Daily Chart Trader Expert Advisor For MT4

Daily Chart Trader Expert Advisor For MT4



PLEASE NOTE: This expert advisor was publicly available for free usage on other websites and is not programmed by us. We explain the functionality and possible improvements of the EA. Furthermore, we are convinced that fully automatic Expert Advisors will fail in the long run. On the other hand, our semi-automatic approach with detecting the best setups and then activating our Expert Advisors (e.g. V-Power EA, EdgeZone EA) produced many successful traders and some of them even got prop traders at prop trading firms. Therefore, we added a similar semi-automatic trading feature (to allow only buy or only sell trades) to the free Expert Advisors. You can download the modified version here and enjoy!


As the name suggests, the Daily Chart Trader Expert Advisor For MT4 works on the daily chart only of any foreign exchange symbol. At any other timeframes, the robot immediately gets out of the main function on every tick. In addition, if the spread on the current symbol is more than 25 points (or 2.5 pips), the robot would not work. Since the spread requirement is not available as a variable in Inputs, the user must apply the robot to a symbol that has a maximum spread lower than 25 points most of the time.

The trading system showed a poor performance in the back tester. Maximum drawdown was about 15 percent, and the win rate was only 27 percent. As a result, the robot lost 10 percent of the account when run over five months of historical price data. Apart from this, since the trade volume is incremented in the event of loss and the user has no control over the initial lot size, it is not safe to trade with this robot in live trading with the default settings.

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The Daily Chart Trader Expert Advisor For MT4 – Entry Criteria

The Daily Chart Trader Expert Advisor runs on every tick and opens one trade at a time. While it does not use the martingale approach, the robot increments the lot size if the previous trade was a loser. It takes one winning trade to reset the lot size to the original value based on the account equity.

There are few variables in Inputs that the user can adjust at will to control the operation of the trading system. However, not all values set as default are the ones applied in the real situation, so the user must understand how the variables are being used by the expert advisor. These variables are outlined below:

  • BreakEven = 39 – An open trade will be moved to breakeven when it has gained 39 pips. The actual adjusted stop loss is only 39 points, though.

  • MagicNumber = 112918 – This number identifies the trades taken by this robot and is used for trade management.

  • lots = 0.01 – This variable is not used in the code for specifying the lot size of trades probably due to coding error.

  • step = 900 – This value is given in points. When a trade is placed, its take profit is set 900 points (or 90 pips) plus the spread away from the market price.

  • stepi = 100 – This value is divided by two and added to or subtracted from the open price of the current candle, in case the previous trade was a loss, to find a value that is then compared from the market price. The result of this comparison is either a new buy or sell trade or no trade.

  • display = true – By default, this variable is set to true. If false, the table or performance chart will not be displayed on the chart.

  • X = 400 – This is the distance of the upper-left corner of the table relative to the left border of the main chart.

  • Y = 20 – This is the distance of the upper-left corner of the table relative to the top border of the main chart.

  • use_breakeven = true – On every tick, the robot attempts to move a trade to breakeven if possible since the option is set to true by default.

If the robot opens the first trade or if the next trade follows a winning trade, the trade is opened at 18:00 hour or later within the day. It is possible for the expert advisor to execute another trade or even more on the same candle or day if the previous trade was a loss. If a trade is executed after a losing trade, it can be taken at any time of the day. When this is the case, the trade also comes with a higher lot size than the previous losing trade.

Even if the user defines the lot size in Inputs, the expert advisor ignores this value during entry. The actual lot size is determined by the robot by multiplying the equity with the value of one point (or 0.00001). The lot size computed this way applies to the first trade and is used as an increment value for the subsequent trade in case it follows a losing trade. For example, if the previous trade had a lot size of 0.20 and resulted in a loss, the next trade will have a lot size of 0.20 plus the increment value.

The Daily Chart Trader Expert Advisor For MT4 – Exit Criteria

The Daily Chart Trader Expert Advisor actively manages its trades. As observed in testing, most trades are closed directly by the expert advisor. This happens when ask price is below the open price for a buy trade or when bid price is above the open price for a sell trade. On few occasions, trades are modified and closed by the modified stop loss.

The stop loss of a winning trade is adjusted when the trade has gained 390 points. At this point, a series of stop loss adjustment composed of two parts is done. First, the stop loss is moved 39 points beyond the entry price. Immediately after this, with almost no time gap at all, the stop loss is moved 19 pips from the entry price. No other stop loss adjustment follows, and the trade is closed either by the new stop loss or take profit. Stop trailing is not done.

The Daily Chart Trader Expert Advisor For MT4 – Room for Improvement

The Daily Chart Trader Expert Advisor needs to be reworked to become safer and profitable. One obvious flaw is the display of a table that covers 12 symbols when the robot works on the active symbol only. As shown in the image above, the robot displays results on daily, weekly, monthly and total performance for 12 symbols, which is a waste of computer resources.

With the current setting, trading starts if the hour time on the broker side is 18 or greater. This might not be the best time to trade for every user, so it is better to set the trading schedule as a variable in Inputs. This way the user can choose his preferred schedule or market session.

Looking at the code, one can see that the program is old. External variables are scattered in the global area, making it hard for users to read the code and understand how the robot works. The external variables should be arranged and placed together in one location. Another annoying issue is the retention of the table about performance on the chart when the expert advisor is removed. Manually removing the objects left behind can be troublesome and time-consuming. This shows that the robot lacks function that removes objects when the expert advisor leaves the terminal.

In addition to what has been discussed so far, another obvious issue that must be addressed is the lot size used for trade entries. While the user is given the ability to set the initial lot size in Inputs, this value is not used at all in trade execution. To solve this issue, the user should be given an option to use static or dynamic lot size and then the robot assigns or determines the lot size based on the user preference. The formula being used to define the initial lot size should be corrected so that the desired trade volume is used at the beginning of each trade cycle.


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