RobotiADXwining 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 RobotiADXwining Expert Advisor For MT4 uses the average directional movement index (ADX) indicator alone to enter and exit the market. As shown in the image above, the ADX is applied to the current timeframe and symbol. The only values needed for entry and exit are the plus DI and minus DI. Their relative placement on the current candle defines the signal for entry or exit. While the name of the expert advisor exudes positivity, the testing result gave a negative impression. The profitability of this expert advisor has yet to be seen.
The RobotiADXwining Expert Advisor For MT4 – Entry Criteria
The RobotiADXwining Expert Advisor shows a comment on the upper-left portion of the main window to make users aware of its presence. The only information relevant to trading is the server time. On every new candle, the robot attempts to find a trade entry. Once an order has been executed, the robot will stop looking for new trades.
The expert advisor shows a long list of variables in Inputs that the user can adjust at will. To get a sense of how the robot works, the user can use the default settings at first, and then make adjustments later. Out of the many available parameters, the following variables are selected and listed below to provide the user with a starting point on what to learn about this trading system.
- CompletedBars = true – If this variable is true, trade execution is by a new candle. If false, trade execution is by tick.
- TradeOrAlert = true – If the value is true, the robot actually opens a trade. If false, the robot sends alerts.
- SendMailMode = false – If this value is true, an email will be sent with information about trade execution.
- PlaySounds = false – If this value is true, sound will be played if a trade is executed or if an alarm goes off.
- MySound = "alert.wav" – This is sound file played when a trade or alarm is triggered.
- FiveDigits = true – If the broker uses five-digit quotes, this value should be true. If the broker uses four-digit quotes, this value should be false.
- UseTradingTime = false – If this value is true, trading will be done within the predetermined trading schedule below.
- TradingTimeStart = 0 – Trading starts at this time hour on the broker side.
- TradingTimeEnd = 16 – Trading ends at this time hour on the broker side.
- OrderIncludeTPSL = true – If this value is true, the stop loss and take profit are placed upon entry. If false, the stop loss and take profit are added after entry.
- MaxNumberofPositions = 1 – This is the maximum number of open trades at any one time.
- MaxOrderRetry = 100 – This is the number of times the robot will attempt to open a trade if previous order executions fail.
- UseMaximumPercentageatRisk = false – If this value is true, the lot size will be defined based on the maximum percentage of risk below.
- MaximumPercentageatRisk = 1 – This means that the risk per trade is one percent of the account.
- UseRiskRatio = false – If this is true, the take profit will be set as a factor of the stop loss.
- RiskRatio = 3 – This value means that the take profit will be three times the stop loss.
- UseMartingale = false – If this is true, martingale lot sizing will be used.
- MartingaleMultiplier = 2.0 – If the variable above is set to true, the lot size of the next trade will be twice the lot size of the previous trade.
- MaxMartingaleSize = 1.8 – This is the maximum lot size allowed when martingale is used.
- afterLoss = true – Since this is true, the lot size of the next trade will be bigger than that of the previous trade if the latter trade was a loser.
- afterWin = false – If this variable is true, the lot size of the next trade will be two times the lot size of the previous trade if the latter trade was a winner.
- Slippage = 3 – This parameter instructs to robot to accept a maximum slippage of 3 pips.
- MagicNumberLong = 6658641 – Buy trades will have this magic number.
- MagicNumberShort = 4167090 – Sell trades will have this magic number.
- Commentlong = "Go long" – Buy trades will have this order comment.
- Commentshort = "Go short" – Sell trades will have this order comment.
- Hedge = false – If true, hedging strategy will be used.
The expert advisor uses only one technical indicator for trade entry, and this indicator is familiar to most traders. How the indicator is used to generate a signal for entry is discussed below:
- Average directional movement index (period 14, close price) – The ADX indicator is applied on the hourly timeframe of the current symbol. The values needed for trade entry are the plus DI and minus DI of the current candle. If +DI is greater than -DI, a buy entry is indicated. If +DI is less than -DI, a sell entry is defined. The main ADX value is not used as filter.
When a trade opportunity presents itself, the expert advisor executes a trade immediately. This trade comes with a lot size that is defined by the robot. The user is not given a choice to set the trade volume. As noted in testing, this trade does not have a stop loss and a take profit, and it is opened at the beginning of a new candle.
The RobotiADXwining Expert Advisor For MT4 – Exit Criteria
Because the RobotiADXwining Expert Advisor does not set the stop loss and take profit of trade entries, it actively manages the trades from entry to exit. A trade is closed directly by the robot when an opposite signal has been found. For example, if the current trade is a buy and a sell signal is received, the expert advisor immediately closes the trade. This manner of trade exit is applied only to losing trades. Trades are closed at the open of a new candle.
When a trade is closed in loss, another trade is taken to take its place. The next trade is opened in the direction opposite to that of the previous trade. For example, if the previous trade was a buy, the next trade is a sell. The next trade does not have a stop loss and take profit either, and its lot size is the same as that of the previous trade. The signal for trade closure emanates from the same indicator used for trade entry. This indicator is the average directional movement index.
In the case of winning trades, trade management is done using breakeven and trailing functions. When a trade has gained at least 30 pips at the open of a new candle, the stop loss of the trade is immediately adjusted to seven pips beyond the breakeven price, but this is only a one-time event. Thereafter, stop loss adjustment occurs when a new candle opens beyond the open price of the previous candle that triggered the breakeven trade. The distance between the new stop loss and the market price must be at least 30 pips so that the trade is trailed. This continues until the newly adjusted stop loss is hit. Since there is no take profit to each trade, the only way to close winning trades is by the stop loss.
The RobotiADXwining Expert Advisor For MT4 – Room for Improvement
The RobotiADXwining Expert Advisor failed to make money for the trading account in testing. This is largely because of the low win rate (around 22 percent only). This is aggravated by the fact that breakeven and trailing functions are also utilized to close trades. To compensate for the low win percentage, a high risk-reward ratio should be sought, hopefully without the use of stop trailing and breakeven.