Hey guys! I have been studying this trading method for some time now and decided to automate it. I consider EAs more like assistants, so although this one can do what it has to do automatically, it's important that you read everything before deciding what to do with it.
This EA is available for free. If this end up being useful for you, you can donate how much you think this is worth. My Paypal is squall_rock@hotmail.com. You can contact me on Twitter: @MazeoW.
This EA contains 3 strategies.
Strategy 1 - Focus on caching a trend that may have started on the day. You can choose "Aggressive" or "Safe" mode. In "Aggressive" the EA will set the trade at a specific point while in "Safe" the EA will look for a pull back of the price once it reaches that point. You have some options to fine tune it. Main option here is the "Strict Mode" (it works only with "Safe" option) which will consider some data from 8am (default MT5 time) to decide if an order will be placed or not. Safe mode is recommended.
Strategy 2 - Looks for a return point of the first strategy. This one can be affected by RSI, so this indicator is included if you want to use it. Difference between "Aggressive" and "Safe" mode here is only the entry point, "Safe" willl be more distant, sometimes by a big margin. You should check both modes.
Strategy 3 - With Safe mode it'll work mostly if price stayed sideways early in the day (it’ll set buy and sell trades if that happens) or if it seems that one of the trends failed. Aggressive might set both sell and buy close to where the price started in the day regardless of what happened before. Overall all modes (including "Strict mode") work same as Strategy 1. I suggest that you check "Aggressive" by itself and also using RSI. Aggressive by itself can give a lot of losses but some pairs can be profitable anyway, especially if Risk-Reward is 1 to 5.
All modes will have the trades set to break even once they reach a certain distance.
Default values are recommended but they work more as window:
Start time: When it starts setting trades. 11:00 to 12:00, preference 11:30~12:00.
Stop time: When the EA stops setting trades 15:00 to 16:00, preference 15:30 (or 30 minutes before an important news).
Order expiration: 15:00 to 16:00, preference 15:30 (or 30 minutes before an important news).
Scheduled break even: 16:00 to 18:00, preference for 17:00 (or 30 minutes before an important news).
Spreads: They are important. You should set it on the higher side of your broker rather than average. They are added as extra not as part of the percentage calculation (if you use percentage it matters more).
Risk-Reward is calculated as such: if target is 100p away and you set it to 1 to 4, it’ll devide 100 by 4. I recommend that you use either 4 or 5, preference for 5. Although Bitcoin seems to work better with 1 to 3 but I haven’t found a good start time for it yet.
Min pull back: Only works in "Safe" of Strategy 1 and 3. Default is 5p(50) but some pairs will require more. This pull back does not consider the spread. This is also a minimum, most times it’ll be bigger than this number which can cause the EA to give an error when sending the order as it won't have an entry point. In my opinion if a pair needs more than 15p pull back you should discard the strategy in that pair.
Percentage or Lots: You can use any of these.Total Account Balance or Fixed Amount: If you trade witht percentage, it’s possible to set part of your account to trade rather than the total balance. If you set a value higher than your account balance it’ll use your total balance instead, for safety.
Manual Take Profit: If you want to scalp, use this option. Experiment with a larget pull back if you do this.
Some days can be frustrating and most times profit trades won’t end in the same day. See in your tests you may have a whole month going sideways or with a little loss. If you run more than one strategy in a pair, it may give you 2 or 3 losses in the same day in the same pair. But as time goes by, trades on profit may start accumulating. Some may hit the target and cover your losses. If they survive long enough. after a week or two you might need to decide if you close all of them and secure that profit or if you let them keep going (especially before an important event).
Some pairs will take one or two strategies just fine. Some won't work with any of them. So do your backtesting from 2020 at least so you can have a better idea about what works and what doesn't. However some things that can be done with this EA can't be backtested, you'll need to check for a month or two.
If you trade with percentage instead of fixed lots, it may be worth to check a strategy that may give you little profit or even a break even mixed with the one that looks more profitable. Reason for this is that if its profit trades are well spread they may boost the strategy that may give you more profit.
Of course you should do your own tests with different start times, risk-reward ratios, etc. Specially the stop time/expiration/break even, some pairs might work better if you set these at 17:00~19:00.
There are many ways to use it. You can let trades end or, with the right pairs and settings, you may reach a profit equal to what you risk per trade and close all of them and only come back in the next day. For example, you risk 1% per trade, all of them together reach 1% profit and you are done for the day (I recommend that you reach 1.5% to cover possible losses from the days where you can't hit this profit target). If you have a loss or two, you can wait to see if the trades on positive cover this loss. close all trades and call it a day as well. Just check in the tester which strategy tend to bounce more since most of them will end in break even. This is a slow test, you should check it over a month at least.
This EA has its limitations, mostly because this is an assistant and also because I made it for myself. So make a profile for it and let it there. Switching timeframes, etc will reset all variables and repeat orders. It should use a trade point only once a day, it won’t check if it has been used already in case you reset it.
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