Falcon B: Free MT4 Expert Advisor

Overview

Falcon B uses a combination of moving average crossovers and Keltner Channels to identify trade entries. The system includes robust risk management features, allowing for fixed or volatility-based stop losses and take profits, hidden exit levels, and percentage-based position sizing. It can operate in master or slave modes, communicating with external software like R via CSV files to log results and receive trading commands.

Moving average crossover entry logic

Volatility-based stop loss and take profit

External R software integration via CSV

Percentage-based risk management

Master and slave terminal configurations

Details

Author

josephxskum on GitHub

Type

Trading robot

Platform

MetaTrader 4 (MQL4)

Strategy

Indicator crossover

Markets

Any symbol

Timeframes

M15-H1

Risk profile

No grid, martingale or hedging logic was found in its code or README. That says nothing about how it performs: backtest it first.

EA files

Falcon_B.mq4

Source

github.com/josephxskum/falcon-b-files

Input parameters

Read from Falcon_B.mq4. Defaults are the author's; change them in the EA's Inputs tab.

Name	Type	Default	Description
`Header1`	`string`	`----------EA General Settings-----------`
`MagicNumber`	`int`	`8118201`
`TerminalType`	`int`	`1`	0 mean slave, 1 mean master
`R_Management`	`bool`	`true`	R_Management true will enable Decision Support Centre (using R)
`Slippage`	`int`	`3`	In Pips
`IsECNbroker`	`bool`	`false`	Is your broker an ECN
`OnJournaling`	`bool`	`true`	Add EA updates in the Journal Tab
`Header2`	`string`	`----------Trading Rules Variables-----------`
`FastMAPeriod`	`int`	`10`
`SlowMAPeriod`	`int`	`40`
`KeltnerPeriod`	`int`	`15`
`KeltnerMulti`	`int`	`3`

Show all 40 inputs

Name	Type	Default	Description
`Header3`	`string`	`----------Position Sizing Settings-----------`
`Lot_explanation`	`string`	`If IsSizingOn = true, Lots variable will be ignored`
`Lots`	`double`	`0.01`
`IsSizingOn`	`bool`	`False`
`Risk`	`double`	`1`	Risk per trade (in percentage)
`MaxPositionsAllowed`	`int`	`1`
`Header4`	`string`	`----------TP & SL Settings-----------`
`UseFixedStopLoss`	`bool`	`True`	If this is false and IsSizingOn = True, sizing algo will not be able to calculate correct lot size.
`FixedStopLoss`	`double`	`0`	Hard Stop in Pips. Will be overridden if vol-based SL is true
`IsVolatilityStopOn`	`bool`	`True`
`VolBasedSLMultiplier`	`double`	`3`	Stop Loss Amount in units of Volatility
`UseFixedTakeProfit`	`bool`	`True`
`FixedTakeProfit`	`double`	`0`	Hard Take Profit in Pips. Will be overridden if vol-based TP is true
`IsVolatilityTakeProfitOn`	`bool`	`True`
`VolBasedTPMultiplier`	`double`	`6`	Take Profit Amount in units of Volatility
`Header5`	`string`	`----------Hidden TP & SL Settings-----------`
`UseHiddenStopLoss`	`bool`	`False`
`FixedStopLoss_Hidden`	`double`	`0`	In Pips. Will be overridden if hidden vol-based SL is true
`IsVolatilityStopLossOn_Hidden`	`bool`	`False`
`VolBasedSLMultiplier_Hidden`	`double`	`0`	Stop Loss Amount in units of Volatility
`UseHiddenTakeProfit`	`bool`	`False`
`FixedTakeProfit_Hidden`	`double`	`0`	In Pips. Will be overridden if hidden vol-based TP is true
`IsVolatilityTakeProfitOn_Hidden`	`bool`	`False`
`VolBasedTPMultiplier_Hidden`	`double`	`0`	Take Profit Amount in units of Volatility
`Header6`	`string`	`----------Breakeven Stops Settings-----------`
`UseBreakevenStops`	`bool`	`False`
`BreakevenBuffer`	`double`	`0`	In pips
`Header7`	`string`	`----------Hidden Breakeven Stops Settings-----------`

How to install it

1Download the sourceUse "Download source (.zip)" above, or clone josephxskum/falcon-b-files from GitHub, and unzip it.

2Open the data folderIn MetaTrader choose File, then Open Data Folder, and go to MQL4/Experts.

3Copy the filesCopy the .mq4 file into Experts.

4Compile in MetaEditorOpen the file in MetaEditor and press Compile. Fix any missing includes the compiler reports.

5Test before you tradeRun it in the Strategy Tester, then attach it to a demo chart and allow algorithmic trading.

Third-party code. ForexR did not write, test or endorse this EA, and the summary above was generated automatically from its README and code. ForexR lists only repositories with readable source code and never hosts files. Read the code, backtest it and use a demo account first; automated trading can lose money quickly.

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