latest iteration focuses solely on dollar values, steering clear of pip values to dodge those pesky "Point" issues.

Since Version 1.3, we've integrated a handy feature called the "SAFETY NET", designed to shield you from significant losses during those nerve-wracking drawdowns.

Gone is the external variable "maxcount". You’ll now have a maximum of three open orders at any given time.

This EA is incredibly versatile, working across any timeframe and currency pair, including precious metals like gold and silver. The strategy hinges on the idea that price movements often come with a rebound. It initiates orders in both directions (BUY & SELL) simultaneously, then closes one at the predefined profit level defined by dollar_profit (measured in dollars per lot). It may look like the accumulated unrealized loss outweighs the profit, but when the price swings back, you’ll see that loss shrink or even transform into profit.

All open orders are automatically closed once you hit your "sessionTP" (in dollars per lot), which acts as your TAKE PROFIT.

Think of the initial order placements and the closing of outstanding orders as one complete "session".

Recommended currency pairs include: EUR/USD, GBP/USD, and USD/CHF.

To avoid those dreaded large drawdowns, make sure to utilize the "SAFETY NET".

In fact, if you run this EA on multiple pairs simultaneously with smaller lot sizes for each, you can achieve stable profits with the "SAFETY NET".

If you set "use_safety_mode" to false, this EA will behave just like the older versions.

However, if you keep it as true (the default setting), the "SAFETY NET" kicks in. This means an additional order, known as a "safety order", is opened in the opposite direction when losses hit the "safety_start" threshold (in dollars per lot). This safety order will close when it reaches the "safety_profit" level, designed to boost profits during drawdown periods and offset accumulated losses (typically around 40% with preset values -- safety_profit/safety_step=1300/3000). Another safety order will be triggered once we reach the "safety_step" threshold from the previous safety order, and it continues from there. When the price rebounds and hits the "safety_modeTP" (dollars per lot), all outstanding orders will be closed, and the session wraps up. Although entering the "SAFETY NET" may reduce potential profits, there’s always a chance that you won’t need it and can achieve your original profit goals.

External Variables:

Lots: 0.05 (number of lots for each order)
dollar_profit: 1000 (profit per lot to close one of the initial orders)
quiesce_now: false (set to true to pause this EA when the current session ends)
do_now: false (set to true to open orders immediately)
stop_now: false (set to true to stop this EA)
close_now: false (set to true to close all open orders)
use_sessionTP: true (leave this unchanged)
sessionTP: 1300 (profit in dollars per lot to close all open orders; acts as TAKE PROFIT)
use_sessionSL: false (if true, implements "sessionSL" below)
sessionSL: 300 (loss in dollars per lot to close all open orders; acts as STOP LOSS)

For the "SAFETY NET", you’ll find these external variables:

use_safety_mode: true (activates the "SAFETY NET"; set to false if you prefer not to use it)
safety_start: 2000 (loss in dollars per lot [negated] to kick off the "SAFETY NET")
safety_lots: 0.05 (number of lots for each safety order)
safety_step: 3000 (dollars per lot to place an additional safety order)
safety_profit: 1300 (profit in dollars per lot to close each safety order)
safety_modeTP: 500 (profit in dollars per lot to close all outstanding orders after entering "SAFETY NET"; acts as TAKE PROFIT)

Lastly, here are some external variables for restarting this EA after a break, like a weekend, when there are open orders: