Entry Hour Stochastic Trader 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 Entry Hour Stochastic Trader Expert Advisor For MT4 is an interesting Expert Advisor. It uses in its mechanism, the stochastic indicator. The stochastic indicator is a very important oscillator to forex trading. It is a great tool if used correctly. Of course, if combined with another indicator or candle setup as well.
Normally, you would use the stochastic indicator with a price indicator, something like moving averages or something different of similar nature. In the Entry Hour Stochastic Trader, the stochastic indicator is combined with bollinger bands, to create some pretty strong setups.
Entry Hour Stochastic Trader Expert Advisor For MT4 - SETTINGS
MagicNumber - This setting is basically to “mark” trades opened by the Entry Hour Stochastic Trader Expert Advisor. This is so, if you have other Expert Advisors in the Metatrader Platform open, you can specify which trades were opened by this Expert & it will not interfere with other Experts
BollBandPeriod - This setting specifies the value of the period of Bollinger Bands. The default value is 20. Feel free to play around with this setting. This depends on personal preference.
BollBandSigma - This setting specifies the value of the sigma of Bollinger Bands. The default value is 2.0.
BBSprd_LwLim - This setting is more important than the upper two. It specifies the lower limit of the Bollinger Bands spread. Will explain what that is in the “How it trades” section. Default value is 56.
BBSprd_UpLim - This setting works with the upper one. This specifies the Upper Limit of the Bollinger Bands Spread. This is also vital to our setups. Will also explain what that is in the “How it trades” section.
N1 - This is just a placeholder string. It is used to split the settings.
BuyHourStart - Very interesting and important setting to the Entry Hour Stochastic Trader Expert Advisor. It specifies the buy entry hour for the Expert Advisor. The current value is 4. This value can be 0-23. This is valid only for long trades. So the expert will not take a buy until time has passed this value.
SellHourStart - Same logic as above. The current value is 0, meaning that the Entry Hour Stochastic Trader is able to take sells whenever a setup comes. So it’s not limited by this setting. This is valid only for sells. I would still recommend to input a real number there, so we filter out the bad setups.
K1 - This setting is used to plot the %K line of the Stochastic indicator. We will not go much into depth with that, but that’s something which you can change. As it depends with personal preference. Just for idea, the default value is 5.
K2 - This setting is used to plot the %D line of the Stochastic Indicator. You would need to do your research on the Stochastic indicator if you want to understand it more. Otherwise, you can just use the default value which is 3.
K3 - This setting is used to plot the slowing part of the Stochastic Indicator. As I said, you would need to do a detailed research on the Stoch indicator to understand it fully. But if not, just leave the default value which is at 5.
Stoc_Lo - This setting specifies the low limit of the Stochastic Indicator. If the Stoch value goes below this value, the pair is considered oversold. You can change this value to your preferences, but I would leave it at default which is at 36.
Stoch_Hi - This setting specifies the high limit of the Stochastic Indicator. If it passes this value, the pair is considered overbought, which is normally a sell signal. The default value for this setting is at 70.
N2 - Another placeholder string, this is used to separate the indicator settings with the money management settings, which we will go over down below.
Lots - Self-explanatory. This is used to determine the lot size of the trades. As you can see, this Expert Advisor has a one-dimensional money management system. This is somewhere we can improve as far as the Entry Hour Stochastic Trader goes. Anyways, this setting by default is at 0.01, which is the minimum lot size. Feel free to play around with this setting, this should depend heavily on your account size.
TakeProfit - It’s used to determine the pips of the take profit. With this you can control the risk to reward ratio as well. The default value is at 200.
StopLoss - It’s used to determine the pips of the stop loss. As I said, with controlling these two values you can control the risk to reward ratio as well. Which is a useful option.
TrailingStop - This setting is self-explanatory as well. It’s the amount of pips the orders will trail the stop loss. This will be done through a function named ManageTrlStop. So if the price is TrailingStop pips above/below the open price, the Entry Hour Stochastic Trader will trail the Stop loss TrailingStop pips above/below.
N3 - Another placeholder string. It’s used to split the Money management settings with number of orders settings.
NumOpenOrders - This setting is used to specify the maximum number of open orders at a time. Current value is 1.
TotOpenOrders - This setting is used to specify the maximum number of total orders. Current value of 8.
Entry Hour Stochastic Trader Expert Advisor For MT4 - HOW IT TRADES
The Entry Hour Stochastic Trader Expert Advisor trades in a very interesting fashion. As you can tell by the name, the setups are checked once an hour. Or on Metatrader terms, once a new candle has been formed. What categorizes this Expert Advisor is not only the indicators it uses. It also has built-in a very interesting money management system. You can specify the lots, take profit, stop loss etc.
The Entry Hour stochastic Trader is not a finished product by any means. It has a strong base though. Through the settings, you can control what type of setups you would like. Of course, it would be great to do your research on the indicators (Stochastic and Bollinger Bands) before playing around with the settings.
The Entry Hour Stochastic Trader uses two bollinger bands, and checks the spread between them to determine if a setup is valid or not. After that, it takes into factor also if the Stochastic is overbought or oversold. It’s a solid combination of two indicators which generates solid setups.
Also with controlling the trading time & the money management side, you have solid options when it comes to trading this thing. However, there are a lot of ways to improve this product.
WAYS TO IMPROVE
There are a lot of ways to improve the Entry Hour Stochastic Trader Expert Advisor For MT4. One of the ways would be having a more detailed Money management system. Having the option to choose between Fixed Lot size and Risk based lot size. Maybe using another Indicator like the Average True Range Indicator, to specify the stop loss and take profit values.
Trading times are here, but if we had the option to choose which days we would want to trade, it would be way better.
Another feature to be added would be adding a weekly profit limit or something similar, which makes the Expert stop the trading once a certain profit is reached.
Entry Hour Stochastic Trader Expert Advisor For MT4 - CONCLUSION
Anyways, this Expert Advisor is not the worst thing. It has interesting qualities & features. If you want to trade this, please take your time to backtest it and find your most optimal settings.