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 date and time of the Forex related news, like interest rates decision. 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 Amazing expert advisor operates by following these six steps:
Wait for SecBPO seconds before the news announcement time, calculating the recent high and low values using the range of CTCBN + 1 candles.
Place two pending orders: a stop buy order at the recent high + spread + 10 pips with stop-loss at the recent high + spread and take-profit at a given TP value; a stop sell order at the recent low - 10 pips with stop-loss at the recent low and take-profit at a given TP value.
Continue to modify the pending orders based on the changing recent high/low values until SecBMO seconds before the news.
If OCO is set to true, delete the opposite pending order once the other pending order is triggered.
STWAN seconds after the news release, delete remaining pending orders.
Monitor the resulting buy or sell position (if any) and adjust its stop-loss according to the breakeven and trailing stop settings given via input parameters.
Obviously enough, no backtest results can be included with it. It is recommended o use it if you are big into Forex news trading and prefer fundamental analysis over technical analysis.
NewsDateTime — the date and time of the news announcement to trade.
TP (default = 20) — the take-profit value in pips.
CTCBN (default = 0) — the number of candles to check before news for High & Low in addition to the latest (current) candle.
SecBPO (default = 300) — the number of seconds before the news release to place pending orders.
SecBMO (default = 0) — the number of seconds before the news release to stop modifying the pending orders.
STWAN (default = 150) — the number of seconds after the news release to delete untriggered pending orders.
OCO (default = true) — one-cancels-other; if true, the EA will cancel the opposite pending order right after the other one is triggered.
BEPips (default = 0) — the number of pips in profit when EA should move the stop-loss to breakeven. Zero value means that the breakeven feature is disabled.
TrailingStop (default = 0) — the trailing stop value. Set to zero to disable.
MM (default = false) — if true, the EA will calculate position size based on the available free margin.
RiskPercent (default = 1) — the risk percentage of the available free margin to use in the money management calculation. Works only if MM is set to true.
Lots (default = 0.1) — the volume to use in trades if MM is set to false.
Slippage (default = 3) — the acceptable price slippage in pips.
TradeLog (default = "Am_Log_") — the prefix to use for the log file name. Empty means no log file.
Commentary (default = "Amazing") — the commentary for positions opened by this EA.
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.