Technical Indicators for MetaTrader 4
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MetaTrader 4
Top Rated Products MT4
Overview
This indicator is profitable on 28/28 forex pairs on H1 timeframe WITHOUT SPREAD. You need to substract the spread to the profit amounts shown
The code is robust with a high chance to continue being profitable no matter how the price action evolves.
But profitable on 28 pairs doesn't mean you should trade all the pairs all the time:
On less popular ones, liquidity is low, so spread will usually be high and will eat all the profits.
You have to be careful and trade only when the spread is low (avoid night time).
Also I recommend using low spread brokers like ICMarkets, which provides lots of cost effective trading pairs.
And for optimal risk management, you need to change the lot size according to past win rate:
for example if you had 5 losing trades in a row, then you should lower the lot to minimize drawdown until profits are back up.
This is paramount to minimize the overall drawdown (you can lower drawdown by 2-3 times using this method) :
You got two winrate displays :
1) First is the Winrate of the trades you opened. This is useful to determine lot size (higher winrate = higher lot size)
you can see the percentage being displayed as a multiplier factor. You need to multiply your usual lot size by this amount
I would also adapt lot size to volatility using ATR.
2) The "pair" Winrate : can be useful to know if you should trade a pair or not (avoid low winrate periods)
the WinRate is calculated on all past trades for that pair, instead of only traded signals
So it is some kind of "virtual" WinRate, but still very useful as it indicates if it is a profitable period or not.
The indicator opens positions at the opening of the candle, where liquidity is at its highest and spread at its lowest
It trades all the time, meaning it's a buy - sell -> sell - buy type of indicator
I plan on selling no more than 500 copies, to not erode the edge of this strategy as I use it myself.
So to summarize the trading steps you have to take before entering a trade:
1) Wait for a buy or sell signal at the opening of the H1 bar
2) Determine your lot size according to ATR value (higher ATR = lower lot size)
3) Multiply your lot size by the multiplier factor
4) Trade only if the pair win rate is above 50 %
if you want to see how profits were computed for each trade, set "show trade calculation details" to true
