Exciting Update: Version 4 is here!
Meet the Murrey EA, an Expert Advisor that harnesses the power of Murrey lines, Stochastic oscillators, candlestick patterns, and Bollinger Bands to enhance your trading strategy.
- Oversold Conditions: This occurs when the price breaks below level 8/8, with the Stochastic indicator above 70. The target level is set at 7/8, and the EA will auto-trail when the candle closes above 8/8.
- Overbought Conditions: This is triggered when the price breaks above level 0/8 and the Stochastic indicator falls below 20. The target level here is 1/8, with auto-trail activated when the candle closes below 0/8.
- What’s New in V4: We’ve fixed the order modify error (134) and as always, I’m committed to keeping this EA updated whenever I can!
Before diving in, make sure to download the Murrey template to fully understand how this EA operates. It automatically detects support and resistance levels, as well as pivotal points on your chosen timeframe.
If you’re new to Murrey lines, check out these helpful links: Murrey Lines Overview, Murrey Lines Code.
Algorithms:
I developed the algorithms for levels 1/8 and 8/8; stay tuned for more in the next version!
Recommendations:
- I. Use 5-digit currency pairs for optimal results.
- II. The best timeframes to trade with this EA are M15, M30, H1, and H4.
- III. Always follow the trend before activating the EA. You can disable buy orders by setting Enable Buy to false, and disable sell orders by setting Enable Sell to false.
This EA works best when you align your trades with the prevailing trend, so consider disabling either short or long positions as needed.
Keep in mind, this is not the final version, and I will continue to enhance this EA over time.
Money Management:
Be cautious with your risk. The minimum timeframe for this EA to perform effectively is M15.
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