Money Heist MT4
- Experts
- Cristian Baluta
- Version: 1.0
- Activations: 10
Money Heist is a dollar cost averaging robot simple to use and understand, good for beginners but not only.
The robot uses the last closed candle to decide if to open a buy or sell. If the transaction works in your favour it will be closed at the chosen TP. If goes the wrong direction it will open new orders at the chosen step in order to average the entry price and take the profit in the next correction.
If bidirectional is true the robot will open a buy and a sell and manage both of them independently. This is useful for 2 cases: In a market crash one direction will stop but the other will continue to bring you profit. I also recommend this for short periods of time in M1 chart and aggressive settings when the market is more stable, it can produce huge profits but also loses.
In case of a restart the robot will continue to work where it left off because it analyses the trades from the chart instead saving them internally.
Works in any chart but I recommend H1 with some safe settings.
How to use:
1. Chose a pair with low spread like EURUSD
2. Open the MoneyHeist settings and chose some ranges for the Lots multiplier (1-2), Take Profit(10-300), and Step(10-300)
3. In the tester chose the model 'open prices only' because it is much faster and the orders are open on new candles anyway
4. In the tester check the optimization box and start simulations
5. Sort the results by profit or drawdown and chose a combination that pleases you then continue to test it to make sure it gives the right results
Parameters:
Enable new orders after TP - This is how to stop the robot from opening new orders after taking the profit.
Enable buys - Stop opening buy orders. If stopped by SL this is ignored.
Enable sells - Stop opening sell orders. If stopped by SL this is ignored.
Bidirectional orders - Open concomitant buys and sells that work independently from each other.
First order (Lots) - The volume of the first 2 orders of a sequence.
Lots multiplier - Multiply the last order volume with this constant at each Step.
Take profit (Pips) - Where to take the profit.
Step between orders (Pips) - The minimum pips needed to open new orders. Orders are open at candle close so the pips may vary.
Stop loss (Pips from first order) - If one direction is stopped the other one will continue to work. To reset this the EA needs to be restarted.
Bounce from RSI - If candle closes on green when RSI is over 70, the robot will open a sell instead buy. Works only if bidirectional is off.
RSI delta - Amount added to 70 and 30.
Magic number - Identifies MoneyHeist orders.
Mix with manual orders - This will ignore the magic number and will average the price of all open orders. If you manually open the first order it will continue to average it.
Its a great simple bot! Easy to optimise! I would give it a 5 if it can compound. Overall its an awesome EA.