Hey there, fellow traders! Today, I want to dive into a powerful tool for our trading arsenal – the Exp_i-SpectrAnalysis_Chaikin Expert Advisor (EA) designed specifically for MetaTrader 5.
This EA leverages the i-SpectrAnalysis_Chaikin indicator, generating signals based on directional changes as each bar closes. It’s a neat way to catch those pivotal moments in trading!
To get started, you’ll need to ensure you have the compiled indicator file, i-SpectrAnalysis_Chaikin.ex5. Simply place this file in your <terminal_data_folder>\MQL5\Indicators directory, and you’re good to go!
One thing to keep in mind: the averaging algorithm used by the i-SpectrAnalysis_Chaikin can cause the indicator to redraw on all bars. This means that after a while, it may be tricky to pinpoint the true state of the indicator at the moment your trade was executed.
Another handy feature is the TradeAlgorithms.mqh library file, which allows you to use this EA with brokers that offer nonzero spreads. Plus, it lets you set your Stop Loss and Take Profit right when you open a position. For more options on this library, check out the following link: Trade Algorithms.
During the tests shown below, we used the default input parameters of the EA. Just a heads-up, Stop Loss and Take Profit settings were not included in these tests.
Fig.1. The instances of history of deals on the chart.
Now, let’s take a look at the testing results for 2015 on the GBPUSD H4 chart:
Fig.2. Testing results chart
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