Pure Price Action With Push Notifications Expert Advisor For MT4

Pure Price Action With Push Notifications 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!

 

While the Pure Price Action With Push Notifications Expert Advisor For MT4 uses a specific candlestick formation to define a trade entry, it also employs technical indicators such as fractals, moving average and momentum to confirm the trade entry. This makes the trading system not a “pure” price action strategy, but it qualifies as a technical trading strategy.

When the expert advisor has successfully executed a trade entry, it sends a push notification to the mobile phone of the user, as well as an email message and chart alert, to inform the user of this trading activity. To receive text messages from the client terminal, the user must enable this function by opening the Options window in MT4, going to the Notifications tab, clicking the Enable Push Notification box, and inserting the MetaQuotes ID of the mobile MT4 application installed by the user in his phone.



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The Pure Price Action With Push Notifications Expert Advisor For MT4 – Entry Criteria




The Pure Price Action with Push Notifications Expert Advisor waits for a new candle to form in the current timeframe to run the main trading algorithm. At the open of the new candle, the expert advisor performs a series of checks to make way for the opening of a new trade. First, if there are open trades in the client terminal, the robot looks at the current drawdown if it falls within the acceptable limits. If not, all trades will be closed to limit the amount of loss. Then the robot checks if there are more than 100 candles on the chart, if take profit set by the user is greater than 10 pips, and if the free margin is large enough to handle a new trade.

It is possible for the user to influence how the trading system works by adjusting some important variables in the expert settings. He can modify any of these options at the time of implementation or at any time of his choosing either by clicking on the smile icon beside the name of the expert advisor or by pressing the F7 command on the keyboard and making the necessary adjustments. These variables and their default settings are enumerated and explained below:


  • Lotsize = 0.1 – This is the lot size of all trades opened by this expert advisor.

  • TrailingStop = 45 – Trailing stop is activated when a trade has gained 45 pips.

  • MagicNumber = 5678 – The expert advisor assigns this number to each trade for trade identification and management.

  • Take_Profit = 55 – Every trade has a take profit of 55 pips.

  • Stop_Loss = 20 – Every trade has a stop loss of 20 pips.

  • SlowMA = 80 – This trading system makes use of a moving average with a period of 80.

  • FastMA = 5 – This trading system makes use of a moving average with a period of 5.

  • Mom_Buy = 0.3 – A long trade signal is qualified for entry if the momentum is below 0.3.

  • Mom_Sell = 0.3 – A short trade signal is qualified for entry if the momentum is less than 0.3.

  • UseEquityStop = true – Since this variable is set to true, the robot actively monitors the drawdown to protect the trading account from disaster.

  • TotalEquityRisk = 1.0 – If the current drawdown of all open trades is equal to one percent or more of the total account balance, the robot liquidates all open trades to preserve capital.

  • Max_Trades = 5 – If the user keeps this value, the robot will be able to open a total of 10 trades on the current symbol.


The trading system uses a combination of technical strategies to find a trade opportunity and qualify it for entry. The moving average is primarily used by the robot to define an entry and its direction, while the fractals, candlestick and momentum indicators are used to qualify the entry. Exactly how the signals are generated and confirmed is explained in the list below:


  • Fractals – The expert advisor determines if there is an up or down fractal in the last five candles of the current timeframe and symbol. If this is the case, the search for trade entry continues.

  • Candlestick – The robot computes the price ranges from the open price to the close price of candles two, three and four counting from the current zero candle. To have a buy or sell signal, the range of candle 3 should be greater than that of candle 2 and 4, meaning candle 3 is bigger than candle 4 and candle 2. It does not matter whether any of the three candles is bullish or bearish. Only the range matters in this trading system.

  • Moving average (periods 80 and 5, linear weighted, typical price) – The expert advisor determines the values of the two moving averages for the current candle of the next smaller timeframe of the current symbol. If 5 LWMA is greater than 80 LWMA, a buy signal is generated. If 5 LWMA is less than 80 LWMA, a sell signal is defined.

  • Momentum (14 period, close price) – The values of the momentum indicator are derived from the previous three candles of the next higher timeframe and current symbol. The three values obtained are subtracted from 100 and then compared with the maximum value set in Inputs. If any of the three final values is less than 0.3, any trade signal is qualified for entry. This means that the current trend in any direction is not yet exhausted and might still be strong enough to carry any trade forward and result in profit.


When the robot receives an entry signal from the technical tools above, a trade is immediately taken with a position size of 0.10. Upon trade entry, the stop loss and take profit are also defined. The stop loss is placed at 20 pips from the entry price, while the take profit is set at 55 pips from the open price. If more trade signals are generated in subsequent candles, trades will be added with the same lot size, take profit and stop loss as the initial trade. The maximum number of trades that the robot can open in one trading cycle is 5. Only one trade can be taken in one candle.



The Pure Price Action With Push Notifications Expert Advisor For MT4 – Exit Criteria


The Pure Price Action with Push Notifications Expert Advisor sets a stop loss and take profit to each trade. If price hits the stop loss, the trade ends in loss. If price hits the take profit, the trade results in profit. However, since the breakeven and stop trailing functions are available and being implemented, trades may be closed at other prices besides the initial stop loss or take profit.

The moment a trade gains at least 30 pips, its stop loss is immediately adjusted to the entry price. This trade operation is done only once on each trade if applicable. Thereafter, if the trade continues to be profitable and has gained 45 pips, trailing stop gets activated, resulting in stop loss adjustment on every point of price movement in favor of the trade. This continues until price eventually hits the take profit or the last stop loss price.



The Pure Price Action With Push Notifications Expert Advisor For MT4 – Room for Improvement


The result of the Pure Price Action with Push Notifications Expert Advisor in the strategy tester looks interesting, although the robot failed to generate profits. This impression comes from the way the equity and balance lines look and behave during the test run. The overall direction is neutral, though the final balance was a little lower than the starting balance.


 

FREE Pure Price Action With Push Notifications EA

Download the FREE Pure Price Action With Push Notifications Expert Advisor for MT4.

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