Amazing Expert Advisor

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 range, 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:

1. Wait for SecBPO seconds before the news announcement time, calculating the recent high and low values using the range of CTCBN + 1 candles.
2. Place two pending orders: a stop buy order at the recent high + spread + N points with a given stop-loss and TP distance; a stop sell order at the recent low - N points with a given stop-loss and TP distance.
3. Continue to modify the pending orders based on the changing recent high/low values until SecBMO seconds before the news.
4. If OCO is set to true, delete the opposite pending order once the other pending order is triggered.
5. STWAN seconds after the news release, delete remaining pending orders.
6. 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.

Input parameters

Main

• NewsDateTime — the date and time of the news announcement to trade.
• EntryDistance (default = 100) — the entry distance from recent high/low in points.
• StopLoss (default = 200) — the stop-loss value in points.
• TakeProfit (default = 200) — the take-profit value in points.
• 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.

ATR

• UseATR (default = false) — if true, ATR indicator determines the stop-loss and take-profit levels.
• ATR_Period (default = 14) — the period of the ATR indicator, which is used for stop-loss and take-profit calculation. Works only if UseATR = true.
• ATR_Multiplier_SL (default = 1) — a multiplier for the ATR indicator's value to get the stop-loss value. Works only if UseATR = true.
• ATR_Multiplier_TP (default = 5) — a multiplier for the ATR indicator's value to get the take-profit value. Works only if UseATR = true.

Money management

• Lots (default = 0.1) — basic lot size for fixed position sizing. Used when MM = false.
• MM (default = true) — if true, flexible position sizing is enabled.
• Risk (default = 1) — risk tolerance in percentage of account balance/equity. Works only if MM = true. This input parameter is ignored if UseMoneyInsteadOfPercentage is set to true.
• FixedBalance (default = 0) — if set to non-zero value, it is used instead of account balance/equity for position size calculation. Works only if MM = true.
• MoneyRisk (default = 0) — risk tolerance in account currency. Works only if MM = true. Requires UseMoneyInsteadOfPercentage set to true.
• UseMoneyInsteadOfPercentage (default = false) — if true, position size is calculated based on risk amount given in account currency (MoneyRisk) instead of balance/equity percentage risk (Risk). Works only if MM = true.
• UseEquityInsteadOfBalance (default = false) — if true, position size is calculated based on account equity instead of balance. Works only if MM = true. Ignored if UseMoneyInsteadOfPercentage = true.

Miscellaneous

• 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.

Screenshot

Below you can see the example of a setup with the Amazing EA with its orders ready before the news. It employs ATR-based stop-losses and risk-based position sizing. As you can see, it is rather verbose, displaying its various parameters and calculations as the chart commentary in the top-left corner: