Are you looking to amp up your trading game? Look no further than the Currency Strength Expert Advisor (EA), designed specifically for MetaTrader 4. This nifty tool helps you identify the strongest and weakest currencies among the 8 major players and employs moving averages to execute trades. Plus, it comes packed with features like Trailing Stop Loss and Take Profit, making it a versatile option across all time frames and major Forex pairs.
Here’s a quick rundown of the different versions:
- Version 1: Analyzes just one candle back.
- Version 2: Looks at several candles back using a method similar to the ROC indicator. Check out the details here.
- Version 3: Utilizes the RSI indicator to assess strength.
- Version 4: Leverages the Moving Average indicator for calculations.
Before diving in, here are a few tips:
- Always test it on a demo account first to get the hang of it.
- This EA operates strictly with the price of the open candle!
- If you're not keen on increasing lot sizes after a losing trade, set the IncreaseFactor to 0.
Inputs you can customize:
- Use_TP_In_Money: Enable or disable Take Profit in monetary terms (true/false).
- TP_In_Money: Set Take Profit in money (values: 10-100).
- Use_TP_In_percent: Enable or disable Take Profit in percentage (true/false).
- TP_In_Percent: Set Take Profit in percentage (values: 10-100).
- Enable_Trailing: Turn on trailing stop with money (true/false).
- Take Profit In Money: Specify an amount in current currency (values: 25-100).
- Stop Loss In Money: Set a stop loss in current currency (values: 1-20).
- Exit: Close trades if the trend reverses against you to control drawdown (true/false).
- Lots: Define lot size (values: 0.01-1).
- IncreaseFactor: Specify how much to increase lot sizes from total margin after a loss (values: 0.001-0.1).
- Stop_Loss: Set your stop loss (values: 30-500).
- MagicNumber: Assign a magic number (values: 1-100000).
- TakeProfit: Set your take profit (values: 50-200).
- FastMA: Define the fast moving average (values: 1-20).
- SlowMA: Define the slow moving average (values: 50-200).
- Mom_Sell: Set the momentum sell trigger (values: 0.1-0.9).
- Mom_Buy: Set the momentum buy trigger (values: 0.1-0.9).
- UseEquityStop: Enable or disable equity stop (true/false).
- TotalEquityRisk: Specify total equity risk (values: 0.01-30).
- Max_Trades: Define the maximum number of trades (1-12).
Just a heads up: you should optimize this EA every few months using the same inputs mentioned above. It can serve as both a hedging grid EA or a single trade EA.
Want to learn how to backtest it? Check out this backtesting guide.
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