This MetaTrader 4 expert advisor functions as an automated trading robot using the Average Directional Index (ADX) to identify trend strength and direction. It executes trades based on ADX crossovers and specific level thresholds. The EA provides essential risk management tools, including stop loss, take profit, and a
Trading robot · MT4
Falcon EA Template
Falcon EA Template is an automated trading robot for MetaTrader 4 that utilizes dual moving averages and Keltner Channels to determine market entries.
GitHub stars4
Forks8
Last update9 years ago3 Feb 2017
LicenceNone stated
Overview
The system prioritizes risk management through percentage-based position sizing and various exit strategies. It features fixed and volatility-based stop loss and take profit settings, as well as hidden order levels to shield targets. Additional controls include break-even logic and adaptive volatility trailing stops. The repository lacks a formal README, but the code structure suggests a trend-following or momentum-based approach.
- Volatility adaptive trailing stops
- Hidden take profit and stop loss
- Percentage based risk management
- Moving average crossover logic
Details
Author
Lucas170 on GitHub
Type
Trading robot
Platform
MetaTrader 4 (MQL4)
Strategy
Indicator crossover, Trend following
Markets
Any symbol
Timeframes
Any timeframe
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
Input parameters
Read from FalconTemplate2-0.mq4. Defaults are the author's; change them in the EA's Inputs tab.
| Name | Type | Default | Description |
|---|---|---|---|
Header1 | string | ----------Trading Rules Variables----------- | |
FastMAPeriod | int | 10 | |
SlowMAPeriod | int | 40 | |
KeltnerPeriod | int | 15 | |
KeltnerMulti | int | 3 | |
Header2 | string | ----------Position Sizing Settings----------- | |
Lot_explanation | string | If IsSizingOn = true, Lots variable will be ignored | |
Lots | double | 0 | |
IsSizingOn | bool | True | |
Risk | double | 1 | Risk per trade (in percentage) |
Header3 | 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. |
Show all 40 inputs
| Name | Type | Default | Description |
|---|---|---|---|
FixedStopLoss | double | 0 | Hard Stop in Pips. Will be overridden if vol-based SL is true |
IsVolatilityStopOn | bool | True | |
VolBasedSLMultiplier | double | 6 | 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 |
Header4 | 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 |
Header5 | string | ----------Breakeven Stops Settings----------- | |
UseBreakevenStops | bool | False | |
BreakevenBuffer | double | 0 | In pips |
Header6 | string | ----------Hidden Breakeven Stops Settings----------- | |
UseHiddenBreakevenStops | bool | False | |
BreakevenBuffer_Hidden | double | 0 | In pips |
Header7 | string | ----------Trailing Stops Settings----------- | |
UseTrailingStops | bool | False | |
TrailingStopDistance | double | 0 | In pips |
TrailingStopBuffer | double | 0 | In pips |
Header8 | string | ----------Hidden Trailing Stops Settings----------- | |
UseHiddenTrailingStops | bool | False |
How to install it
- 1Download the sourceUse "Download source (.zip)" above, or clone Lucas170/Chapter-19-All-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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