When there are extensions on the price action there are imbalances between buyers and sellers and often the price will retrace, caused by emotional trader decisions; this behavior always happens and always will. So the probabilities are in our side and the EA wait for the ideal extension pattern in order to enter with a risk of 100 Point and a reward of 200 Point.
The Stop Loss is managed well during the trade lifetime and the partial profits allow taking advantage of the temporary retracements.This EA works with success on EURUSD M5.
All my EAs and Portfolios have a beautiful feature that is called capital allocation , it allows to work only on the portion of the capital that you define, and in this way you can control very well your risk and manage your Money Management plan .
Here I show and explain the main settings for this EA:
- Magic Number: it works on the magic number and identifies the trade with that number.
- Date to start counting the MM: the date from where the Money Management for the "capital allocation" is calculated. The system will calculate all closed and open trades from that date (based on Magic Number) and set the MM accordingly.
- Capital to allocate: this is an important feature that every EA must have! Here if you select an amount, for example 2K, it will work only on that 2K and will no affect the other portion of your account!
- Entry lots: initial lot size for the trades.
- Compounding: compounding effect calculated from the capital allocation .
- Profits conservation: it will virtually subtract/withdraw some % of the profits and Money Management will be calculated after that virtual withdraw.
- Relative DD% protection: if the relative DD in % calculated from the capital allocation will it that threshold, the EA will close all positions.
- Trading hours: you can select the hours range where the EA will trade (the format need to be hh:mm).
- Close orders on Friday: all trades will be closed on Friday at "Friday Close hour".
- Statistics. Generate Report: you can choose a report generated in excel after the backtest is done (it saves a file on tester->Files after the backtest)
- Show Dashboard: show a dashboard with all indications about performances, capital allocation, win ratio, etc.. useful on live trading. I suggest not to use this option when you backtest because it slows down the tester.
- One order per candle: the EA makes only one order per candle.
For info don't hesitate to contact me.
