Easy Robot Expert Advisor For MT4
WE IMPROVED THIS EXPERT ADVISOR FOR YOU!!!
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!
Table Of Contents:
- Easy Robot Expert Advisor For MT4
- The Easy Robot Expert Advisor For MT4 trade logic:
- Easy Robot Expert Advisor For MT4 Features:
- Settings of Easy Robot Expert Advisor For MT4:
- Optimizing the EA:
Trading need not be complex; if you are looking for simple and effective EA then Easy Robot Expert Advisor For MT4 does the job. The EA uses open and close values of the bar to enter a trade and uses an indicator to dynamically calculate the exit of trade.
The Easy Robot Expert Advisor For MT4 trade logic:
The EA is programmed to work only on H1 time frame charts; it displays an alert if the EA is set up on any other time frame.
Picture A: EA Trades only on H1 time frame
The entry conditions of the EA is pretty simple and straight. The EA opens a BUY position if the value of the opening price is lower than the closing price of the current bar, and opens a SELL position on opposite conditions. The EA checks the values of the current bar or candle to place the trade.
ATR – Average True Range indicator, a default indicator MT4 Built-in indicator calculates the Take profit and Stop loss levels. The EA calculates them behind the scenes without displaying the indicator on the chart and uses the values to place the take profit and stop loss levels.
Easy Robot Expert Advisor For MT4 Features:
The EA is capable of calculating the lot size based on your account free margin automatically. Free margin- refers to the Equity in a trader's account that is NOT tied up as margin for the current open positions. So the EA will calculate using equity and the margin necessary for any open positions. If the Auto Lots option is True, then the lot size is calculated based on your desired percentage to risk in a single trade in terms of free margin. However, this option can be turned off to place orders with a fixed lot size.
Take profit and Stop loss values are calculated dynamically based on the ATR values, not by a fixed value of pips. The TP multiplier factor increases or decreases the distance of take profit by applying the multiplier factor to the ATR values. A higher value of the TP multiplier provides a bigger take profit value. SL multiplier factor provides a similar function and varies the distance of stop loss, a lower value provides a smaller stop loss.
Easy robot expert advisor for mt4 provides additional options to trail the trade by using trailing stops. The trailing stop option is enhanced through 2 independent features, Trailing start pips and Trailing step pips. While trailing start pips triggers the trailing stop, the trailing step feature makes sure that the EA doesn't chase the market in every pip move, rather, provides the necessary room for the prices to fluctuate. Both the trailing stop and the trailing step provide a good range from 10 to 50 pips with an incremental value of 1 pip. However, the trailing stop option can be disabled
Settings of Easy Robot Expert Advisor For MT4:
Picture B: Explanation of default settings
- Magic number: Unique EA instance identifier
- Auto lots: True = EA calculates lot size automatically based on the risk % option
False = Turns on the fixed lots size option
- Fixed lots size: Manually enter your desired lot size to trade
- Risk %: If Auto lots = True, EA calculates the lot size automatically based on the free margin of the account.
Free Margin refers to the Equity in a trader's account that is NOT tied up in margin for current open positions
- TP factor multiplier: Ranges between the values of 1.0 to 5.0 and can be adjusted in increments of 0.1.
Take profit is calculated by using the ATR – Average True Range indicator built-in MT4. A higher value provides a bigger take profit.
- SL factor multiplier: Ranges between the values of 1.0 to 5.0 and can be adjusted in increments of 0.1.
Stop loss is calculated by using the ATR – Average True Range indicator built-in MT4. A lower value provides a smaller stop loss.
- Trailing stop: True – Activates the Trailing start and Trailing step options
- Trailing start pips: Input a value in pips to trail the initial stop loss.
- Trailing step pips: Moves the trailing stop loss only after price advances further by the given value in pips
- Order string comment long: Mentions this value in the order comment column for a BUY order
- Order string comment short: Mentions this value in the order comment column for a SELL order
Optimizing the EA:
The default settings of the EA works well for the EURUSD pair. To work with other currency pairs the EA has to be optimized using strategy testers. Picture C: Parameters to be optimized
Optimization can be done for better results by using strategy testers and passing different values for the TP factor multiplier, SL factor multiplier, Trailing start pips, and Trailing step pips. The optimization can be for a short period of 3 months or more to find the best settings. With only H1 time frame charts and with four parameters to optimize, it may not take long to identify the best settings for any currency pair.
Due to varying market conditions, the EA needs to be optimized regularly to find the best settings. Traders cannot rely on a single set of optimization; a change in ATR value will affect the take profit and stop loss ranges. The trailing stops and trailing steps also contribute to the success of the EA and need to be recalculated for different market situations.
The EA can calculate take profit and stop loss automatically, and provides additional options to modify them by adjusting the TP factor multiplier and SL factor multiplier, but does not provide a fixed stop loss or take profit option. Some traders may prefer to have that option to manage their accounts using them.
Easy Robot Expert Advisor for MT4 trades efficiently if it is regularly optimized. Using the default values may not be beneficial in the long run. This EA provides the best results if a trader is willing to monitor the market and optimize the EA whenever necessary.