This EA uses 3 indicators to find entries on the pairs opened. RSI-Stochastic-Bollinger Bands So basically its a scalper when price has sudden spikes in the oversold and overbought conditions. If you use these indicators already then adjust them with the settings you already use if you think you will yeild better results, thats up to you. i just use standard.
Risk management as always everyone, so 0.01 lot size per 500 in account, £250 minimum to start (using 1-2 pairs) an account. You can start with lower but use one pair only until you build up.
Conservative - 1/2 pairs of - EURCHF/EURCAD/CADCHF
Medium - 2-4 Pairs of - EURCHF/EURUSD/EURCAD/CADCHF
Higher Risk - 6-8 pairs - EURCAD/EURUSD/EURCHF/CADCHF/EURJPY/USDCAD/???(your decision)
With the updated settings you can have many charts open if you wish then set the Ea to only trade a maximum of 1/2/3/4 pairs at any one time. Thats up to you, your decision, make one.
This updated EA now has on screen information:
Server Time: This is the time and date that the EA uses for the ‘Daily Profit’ and the ‘Trade Friday’ functions. This could be different from the time zone you are currently in so check you are happy with the difference before setting these functions on.
Total Daily Profit: This is the total profit on your account (including all pairs) from midnight (server time)
Current Trades On This Chart: This adds up all the profit/loss of the currency symbol on the current chart (not all open charts).
Profit Required To Close These Current Trades: Once the value in ‘Current Trades On This Chart’ reaches the value shown here then all the trades on this chart will close. This value may change as more positions open.
Current Number Of Pairs: This is the current number of pairs open on your account currently. This is used by the EA to work out if it can open new trades on extra pairs depending on your user input settings.
Use Daily Target: Set this to true if you want the EA to stop opening new positions once the value is reached. However if there are open positions on this current chart whilst another chart closes positions and so reaches the daily target then the EA will still manage the positions until they are all closed. This may include opening more positions if the price goes against you.
Daily Target In Percentage: As stated, set this if you have daily target set to true.
Maximum Number of Pairs At A Time: ThisisthemaximumnumberofcurrencypairsthattheEA will allow to trade at any one time. For example, if you have this value set at 2 and EUR/USD and CAD/CHF both have positions open then no other chart will be allowed to open trades. If there were already more than 2 sets of currencies with open positions when you set this value at 2 then the EA would manage all positions until a currency pair closed its positions then the EA would not allow any more to open.
Do You Want To Trade Fridays: If set to false then the EA will shut off at midnight on Thursday (server time). If there are current open positions on the chart when this happens then the EA will still manage the positions until they are all closed. This may include opening more positions if the price goes against you.
Magic Number: This allows the EA to identify the trades it manages. Leave as 1 or a number that you would prefer.
Starting Lot Size: The lots size of the first position the EA will open on the current chart.
Number Of Pips To Next Trade: After the first trade has opened, if the price goes against you then it
will be this number of pips before another trade opens on the same chart.
Maximum Number Of Trades At One Time: If the EA opens a position and the price goes against you, this is the maximum number of positions on the current chart that the EA will open. You must multiply this by the value set in ‘maximum number of pairs at a time’ for the maximum number of positions that could open on your account. Use correct risk management.
Use Increments & Use Lot Multiplier: If ‘Use Increments’ is set to true then ‘Use Lot Multiplier’ must be set to false and vice-versa. You can only use one of these functions at a time.
Increment Size: The value that gets added onto the next opening position lot size. Start with 0.01 or 0.02 for small accounts.
Multiplier Size: The lot size of the next opening position will be multiplied by this amount.
Use Stop Loss And Take Profit: If true then it will add SL & TP to your trades. If false then SL not used and TP is decided by the EA when all positions on the current chart are in profit.
Amount Of Pips From Breakeven Level To Take Profit: Once all trades on the current chart have passed the breakeven point (zero profit/loss) then this value is the number of pips of profit until the EA closes all open trades. This value gets multiplied by the number of lots sizes on the current chart (then subtracts swaps and commission) so every new order opened means more profit required before all positions close.
Stealth Mode: If enabled this feature tries to hide the SL & TP from the broker unless you have ‘Use Stop Loss And Take Profit’ enabled.
Use Bollinger Bands, Stochastic Oscillator and RSI: This is how the EA decides on how to open the first position. Leave at default settings unless you understand how these indicators work.
Comment On Each Trade: This is the comment that is against each trade. You can write different information in here if required but best to leave as ‘MoneyMaker’.
Maximum Slippage To Open Trade: This is the maximum slippage allowed when opening or closing a trade. If this value isn’t high enough then the EA might try to open/close a trade and gets stopped by the broker. This usually happens in times of high volatility.
Use Maximum Spread: If enabled it prevents the EA from opening new trades if the spread is greater than the value set under ‘Maximum Spread Value’.
Stop New Trades If Minimum Margin Is Reached: If the margin value on your account gets below the value stated under ‘Minimum Margin In Percent’ then no new positions will open even if you reach ‘Number Of Pips To Next Trade’. Existing positions will close if they reach the level of profit explained under ‘Amount Of Pips From Breakeven Level To Take Profit’.
Avoid News Section: Leave this set to false as the code is not currently working in the EA