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Bar Mode is an automated system that uses bar opening and closings to consider opening or closing trades. It uses a special algorithm to increase profits per trade and it uses grid to recover losing trades.

Strategy has been back tested and optimized for the market moves in the last 2 years. 

Add the EA on a EURUSD chart using M5 timeframe, and use one of the set files here. 

For monitoring signals please visit my profile:

https://www.mql5.com/en/signals/author/readytogolive

Minimum funds is $250 and a broker with 1:500 leverage recommended. 

If your currency pairs are named differently by your broker, you will need to change it on the EA settings.  Ex: EURUSDp 

It best performs with a single pair, EURUSD giving the best performance). Avoid JPY and GBP pairs as they may become uncomfortably volatile. 

  • Strategy has been back tested and optimized for the market moves in the last 2 years,¬†on M5 chart for EURUSD.¬† 2 years should give you a good idea on what to expect, however you can optimize it for a longer period if you wish.
  • Make sure you have enough tick data for 2 years. If not, download the tick data from Meta Trader servers.¬† Go to Tools->History Center-> Click on EURUSD M5 and click Download.
  • Do not back test with default settings. Use one of the set files that come with the EA instead. You will find a readme.pdf file in the zip archive. Please read that.¬†
  • Select spread as ‘2’ on Strategy Tester.¬†
  • Remember, the set files are optimized for 2 years. So, either back test for the last 2 years or optimize it for more than 2 years.
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EA Parameters:

Number of bars: Number of bars the EA will check in order to consider opening a new trade.

Number of opposite bars: Number of bars opens opposite direction the EA will check in order to consider closing a trade.

Opposite bar positions: The EA closes trades based on bar closings. If you want the closed bar to be at the end you can select that option. Otherwise keep it as: Anywhere

Minimum movement in pips: To avoid trading in very slow markets the EA will check minimum movement to consider opening a trade.

Wait until the bar closes on TP: Should the EA trade while a bar is still open?

Take Profit (% from balance): EA takes profit when the difference between the last and the first order reaches this percentage.

Compound Winning Trades: If set to ‘false’ only it uses only the difference between the last order and first order to take profit. If it is set to ‘true’, more than one recent trades can be used to close the earliest trade in profit. (Recommended value: true)

StopLoss: You can set a stop loss using this section.

Maximum Spread(in pips): If the current spread is above this value, it does not open a new order.

Max_Slippage: If the slippage is above this value, it does not open a new order.

Magic Number: Keep it as default, or change as you wish.

Comments: Comment you wish to see on MT4 order

Auto Lot Per 1000: Enter here the lot size you wish the EA to open per $/£/Eur 1000. Recommended value: 0.005 or lower.

Activate full close settings: If you wish to close all trades when a specific DD or PL occurs, enable this.

Close all positions everytime the equity goes up by  %:  It closes all open orders when the equity goes up by that %.

Close all positions everytime the equity goes down by %: Depending on your risk appetite you can choose to close all trades when there is a certain % of DD

Repeat trade when loss reaches multiples of (points): You can set here when you expect an additional trade to be opened when a trade goes in loss.

Level Limit: Maximum number of trades that can be opened per pair.

Recover mode starts on level: When there are this many trades open, it will start the recovery mode to close trades in break even instead of trying to turn profit. 

Friday Settings: If activated, the EA can close all trades at a specific time on Fridays to avoid leaving trades open during the weekend

Repeat trade when loss reaches multiples of (points): You can set here when you expect an additional trade to be opened when a trade goes in loss.

Level Limit: Maximum number of trades that can be opened per pair.

Recover mode starts on level: When there are this many trades open, it will start the recovery mode to close trades in break even instead of trying to turn profit. 

Friday Settings: If activated, the EA can close all trades at a specific time on Fridays to avoid leaving trades open during the weekend

PLEASE NOTE THAT MARKETS CHANGE ALL THE TIME AND PAST PERFORMANCE IS NOT INDICATION OF FUTURE PERFORMANCE.  USE THIS EA AT YOUR OWN RISK AND TRADE RESPONSIBLY. 

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Published

20 October 2020

Updated

22 November 2020

Current Version

1.1

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