Milestone 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!
The Milestone Expert Advisor For MT4 is a complex scalping system that can be used in any period and any symbol in the foreign exchange market. It does not aim to make a lot of pips on every trade. Instead, it attempts to make a certain amount of profit as defined in its trading algorithm. With an effective entry strategy, the robot was able to return profits when run in the strategy tester.
The Milestone Expert Advisor For MT4 – Entry Criteria
Most of the time, the Milestone Expert Advisor has one open trade on the underlying symbol. On rare occasions, multiple trades can be opened if the market is trending strongly in one direction and the robot has taken the wrong side of the market. This expert advisor can open a trade while a candle is in the middle of development if the entry criteria are met.
As complex as its trading algorithm, the program provides the user with a long list of variables in Inputs that he must learn to use to safely trade this trading system. The sheer number of available options can overwhelm the trader at first, but with patience the user can get the hang of it. The most important options are selected and presented below:
- MAGIC = 0 – A value of zero means that trade identification is based on the symbol, not the magic number.
- ContinueTrading = true – This value means the user allows the expert advisor to add new trades.
- EnableCalendar = false – If this value is true, trade signals will be filtered by news data obtained from Forex Factory.
- IncludeHigh = true – This variable refers to high-impact news releases.
- IncludeMedium = false – This parameter refers to medium-impact news releases.
- IncludeSpeaks = true – This option means that speeches should be considered.
- SafeSpread = false – Since the default value is false, the current spread on the active symbol is not considered as a filter for trade entry.
- CarryProfits = true – Since this variable is true, profitable trades will be kept open until the trend changes.
- MinTrend = 1 – This amount is in pips and defines the minimum trend strength.
- MaxTrend = 6 – This value is in pips and specifies the maximum trend strength.
- AvoidSpikes = true – With this default value, trades will be opened if the candle size is less a certain value. This is to avoid trading volatile market conditions.
- TrueRange = true – With this setting, trades will be opened only if ATR is above a minimum value.
- TradeMonday = true – This means that trading starts on Monday.
- TradeFriday = true – This means that trading ends on but includes Friday.
- MaxTrades = 30 – This parameter limits the number of trades taken by the robot to 30.
- OpenProfit = 0.002 – When the net profit is greater than a specific ratio of the account balance, the whole basket of trades will be closed.
- QueryHistory = 14 – The expert advisor will look at the last 14 closed trades only.
- TrendBars = 30 – This is the minimum number of trending bars required before a signal is initiated.
- MinRange = 3 – Trades will be opened if the ATR is more than 3 pips.
- MinMarginLevel = 0.9 – The robot will open new trades if the quotient between account equity and account balance is more than 0.9.
- MinLots = 0.01 – This is the minimum lot size.
- MaxSpread = 5 – If SafeSpread is true, a trade will be opened if the spread is less than 5 pips.
- ATRPeriod = 14 – The ATR indicator has a period of 14.
- ATRTimeFrame = 0 – This means that the ATR value is obtained from the current timeframe.
- MA1Period = 120 – A moving average with a period of 120 is used in this trading system.
- MATimeFrame = 0 – The moving average is applied to the current timeframe.
The expert advisor uses three indicators when looking for trade entry. These indicators are discussed below:
- Candlestick – If the close is greater than the open for the current candle and the close for the current candle is greater than the high of the previous candle, the signal is bullish. If the close is lower than the open for the current candle and the close of the current candle is lower than the low of the previous candle, the signal is bearish.
- Average true range (standard settings) – In this trading system, the ATR is used to measure the prevailing market volatility. The value of the ATR used in calculation is obtained from the current symbol and period and for the current open candle. If the ATR value is greater than 3 pips as defined in Inputs, a trade signal can be executed if other factors conform.
- Moving averages (period 120, smoothed mode, price median) – The moving averages are used to determine the trend strength as defined in this trading system. The values of the moving averages needed for computation are generated from the current candle and the 10th candle of the current symbol and period. The trend strength is obtained by taking the difference between the smoothed MA values for candle zero and candle 10. If the current MA value is greater than the previous MA value (candle 10) and the trend strength is greater than 1 pip but less than 6 pips as specified in Inputs, a bullish signal is generated. If the current MA is less than the previous MA and the trend strength is within the defined range, a bearish signal is provided.
A trade will be taken if there is no open trade yet or the current number of trades is less than the maximum number set in Inputs and if the free margin can handle a trade of a specific lot size. The trade opened has no stop loss and take profit upon entry. Later when the trade gains some pips and if the net profit reaches 20 dollars, the trade will be closed immediately.
The expert advisor opens one type of trade only. This does not mean it enters one trade only. It means there can be multiple trades open, but the trade type is the same (e.g., all buy or all sell trades). However, the program actually supports cross-pair hedging, meaning trades can be opened in one or two correlated pairs. In testing, these other trades cannot possibly be executed.
The Milestone Expert Advisor For MT4 – Exit Criteria
The Milestone Expert Advisor may open another trade if the previous trade is losing and if price has moved considerably far from the initial trade. The direction of the next trade is the same as that of the first trade, but the lot size is different. To keep the risk at bay, the next trade has a lower lot size than the first trade. If the set of trades has gained at least 20 dollars, the basket of trades is closed. The robot can open more than two trades on the current symbol, though. If this happens, the latest trades will have the same lot size.
The Milestone Expert Advisor For MT4 – Room for Improvement
In testing, the signal generated by the Milestone Expert Advisor for trade entry was mostly accurate. As a result, the period between trade execution and trade closure was normally short, which is commendable. There were only few instances where multiple trades were opened on the current chart.
To make the trading system more profitable and reduce the frequency of opening multiple trades even further, the robot should trade with the short-term trend on the current timeframe. There were times when trades were opened against the trend direction when it was obvious price was clearly moving in one direction. If this improvement is implemented, the robot might be able to generate more profit.