Hey traders! If you’re looking to enhance your trading strategy, let’s dive into the Exp_ColorSchaffMomentumTrendCycle Expert Advisor. This nifty tool is built on the ColorSchaffMomentumTrendCycle oscillator, which helps you spot potential shifts in market momentum by identifying when prices hit overbought or oversold levels.
To get started with this EA, make sure you have the compiled indicator file ColorSchaffMomentumTrendCycle.ex5 ready to go. You’ll need to place it in your <terminal_data_folder>\MQL5\Indicators directory.
One thing to note: the TradeAlgorithms.mqh library file is essential for using EAs with brokers that offer a nonzero spread. Plus, it gives you the flexibility to set both Stop Loss and Take Profit right when you open a position. If you want more options, check out additional versions of the library here: Trade Algorithms.
For the tests I’ve run, I stuck to the default input parameters for the Expert Advisor, and I didn’t use Stop Loss or Take Profit during the testing phase. Let’s take a look at some results!
Fig.1. Trade examples on the chart
Here are the testing results for 2014 on the GBPJPY H4 timeframe:
Fig.2. Testing results chart
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