en Day Trading EA 6.0
Metatrader Expert Advisor (MT4)
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ℹ Overview
This EA trades untested breakouts of variable periods when the market is orderly and behaving in a predictable fashion. It is oriented towards short-term trading and relies on the fact that volatility increases by orders of magnitude when the market reaches previously untested price levels, allowing for a quick profit or a small loss based on a time expiration. The EA performs well in orderly markets and suffers in very small timeframes or thinly traded instruments.
- Easy to set up and supervise
- No optimization or analysis needed
- Stop-loss and take-profit levels are automatically set
- No averaging, no grid, no hedging and no martingale
- Orders are closed on friday night
- Offers time and session filters
- NFA-FIFO compliant
Setfiles
The EA can trade the following symbols and timeframes.
- EURUSD (D1 / H4 / H1)
- GBPUSD (D1 / H4)
- USDJPY (D1 / H4)
- XAUUSD (D1 / H4)
- AUDUSD (D1)
- USDCAD (D1)
- USDCHF (D1)
- NZDUSD (D1)
Don't be afraid to experiment with different settings based on the setfiles.
Usage Tips
- Don't trade any other EA in the same symbol.
- Be patient, the EA only trades when it finds a suitable scenario.
- Try to never unload the EA to assure the atomicity of the strategy.
- There is no need to set a different Magic Number to trade different symbols.
- Trade from a VPS or leave your trading computer turned on 24/5.
Technical Information
- The EA trades using pending orders at bar closing.
- The EA will not trade if a weekly or daily gap has not been closed.
- The EA sets appropriate stop-loss and take-profit orders based on market levels.
- The EA will by default close all pending orders on friday night and end the week flat.
- The EA uses pending orders to trade, slippage should not be a problem.
- Session and time filters are not evaluated if the Ea is trading D1 or above
- High spreads will decrease the trading frequency of the EA.
Trading Guidelines
- Minimum deposit: 1,000$
- Suitable instruments: EURUSD, GBPUSD, USDJPY, XAUUSD, AUDUSD, USDCAD, USDCHF and NZDUSD
- Suitable timeframes: Daily, 12 Hours, 8 Hours, 4 Hours, 1 Hour
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Input parameters
When loading the expert 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 Direction
- Choose if you want to buy, sell or both.
- Trading Behavior:
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- Most Breakouts: The EA will trade most breakouts it detects, even outside a predictable range.
- Detected Ranges: The EA will trade only if it detects a trading range. All trades will have a suitable take-profit.
- Confirmed Ranges: The EA will trade only after a trading range has been confirmed. Less trading frequency but more quality. - Gap Protection
- Enable to forbid the EA from trading until the weekly or daily gap is closed.
- Lookback
- Amount of past bars to iterate looking for suitable ranges. A higher value will produce more, yes less reliable trades.
- Entry Range
- Minimum range of bars to be broken to take a trade. A lower value will produce more, yet less reliable trades.
- Exit Range
- Minimum amount of consolidated bars needed to find a suitable stop-loss. A lower value will produce more trades.
- Expiration
- The expiration time for losing trades.
- Filter
- Amount of timeframes the EA looks up to confirm trading levels. A higher value will produce less, yet more reliable trades.
- Break-even
- Profit in pips at which the EA moves the stop-loss above/below the open price for the first time. Must have value.
- Break-even Behavior
- Upon breakeven, the SL can be moved to the open price, or secure part of the profits.
- Trailing Stop
- Trailing stop expressed as % of current trade profit.
- Trailing Step
- Minimum increase in pips for the trailing stop.
- Trade Asian Session
- Enable to trade during asian session.
- Trade European Session
- Enable to trade during europe session.
- Trade American Session
- Enable to trade during american session.
- Trade on Monday
- Enable to trade on mondays
- Trade on Tuesday
- Enable to trade on tuesdays.
- Trade on Wednesday
- Enable to trade on wednesdays.
- Trade on Thursday
- Enable to trade on thursdays.
- Trade on Friday
- Enable to trade on fridays.
- Trade on Sunday
- Enable to trade on sundays.
- Close orders on Friday Night
- Enable to close orders on Friday night.
- Money Management Behavior
- Choose if the EA must trade a manual lot or auto-calculate the lot-size.
- Risk Allocation
- Percent of free margin risked on each trade, if money management is automated.
- Manual Lot Size
- Size of each trade, if money management is disabled.
- NFA/FIFO Compliant
- Enable to trade with US Brokers or netting accounts.
- Magic Number
- The EA uses the magic number to identify its trades.
- Custom Comment
- Enter your custom comment for trades.
- Slippage
- Maximum slippage allowed for trades. Do not set below 10 points or it is ignored by the broker.
- Trading Direction
- ?
FAQ
- Which is the best symbol and timeframe to trade?
- The best symbols and timeframes are EURUSD and XAUUSD, from D1 to H4.
- Which are the best settings for the EA?
- Setfiles are available for major pairs in the description tab.
- Do I need to buy the Day
- Trading Indicator?
- No, you don't. The EA operates independently from the indicator.
- Does slippage affect the EA?
- The EA uses pending orders to trade, slippage should not be a problem.
- Does spread affect the EA?
- Yes. Higher spreads will decrease the trading frequency of the EA.
- Should I get the MT5 or MT4 version?
- The MT5 version is preferable because of improved execution times over MT4.
- The EA has not traded in several days, what should I do?
- Nothing. The EA will only trade when it detects a suitable trading range.
Screenshots
MyFxBook
Videos
Watch it in action
