Hello fellow traders!
I've been working on a Daily Opening EA for MetaTrader 4, and I'm reaching out to you for some fresh ideas to improve it. I’m all ears for comments and code changes!
If you have any suggestions, feel free to shoot me a message or drop a reply below. I promise to implement your ideas as soon as possible and will keep you posted with the results.
The Idea:
This EA utilizes a combination of indicators to forecast the general market direction for the next trading day. Currently, it employs CCI(50), RSI(21), and the default MACD. If the EA predicts a bearish trend, it sets a sell pending order, and likewise for buy pending orders. You can also adjust the lot sizes according to your risk appetite, specifying what percentage of your equity you want to risk. For instance, if you set RiskPercentage = 0.01, your maximum loss per trade would be about 1% of your account balance. Just a heads up: the STOPLOSS and TAKEPROFIT variables are in points, so make sure to adjust them according to your broker's settings since this EA is designed for a 5-digit broker.
Disclaimer: I want to clarify that this EA was created by analyzing various EAs available on this site. Many of them follow similar strategies. I don’t claim to have invented this approach; I’m just keen to help refine it!
Current Results:
As of now, the results haven’t been profitable. I’ve included the backtesting reports for the last 1.5 years along with my historical data. Neither set of results has been optimized, as I used the default settings I randomly picked.
Interestingly, I recall that a 2-5% risk percentage seemed to yield the best outcomes in the past. This EA is an older project I’ve recently revisited, so those previous results are a bit hazy. Nonetheless, this might be valuable to some of you—it reinforces the common trader wisdom about limiting your risk to around 2% of your account balance.
What We Need To Do:
- Boost the winning percentage (let’s explore better indicators!)
- Identify optimal TP/SL pairings
- Determine the best currency pairs to trade
- Clean up the code
Looking forward to your thoughts and ideas!
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