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This tool is designed for two purposes.

It allows you to open real trades on a real chart.

It allows you to open trades while working in the strategy tester.

You can open trades on the real chart:

By clicking on the Buy, Sell or Pending order buttons.

By scheduling a Buy, Sell, or pending order using the scheduler.

The attached screenshots show four panels with names:

  • Manual Trading – manual trading.

  • Order Lines – lines for pending orders.

  • Trade Status – the status of the trade.

  • Scheduler-the scheduler.

Manual Trading – manual trading.

Order Lines – lines for pending orders.

Trade Status – the status of the trade.

Scheduler-the scheduler.

In the upper part of the panels, you can:

  • Hide the panels.

  • Fix the scale.

  • Zoom in / out of the graph.

  • Change the timeframe.

  • Collapse or close the Expert Advisor.

Hide the panels.

Fix the scale.

Zoom in / out of the graph.

Change the timeframe.

Collapse or close the Expert Advisor.

There are also more familiar parameters with default values:

  • Stoploss = 40 – stop loss.

  • TakeProfit = 80-take profit.

  • 1stTrade = 0.01 – the volume of the first trade.

  • TradingMode = BreakOut-trading mode.

  • ShowTool Tips = True-show tooltips.

  • Automatically assign Magic Number = true-automatically assign a magic number.

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Stoploss = 40 – stop loss.

TakeProfit = 80-take profit.

1stTrade = 0.01 – the volume of the first trade.

TradingMode = BreakOut-trading mode.

ShowTool Tips = True-show tooltips.

Automatically assign Magic Number = true-automatically assign a magic number.

However, there are many additional parameters shown in the screenshots, such as:

  • Lot sizes for additional trades.

  • Expiration of transactions by time or by the number of open transactions.

  • The choice of the initial direction of trade for scheduled transactions.

  • Breakeven and trailing stop conversion settings.

  • Sound and notification settings.

  • Settings for protection against excessive spread expansion.

  • The colors of the graph.

Lot sizes for additional trades.

Expiration of transactions by time or by the number of open transactions.

The choice of the initial direction of trade for scheduled transactions.

Breakeven and trailing stop conversion settings.

Sound and notification settings.

Settings for protection against excessive spread expansion.

The colors of the graph.

Therefore, before using this tool, visit the instructions page by clicking on the link in the copyright section when loading the Expert Advisor on the chart, as shown in the screenshot.

The idea of this Expert Advisor was for the trader to make an initial decision about when and in which direction to open a trade. But after opening the transaction, it will be controlled by a robot, devoid of any emotions. The trader decides in advance whether the robot needs to stop/turn around if the trade becomes unprofitable. The trader also sets a new lot size in each subsequent trade. Up to 15 consecutive trades are allowed.

You can choose to take a profit, break even, or take a small loss.

In the strategy tester, a trader can “practice” trading and try different settings for different pairs.

Why it works:

  • As soon as the market is entered at a certain price, and the market passes a certain distance from this price in any direction, the EA either follows the trend to the take profit level, or closes and turns over, moving in the other direction to a new take profit level.

As soon as the market is entered at a certain price, and the market passes a certain distance from this price in any direction, the EA either follows the trend to the take profit level, or closes and turns over, moving in the other direction to a new take profit level.

The enemy of this style of trading is the flat market. Trade when there is movement in the market, or when it is expected due to the release of news. This tool can be compared to a hammer. You can either earn or destroy your account. It all depends on you. Use the product wisely.

Good luck!

Note: The free demo version allows you to test CADJPY, CADCHF, GBPCAD, GBPUSD, GBPJPY, EURGBP.

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Published

28 September 2015

Updated

23 February 2018

Current Version

6.1

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MoFire February 15, 2021 3:40 am
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Doing well.

pmambrosio February 15, 2021 3:40 am
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JIM posseses an outstanding MQL4 program in vimeo. I learned a lot from him. I strongly suggest his EA I do believe that it is a fantastic device for forex trading.

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