Daily Retracement EA

This expert advisor is engineered to capitalize on market patterns. It employs a sophisticated algorithm to filter the market, detect its trend and exploit retracement patterns effectively.

This is a REAL trading strategy, it involves NO MARTINGALE, NO GRID, NO HEDGING or other dangerous methods. All trades have a hard stop loss, and you can choose how much risk to take per trade.

This strategy also utilizes an original trailing profit mechanism to reduce losses. This means that the maximum risk per trade is always what you choose to risk, but most of the time, the expert will get out of a losing position before the SL is hit after certain conditions are met. Therefore, the average loss will be less than your maximum risk, thus reducing drawdown.

Before you buy, you can check both the backtesting and live trading results down below to make sure the expert fits your trading style. On average, this strategy takes 2-3 trades per week per currency pair. Backtesting was done using commissions and spreads to mimic real trading conditions.

Tested on 10+ years of history data, this strategy performs well in all market conditions, but results may vary from month to month.

Frequently asked questions:

• On which pairs can I use this expert? The expert works on these pairs: EURUSD, USDJPY, USDCAD, USDCHF, GBPUSD.
• On which timeframe should I use the expert? The algorithm recognizes patterns on multiple timeframes, so it doesn’t matter to which chart timeframe you attach the EA, the trades will be the same.
• Is it suitable for prop firms? Yes, this expert can be used on prop firm accounts, there is even a mode specifically designed for them.
• How much capital do I need? The minimum risk per trade is 25$, so I would advise you to use this strategy on at least a $250+ account.
• Which settings should I use? The default settings are the recommended settings, but feel free to change those settings depending on your risk tolerance.
• I don’t understand one of the settings? Please read the settings documentation below, you can also send me a message if your issue isn’t resolved.
• Is it hard to install? No, after your purchase, simply drag and drop the EA from the navigator window to your chart in MT5.

SETTINGS DOCUMENTATION

===== RISK PARAMETERS =====

• Choose method to calculate risk per trade: Choose whether you want the amount of risk per trade to be based on a percentage of your balance or based on a fixed amount of currency.
• If you chose “Percentage” above, chose how much to risk per trade in percentage (Recommended less than 10%)
• If you chose “Fixed” above, choose how much to risk per trade in amount of currency (Minimum 25$)

===== TRADING STYLE =====

• Choose if you want to allow both buy and sell trades, or only buy trades, or only sell trades.
• Risk setting: On the lower setting, the position size will be smaller, so the stop loss will rarely get hit, but the profit will be smaller than on higher settings. On the higher setting, the position size will be bigger, so the profit will be bigger, but the stop loss might get hit more often. This setting depends on your risk tolerance.

===== PROP FIRM MODE =====

• Choose whether you want to activate the prop firm mode to trade with FTMO or other prop firms.
• Account size: Choose your prop challenge or funded account size. The equity protector will be calculated based on that.
• Max daily drawdown: Choose your max daily drawdown. All positions will close when reaching this amount in drawdown and stop trading for the day. This amount resets every day at 0:00 and the expert will start trading again after this time.
• Max drawdown: Choose your max drawdown. All positions will close when reaching this amount in drawdown, and the expert will stop trading until you turn it back on.
• Profit target: Choose your profit target. All positions will close when reaching this target, and the EA will stop trading until you turn it back on.
• Slippage buffer: Choose a slippage buffer. This is needed to ensure the drawdown limits are not breached by mistake. For example, if your maximum daily drawdown is 5000$, if you input 200, the EA will close all positions at -4800$ to make sure your account is not breached.

===== OTHER SETTINGS =====

• Hide panel background: If you want to remove the box between the text on your chart.
• Panel background color: Changes the color of the background.
• Panel border color: Changes the color of the background border.
• Panel text color: Changes the color of the text.
• Profit text color: Changes the color of the text when the floating P&L is in profit.
• Loss text color: Changes the color of the text when the floating P&L is in loss.
• Text size: Changes the text size.
• Magic number: This is important if you use other EAs on your account. You will want to select a different magic number to make sure this EA only takes its own positions into account in its algorithm.
• Order comment: Choose an order comment if you want to discern which trades were taken by this EA in your trade history.