If you’re on the lookout for a powerful trading tool, the Exp_RangeExpansionIndex EA could be just what you need. This Expert Advisor works by utilizing signals generated from the RangeExpansionIndex oscillator, giving you that extra edge in your trading strategy.
So, how does it work? The EA generates a signal when a bar closes, but only if the oscillator has crossed the overbought or oversold thresholds set by the expert's input parameters:
input uint Up_Indicator_level=+60; // Upper overbought level input uint Dn_Indicator_level=-60; // Lower oversold level
To get started, you’ll need to ensure the compiled indicator file RangeExpansionIndex.ex5 is in the right place. Drop it into <terminal_data_folder>\MQL5\Indicators.
A quick tip: the TradeAlgorithms.mqh library file is a game-changer! It allows you to use Expert Advisors with brokers that offer a nonzero spread and lets you set your Stop Loss and Take Profit right when you open a position. You can check out more options from this library at: Trade Algorithms.
During the tests detailed below, the default input parameters for the Expert Advisor were applied, and it’s worth noting that neither Stop Loss nor Take Profit was used in these tests.
Fig. 1. Examples of deals on the chart
Let’s take a look at the testing results for 2014 on the EURUSD H8:
Fig. 2. Testing results chart
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