The Fisherman EA

This Expert Advisor can be used to "fish" for quick retracements that take place within a major trend. Different filters can be used to determine the overall trend direction. Before entering a trade the program then wait for price moves against the trend. The EA provides different user inputs for volume and trade management. You can decide to close all the trades at a specific point in time during the day or use the trade management options to finish the job. Make sure to download the EA now to do your first backtests in the MT5 strategy tester.

The default settings of the program are NOT a recommendation. These are only the settings that I chose as default values in the development process but there might be far better settings. I cannot give any advice or recommendation here since I cannot predict future market movement. 

Please do your own testing with the free demo BEFORE purchasing the product!!

<Volume Settings>

Trading Volume: Mode for the calculation of the lot size for each trade

Fixed Lots: Lot size for each trade if the fixed trading volume mode is chosen

Fixed Lots Per x Money: Uses "Fixed Lots" per each x amount of money in your trading account

Risk Percentage of Base Money: The lot size for each trade will be calculated so that the set percentage of the Base Money input will be lost if the inital SL is triggered

Base Money: Used for the lot calculation in the percentage mode

<Order Settings>

Timeframe: Main timeframe for the signal calculation

Retracement Percent: Trades are opened if the current price is x percent above or below the open price of the current bar in the main timeframe.

TP Percent (0 = No TP): The distance form the entry order price to the TP

SL Percent (0 = No SL): The distance form the entry order price to the SL

<Time Settings>

Close Positions: Decides if open positions are closed at the close position time

Close Positions Hour: Hour for the close time of open positions

Close Positions Minute: Minute for the close time of open positions

<Trailing Stop Settings>

BE Stop Trigger Percent (0 = Inactive): The Break Even Stop is activated as soon as a trade is more than the BE Stop Trigger Percent in profit

BE Stop Puffer Percent: The Break Even Stop will move the Stop Loss BE Stop Puffer Percent in profit once it is activated

TSL Trigger Percent (0 = Inactive): The Trailing Stop is activated as soon as a trade is more than the TSL Trigger Percent in profit

TSL Percent: The Trailing Stop will be trailed in this set distance behind the current market price

TSL Step Percent: The SL will only be modified if it is at least this distance above the previous SL

The percentage is always based on the position open price!

<Filter Settings>

Buy Trades: The EA can open buy trades

Sell Trades: The EA can open sell trades

MA Filter: Decides if the Moving Average filter is used

MA Timeframe: Timeframe of the MA indicator

MA Periods: Periods of the MA indicator

MA Method: Method of the MA indicator

MA Applied Price: Applied price of the MA indicator

RSI Filter: Decides if the Relative Strenth Index filter is used

RSI Timeframe: Timeframe of the RSI indicator

RSI Periods: Periods of the RSI Indicator

RSI Applied Price: Applied price of the RSI indicator

RSI Level: Buy trades are allowed if the RSI < RSI Level and sell trades are allowed if the RSI > 100-RSI Level

<More Settings>

Object Color: Color of the chart objects (chart comment)

Order Comment: Commentary for every order the EA places

Magic Number: This number should be unique for every EA in your account since the EAs use it to identify their own trades

Chart Comment: Activates or deactivates the comment in the upper left corner of the chart