Amazing Forex expert advisor is not a common expert advisor which would use some implemented trading strategy and earn you money automatically. It is a "news trader". A form of automated breakout trader which only works on the set date and time (the ones of the Forex related news, like interest rates decision, you are expecting). You give it the day, hour and minutes of the upcoming news release and it determines the best breakout ranges, stop-loss, take-profit and trailing stop-loss to use in the current market conditions. This EA is available for MT4 and MT5. The MT5 version is fully functional but probably shouldn't be used with other EAs on the same currency pair.
Obviously enough I do not include any test results with it. I just recommend you to use it if you are in the Forex news trading and prefer fundamental analysis over the technical analysis.
What input parameters do I need to set?
There are only 3 parameters that require your modification — Day, Hour and Minute of the news release:
- NDay — should be set to the day of month (from 1 to 31) on which the news comes out; this day should be within the current month and the current year, of course.
- NHour — should be set to the hour (from 0 to 23) when the news comes out.
- NMinute — should be set to the minute (from 0 to 59) when the news comes out.
Don't forget to check the difference between the time zone of your MetaTrader 4 platform and the time zone of the news you are awaiting.
You can also modify other parameters if you want:
- TP — target profit in pips.
- CTCBN — number of candles to check before the news release to determine the high and lows.
- SecBPO — seconds before the news release to place the pending orders.
- SecBMO — seconds before the news release when the orders can no longer be modified.
- STWAN — seconds after the news release to delete all pending orders.
- OCO — if one order is triggered it will cancel the other.
- BEPips — number of profitable pips before applying a breakeven.
This EA is ECN-safe. You can freely use this expert advisor with ECN (market execution) brokers as it either does not apply any stop-loss and take-profit levels in its trading orders or sends only pending orders.
Warning! Before you ask basic questions regarding installation of the expert advisors, please, read this MT4 Expert Advisors Tutorial to get the elementary knowledge on handling them.
Do you have your own trading results or any other remarks regarding this expert advisor? Discuss Amazing with other traders and MQL programmers on the experts forums.