This is an expert advisor that is based on the pull-backs (reversals) produced in intraday trends. In this case, the entry conditions are based on the maximum and minimum of the daily range of the trend and buy signals are generated near the lower half of the range while sell signals occur near the upper half of range.
This EA uses stop loss levels and take profit in addition to position closing by time. It open positions only at the beginning of the day but no trades are made during the days Monday-Sunday and Friday-Saturday. The positions closing occurs at the end of the day. For the EA work properly, the trader must set the parameter Server_GMT_Difference with the same time zone of the Metatrader´s server of the trader.
Performance analysis made with the Otkat show that the best results are obtained in the EUR/USD with a time frame of one hour and a position size of 1 lot. This EA performs winning trades 90% of the time, however each losing trade lost on average five times more than a winning trade.
- It uses a fixed stop loss of 51 pips while the take profit is just 8 pips.
- In its optimal configuration in the 1 hour chart for the EUR / USD, this EA opens on average one position per week.
- It is necessary that the traders configures this EA with the time zone of their Metatrader´s server.
Below are the parameters and results for this EA:
- Stop Loss: 51 pips.
- Take Profit: 8 pips.
- Currency Pairs: All.
- Time Frames: 1 hour.
- Best results: EUR / USD with a time frame of one hour.
- Percentage Gain: 90%.
- Maximum Drawdown: 10%.
Note: This EA is compatible with ECN brokers.
You can download this Expert Advisor for Metatrader using the following link: