Fishing 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:
- Fishing Expert Advisor For MT4
- The Fishing Expert Advisor For MT4 – Entry Criteria
- The Fishing Expert Advisor For MT4 – Exit Criteria
- The Fishing Expert Advisor For MT4 – Room for Improvement
The Fishing Expert Advisor For MT4 is a semi-automatic trading system for MetaTrader4. While it executes trades on its own, the trading system allows the user to take part in trade management. If the user does not want to actively get involved in closing trades, he can set the robot to run in autopilot. This is done by clicking the auto buttons on the right part of the interface. At any time, the user may manually close a group of trades by clicking on one of three buttons labelled X buy, X sell and X all. Refer to the image above for reference.
While it is possible to make money with this trading system in the short term, the long-term prospect does not look good. Account wipeout may happen at any time. This was observed when the robot was run in the strategy tester using five months of test data. With the default distance between trades of one pip or 10 points, it is easy to reach the maximum allowable number of trades in a trading account, which is 200 trades depending on the type of account.
The reason why the robot can make money is the imbalance between the number of buy trades and sell trades. For example, if there are more buy trades than sell trades and the market has a bullish bias, profit can be generated. If the ratio of trades is the same but the market has a bearish bias, account blowout might happen at some point. Therefore, using this expert advisor in live trading with the current settings is discouraged.
The Fishing Expert Advisor For MT4 – Entry Criteria
The Fishing Expert Advisor creates graphical objects on the chart to provide the user with a panel or interface to work with. Through this panel, the user can control some aspects of trade entry such as the lot size and distance between trades. On the interface, the trader can monitor the account balance, account equity and account free margin in real time.
The user is provided with a few parameters to tweak as necessary the first time the robot is applied to the chart. He can also access these parameters at any time by clicking on the smile object beside the robot on the top-right part of the screen. Below are all the external variables available:
- buy = true – When this parameter is true, the robot will open buy trades.
- sell = true – When this parameter is true, the robot will execute sell trades.
- StepB = 10 – This is the gap in points between trades. For a buy trade, the current bid price should be 10 points above the open price of the previous trade.
- StepS = 10 – This is the gap in points between trades. For a sell trade, the current bid price should be 10 points below the open price of the previous trade.
- CloseProfitB = 100 – If the total profit of buy trades reaches 100 dollars, all buy trades will be closed.
- CloseProfitS = 100 – If the total profit of sell trades reaches 100 dollars, all sell trades will be closed.
- CloseProfit = 10 – If the net profit of all buy and sell trades reaches 10 dollars, all open trades will be closed.
- LotB = 0.10 – Buy trades will have a lot size of 0.10.
- LotS = 0.10 – Sell trades will have a lot size of 0.10.
- slippage = 5 – The slippage used for trade entry and closure is 5 points. During volatile market conditions, trades might not be entered or closed due to the small slippage value.
- Magic = 1 – Each trade taken by this expert advisor is given a magic number of 1.
When the expert advisor is dropped on the chart, it will not take trades immediately even if the user has enabled the buy and sell options or kept the default settings in Inputs. To incite the expert advisor to open trades, the user must manually press or click the Open Buy and Open Sell buttons on the interface. When the buttons are not clicked, the Lot and Step fields will look grayed out. Once the buttons are clicked, the text and box in the fields will turn red.
After some time, when the bid price has moved up or down 10 points, the expert advisor will start opening trades. Anytime the bid price moves down 10 points from the entry price of the previous trade, a sell trade is taken. Every time the bid price moves up 10 points from the entry price of the last trade, a buy trade is taken. There is no maximum limit as to the number of trades that the robot can open on the current symbol. It is definitely possible to see a total of 200 trades (buy and sell) at one time. The user cannot control this aspect of the trading system.
The Fishing Expert Advisor For MT4 – Exit Criteria
The Fishing Expert Advisor offers two ways in closing trades. One is manual approach, and another is automatic approach. The manual approach requires the trader to monitor the profits of buy trades, sell trades or both buy and sell trades as shown on the panel. When buy, sell or all trades are profitable, the profit is displayed in green. If losing, the profit is displayed in red. The trader can manually close one type of trades or all trades by clicking on the X buy, X sell or X all buttons.
If the trader does not want to actively manage trades, he can make use of the passive method, which is a set-and-forget approach. To do this, the user must click one or all of the three buttons labelled “auto” on the right of the interface. When the buttons are not clicked, they will appear grayed out. When clicked, the text and box in the fields turn red and active. At this point, the user may decide to use the default amounts of profit for closing trades. For buy and sell trades, the target profit amount is 100 dollars each. For all trades, the target amount is 10 dollars. The user can use other amounts too as he sees fit by clicking on the relevant field and typing the amount.
The Fishing Expert Advisor For MT4 – Room for Improvement
The Fishing Expert Advisor was run a few times in the strategy tester in an attempt to find a safe value for the step or distance between the last and the next trades as well as the amount of net profit to automatically close all trades. It appears there is no such safe values. All test runs led to account wipeout sooner or later into the test period. That is why it is not suitable to use this trading system in actual trading with its default settings. Users may try further testing with optimization, but there are limited variables to work with in Inputs. Testing can only go so far. Demo trading is not a better alternative for testing with historical data after all.
One of the things that must be improved is the total number of trades that the robot can take. The current setup is just too dangerous. At least the user should be given the capability to control the number of trades by adjusting the value of a variable in Inputs. Another area to improve is the spacing of trades. While it appears trades will be separated by 10 points by default, the actual scenario is different. Trades overlap or bunch together in a tight price range. Clearly, using pure price to enter trades is not sufficient. Applying a little technical analysis might improve the trade results.