Timer 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:
- Timer Expert Advisor For MT4
- The Timer Expert Advisor For MT4 – Entry Criteria
- The Timer Expert Advisor For MT4 – Exit Criteria
- The Timer Expert Advisor For MT4 – Rooms for Improvement
The Timer Expert Advisor For MT4 is a simple expert advisor designed for MT4 platform. It does not use any signal from technical indicators when determining trade direction and entry timing. Once the user sets the parameters in the Inputs correctly, the robot will take trades after performing some routine checks. The user can see which settings are turned on in the upper-left portion of the main chart window.
This robot is designed as a market scalper and day trader. It runs very shortly on every trading day and is intended to capture a minimal number of pips every day. As its name suggests, the Timer Expert Advisor has a definite trading schedule. By default, the robot starts trading at the opening of the London session and ends shortly thereafter. The user has the option, though, to adjust the trading schedule as he sees suitable.
The Timer Expert Advisor For MT4 – Entry Criteria
Before the Timer Expert Advisor for MT4 will open any type of trade, it will check what type of lot size calculation is chosen by the user. If manual lot sizing is selected, the robot will use the value indicated in the ManualLotSize variable (0.01 default). Otherwise, lot sizing will be dynamic, and the trade volume may differ from one trade to another depending on the account balance and the risk percentage set by the user.
Then the robot will look at the schedule of trading in the settings. The default setting is every day, meaning the robot will trade from Monday to Friday. Along with this, the time of the day to trade is also considered. At any given day, trading will start at 10 am (default) and will end at 12 pm server time, which is only two hours of trading each day. As such, this robot is used for day trading and scalping purposes.
The user is presented with three options as to the type of orders to take. He can choose market, stop or limit orders. The robot opens two trades (buy and sell) at all times when all parameters are correctly set in place. For market orders, buy and sell trades will be placed at the same time at market prices, with stop losses of 10 pips and take profits of 10 pips.
When stop order is selected, two pending orders (i.e., buy stop and sell stop) are placed at a distance of 10 pips from market prices with the same stop loss and take profit distances as the market orders. If limit order is chosen, buy limit and sell limit orders will be executed at a distance of 10 pips from current market prices. The stop loss and take profit of both trades are also set at 10 pips.
Even though the user has properly set the parameters discussed in the foregoing, no trades will be placed if two settings are not enabled. Unless the user manually sets the values of OpenBuyType and OpenSellType variables to true, he will not see any trades on the chart at the passage of time. This is because trade entry hinges on these options, which are set to false by default.
The trading system ensures that no old trades (both buy and pending orders) on the current symbol are existing on the trading account. If the open orders are beyond the close time set in the Inputs, they will be closed or deleted first. Once done, the robot will be ready to open new trades. The robot does not wait for a new candle to form before executing trades. Trades are opened in real time at the coming of a new tick.
The Timer Expert Advisor For MT4 – Exit Criteria
The Timer Expert Advisor for MT4 does not actively manage open trades. If market orders are opened, they will be closed at either stop loss or take profit. On the other hand, if limit and stop orders are placed, they will be executed once price hits the desired levels and so become market orders with stop loss and take profit targets of 10 pips.
No additional trades will be taken as long as two orders are existing (market or pending). After some time if the pending orders are not executed, they will be considered expired and so will be deleted from the terminal. Pending orders will expire one hour after being placed. If a market order has been open for so long, the robot will close it (profitable or otherwise) based on the closing schedule set by the user.
The Timer Expert Advisor For MT4 – Rooms for Improvement
The Timer Expert Advisor for MT4 could use further improvement to refine its performance. In the strategy tester, selecting any entry option (market, stop or limit) does not affect the trade outcome. The equity curve deviates up and down, with more inclination to the downside. Still increasing the testing period does not lead to better performance.
One simple but important change that must be done is to enable the OpenBuyType and OpenSellType by default. Otherwise, the user would consider the robot not functional. Also, the ratio between stop loss and take profit must be given due attention. A one-to-one reward-to-risk ratio might not serve the trading account well if the winning percentage is low, which is currently the case. Therefore, a higher risk-reward ratio is suggested.
In addition to the foregoing, using a value of one as a risk-reward ratio will lead to failure of the trading account due to the spread involved in every financial security being traded. In the strategy tester, the robot wins almost as much as it loses, but the equity curve continues to dwindle as testing run time goes on. The reason for this is because the profit in the winning trade is smaller when compared to the loss amount in the losing trade.
To improve the winning percentage, the robot could use one or two technical indicators or any other type of entry strategy in entering trades instead of placing random trades. Doing this would not defeat the purpose of naming the robot as “timer” as long as trades have definite opening and closing times. The basic logic can be maintained while making one or two improvements in its design.