Euro Power
- Experts
- Aristeidis Gitas
- Version: 2.0
- Updated: 5 September 2024
This trading algorithm is an Expert Advisor (EA) coded in MQL5 for use in MetaTrader 5. The EA is specifically designed to trade the EUR/USD pair on the 5-minute timeframe, utilizing various technical indicators and strategies.
Key Features of the EA:
Multiple Strategies:
- The EA employs over 10 distinct strategies, each based on different technical conditions such as RSI (Relative Strength Index), Moving Averages (MA), support and resistance levels, and candlestick patterns.
- Each strategy is designed to either open a buy or sell trade based on specific market conditions. For example, some strategies trigger a trade when the RSI crosses certain levels or when the price moves significantly in a short period.
Risk Management:
- The EA uses stop-loss and take-profit levels to manage risk. These levels are determined based on the current bid/ask prices and the strategy being used.
- It calculates the appropriate lot size based on account balance, ensuring that trades are proportional to the available equity.
- The EA incorporates automatic lot size calculation, enhancing precision in trade execution and overall risk management.
Time Management:
- Trades are only allowed within specific time frames, which can be customized. This helps to avoid trading during periods of low volatility or high spreads.
Custom Indicators:
- The EA calculates custom moving averages of the RSI and uses these in its decision-making process.
- It also computes support and resistance levels based on recent highs and lows over various periods.
Notifications:
- The EA has the option to send push notifications when a trade is opened, detailing the entry point, stop-loss, and take-profit levels. (To enable notifications, go to the MetaTrader 5 settings and activate mobile notifications.)
Modular Functions:
- The EA is built with modular functions for calculating indicators, checking trade conditions, and managing trades. This makes the code easier to understand and modify.
Example Strategies:
- Strategy 1: A sell trade is opened if the 50-period MA is above the 100-period MA, and the price has moved significantly upwards.
- Strategy 5: A buy trade is triggered if the RSI from the previous period is above 72 and the current RSI is below 63, provided the price is below the 200-period MA.
- Strategy 16: A sell trade is initiated if a series of conditions involving RSI, support levels, and moving averages are met, indicating a potential reversal.
How It Works:
- The EA runs on a timer (OnTimer) to check trading conditions every time a new candle forms (or at the specified interval).
- For each tick, the EA calculates necessary indicators, evaluates the conditions for each strategy, and if any conditions are met, it executes a trade.
- The EA also manages open trades, ensuring they are closed when their take-profit or stop-loss levels are reached.
Tested and Reliable
Our EA Bot has been extensively tested from 2015 to the present day, proving its reliability and effectiveness in real market conditions. This long-term testing ensures that the bot is equipped to handle market challenges and deliver consistent results.
This EA is designed for traders looking for an automated solution to trade EUR/USD on a short-term basis, employing a wide range of technical strategies to identify potential trading opportunities. It balances a robust approach to trade decision-making with careful risk management, making it suitable for various market conditions.
