Hey fellow traders! If you've ever heard the saying, "Trend is your friend," you'll definitely want to check out this Expert Advisor (EA) designed for MetaTrader 4. This EA employs two Moving Averages and an Engulfing pattern to help you ride the market waves. It’s got features like Trailing Stop Loss and Take Profit, and it works seamlessly across all time frames, especially with major forex pairs and NASDAQ stocks. Trust me, it shines in the 1-hour time frame!
Key Features
- Always start with a demo account first!
- This EA only trades based on the price of the open candle!
- If you prefer not to increase your lot size after a losing trade, just set: IncreaseFactor=0
Input Settings
- Use_TP_In_Money - Enable Take Profit in monetary value (true/false).
- TP_In_Money - Set Take Profit in monetary value (values: 10-100).
- Use_TP_In_Percent - Use Take Profit in percentage (true/false).
- TP_In_Percent - Set Take Profit in percentage (values: 10-100).
- -------------[Money Trailing Stop For Multiple Trades]----------------------
- Enable_Trailing - Enable Trailing with money (true/false).
- Take Profit In Money - Set Take Profit in the current currency (values: 25-200).
- Stop Loss In Money - Set Stop Loss in the current currency (values: 1-20).
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- BarsToCount - Count of bars used (values: 5-20).
- Exit - Close trades if the trend goes against you to control drawdown (true/false).
- Lots - Set lot size (values: 0.01-1).
- Lots size Exponent - Control how much to increase lots if you lose a trade (values: 1.01-2).
- IncreaseFactor - Amount to increase lots from total margin after a loss (values: 0.001-0.1).
- Stop_Loss - Set Stop Loss range (values: 30-500). / Set value 600 for multiple trades.
- MagicNumber - Assign a unique magic number (values: 1-100000).
- TakeProfit - Set Take Profit (values: 50-200). / Set value 600 for multiple trades.
- FastMA - Specify Fast Moving Average (values: 1-20).
- SlowMA - Specify Slow Moving Average (values: 50-200).
- Mom_Sell - Momentum Sell trigger (values: 0.1-0.9).
- Mom_Buy - Momentum Buy trigger (values: 0.1-0.9).
- ---------------------CONTROL DRAW DOWN-----------------------------
- UseEquityStop - Enable equity stop (true/false).
- TotalEquityRisk - Set total equity risk (values: 0.01-20).
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- Max_Trades - Set maximum number of trades (1-12).
- IF YOU USE ONLY 1 TRADE:
- //////////////////////////////////////////////////
- USETRAILINGSTOP - Enable trailing stop (true/false).
- WHENTOTRAIL - Specify when to start trailing (values: 40-100).
- TRAILAMOUNT - Set trail amount (values: 40-100).
- Distance From Candle - Set distance from the candle (values: 1-100).
- USECANDELTRAIL - Use candle trailing stop (true/false).
- X - Number of candles (values: 1-100).
- Enable "Break Even" - Activate break-even feature (true/false).
- When move "Break Even" - Specify when to move to break even (values: 5-30).
- How much pips move - "Break Even" - Specify pips to move to break even (values: 5-30).
It's a good idea to optimize this EA every few months and use the exact same inputs as mentioned above. You can use it as a hedging grid EA or a single trade EA.
For those of you looking to backtest, check out this guide: Backtesting Guide.
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