If you're diving into automated trading on MetaTrader 5, the Exp_iAnchMom Expert Advisor is one tool you won't want to overlook. This EA leverages the reversal of the iAnchMom histogram direction to generate trading signals. Essentially, a signal is triggered at the close of a bar if there's a shift in the indicator's direction.
Before you get started, make sure you have the compiled indicator file iAnchMom.ex5 installed. You can find it in your <terminal_data_folder>\MQL5\Indicators directory.
It’s also worth noting that the TradeAlgorithms.mqh library file is essential for using Expert Advisors with brokers that have nonzero spreads. This will also allow you to set your Stop Loss and Take Profit levels right as you open a position. If you're looking for more options, check out additional variants of the library here: Trade Algorithms.
During our tests, we utilized the default input parameters of the Expert Advisor, and we didn’t apply Stop Loss or Take Profit settings during these simulations.
Fig.1. Trade examples on the chart
Now, let’s take a look at the testing results for GBPJPY on the H8 timeframe during 2014:
Fig.2. Testing results chart
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