Trading Robots for MetaTrader 4
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MetaTrader 4
Top Rated Products MT4
Overview
The momentum trader uses an array of well established principles in Forex trading to open and close intraday positions.
It performs approximately the following steps to generate a signal:
- Draw support and resistance on current timeframe. Is used to determine whether we are currently trading in a range or in a breakout scenario.
- MACD is used to indicate the current Trend
- RSI is used to determine overbought and oversold conditions.
There are a few things to note about the operation of the Expert:
- The Expert will never open more than one trade per Symbol at a time. It will only operate on the Symbol and Timeframe you have attached it to
- It is shipped with parameters optimized on EUR/USD H1. While it is possible to use the Expert in different symbols and timeframes you should perform your research before doing so.
- The Expert does not set S/L levels but manages open trades on a Tick-by-Tick basis. Thus you should run it on a server that is running 24/5.
- Trades are usually closed in less than an hour, but could stay open for more than a day depending on market conditions.
- The returns of the Expert Advisor are lumpy. That means most trades are small losses but there are enough smaller wins to make up for that. So dont panic if you start out with a few small losses. Perform a simulator run to get a feel for this.
There are three parameters you should modify manually:
- lots: Lot size to use per trade
- allow_open: Whether to allow opening new trades
- allow_close: Whether to allow closing trades
better leave the rest untouched. You can get your own set for the other parameters by optimizing. However the default parameters should work fine for EUR/USD H1.
By using the Momentum Trader you get:
- A Robust Expert Advisor which is trading by established principles
- An adaptive tool which you can tweak to work on other timeframes and symbols
- Long term support and development
I am dedicated to deliver further improvements on the Momentum Trader. That includes UI improvements and further improving the indicators used.
If you have any idea in particular just send me a message.
