123 Pattern EA 1.2
Metatrader Expert Advisor (MT4)
This expert advisor trades 123 Patterns, a popular and powerful chart pattern. The pattern is made up of three price points: a bottom, a peak or valley, and a fibonacci retracement between 38.2% and 71.8%. It uses the 123 Pattern Indicator, and implements many other useful features for the exigent trader, like customizable trading sessions and days, several trading behaviors and a martingale mode.
- Easy to use and supervise
- Customizable trading direction
- Customizable indicator settings
- Customizable break-even, SL, TP and trailing-stop
- Built-in money management
- Works for ECN/Non-ECN brokers
- Works for 2-3-4-5 digit symbols
- Filter trading by forex sessions
The EA implements four different trading behaviors:
- Regular: The EA will buy at bullish signals and sell at bearish signals
- Inverse: The EA will sell at bullish signals and buy at bearish signals
- Only Buy: The EA will buy at bullish signals and disregard bearish signals
- Only Sell: The EA will sell at bearish signals and disregard bullish signals
The EA implements four money management modes:
- Trade manual lotsize: The EA will trade a fixed lotsize on each trade
- Auto-calculation of lotsizes: The EA will risk % of the account on each trade
- Martingale: The EA will double the lotsize after a losing trade
- Inverse Martingale: The EA will double the lotsize after a winning trade
Additionally, the EA implements time filter controls:
- Enable or disable trading during the Asian Session
- Enable or disable trading during the European Session
- Enable or disable trading during the American Session
- Enable or disable trading on certain week days (Sunday to Friday)
- ≡ Input parameters
When loading the indicator or EA to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks.
- Trading Settings
- Select trading direction (Regular, Inverse, Short or Long)
- The amplitude represents the minimum amount of bars between alternative price points. To find big patterns, increase the amplitude parameter. To find smaller patterns, decrease the amplitude parameter.
- Min. Retracement
- The minimum fibonacci retracement needed in a pattern. Set to zero not to evaluate it.
- Max. Retracement
- The maximum fibonacci retracement possible in a pattern. Set to zero not to evaluate it.
- Pattern Type
- The indicator can look for reversal patterns, continuation patterns or both. Your choice.
- Position Management
- This group of settings applies to trading decisions and trade management. You can select trading direction, break-even in pips, trailing-stop in %, trailing-step in pips, stop-loss in pip and take-profit in pips. Trades can optionally be closed on opposite signals.
- Sessions Settings
- Enable or disable trading for the Assian, European or American sessions, as well as trading week dayss, from Sunday to Friday.
- Money Management
- In this settings block you can set the lotsize for the first trade, or allow the EA to calculate it by itself. It also implements a martingale behavior. Entering a manual lot size is recommended.
- EA Settings
- You can select the magic number for the trades, custom comment and manual pip value if you need to override the one the default one. Do not change these unless you know what you are doing.
- ? FAQ
- Is the EA NFA/FIFO Compliant?
- Yes it is: just enable the closing of trades on opposite signals or the martingale mode. Both options will cause the EA to behave in a FIFO Compliant fashion.
- Do I need a VPS to run the EA?
- Yes, you do. Or having your home computer turned on 24/5.
- Can I interfere with the trades of the EA?
- Yes, you won't cause the EA to missbehave.
- Will this EA interfere with other EAs running in my account?
- No, it won't, unless both are using the same Magic Number.
- ✎ Comments
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