Buddy Ilan

Ilan is a well known algorithmic trading system with its advantages and inconveniences.

He is reputed to have good results when the prices are in a range but also to blow up the accounts in the case of strong trend.

From a basic Ilan system, I added a trend filter to detect range periods, so that it trades only during these periods.

I have also added a feature allowing it to adapt to economic news, it will not trade from one to several hours before and after a news depending on its importance.

Other filters have been added too based on standard deviation, stochastics, spread...

The result is an EA with a low level of risk and as small DD as possible.

Our advice

Use an initial volume of 0.01 per 1000 of equity for a safe trading. Do not go beyond this value.

Parameters

• EA Identifier - EA Identifier
• Magic number - Magic Number of the EA
• Fixed or Dynamic volume - If dynamic volume is set, the EA uses a value of 0.01 per 1000 of equity
• Fixed volume size (if set) - Specify the initial fixed volume to use
• Number of "Buddy Ilan" instances on this account - If you use several "Buddy Ilan" on different currencies on the same account and if you use "dynamic volume", specify the number of instances of "Buddy Ilan" that you use, in this way, the EA will keep a global initial volume of 0.01 per 1000 of equity for a safe trading
• LotExponent - Lot multiplier
• DynamicPips - Dynamic mode to calculate the distance between orders
• DefaultPips - Default value for the distance between orders
• Number of last bars for calculation of volatility
• DEL - Option to calculate a grid of orders
• Take Profit (Point) - Take Profit
• Stop Loss (Point) - Stop Loss
• MaxTrades - Maximum number of trades in a series
• Order Filling Mode

• Short Term Standard Deviation Filter: Enable or not the volatility filter
  
• Forex Factory Url: Must be set to "https://nfs.faireconomy.media/ff_calendar_thisweek.xml" (may change)
  

Optimisation

First, you need to define the most appropriate timeframe for the currency you want to trade. The smaller the timeframe, the riskier your trading will be. For a quiet currency that has changed slightly over the past 3 or 6 months, use M15, for others ones, use M30.

Next, select the better Stop Loss and Take Profit for the last 3 months. Try to use a Stop Loss between 500 and 1500, forget the currencies that require a larger SL, the Take Profit can be set between 30 and 70.

The "Dynamic Trend Filter" and "Dynamic TimeFrame Filter" have been written to limit the DD and to secure trading.

It is preferable to use the default values for the other parameters.

Automated optimisation

I have developed an automatic optimization mechanism that is described in this article: https://www.mql5.com/en/articles/4917/74471, its use is optional.

You can download (for free) the last ready-to-use version from the comments page of this EA.

MetaTrader 5 setup

This EA uses the "Forex Factory" economic calendar.

To enable automatic downloads, you must “Allow WebRequests” for following URL: “https://nfs.faireconomy.media/ff_calendar_thisweek.xml” (Menu: Options / Expert Advisors / Allow WebRequest for listed URL).

Happy trading.