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This MetaTrader 4 expert advisor is designed for gold scalping using a combination of Relative Strength Index and Exponential Moving Average indicators. It identifies entry points when momentum reaches specific overbought or oversold thresholds while considering moving average trends. The system manages risk through fi
Trading robot ยท MT4
Free Expert Advisor
This MetaTrader 4 expert advisor is a scalper designed for the five-minute timeframe across several Forex pairs.
GitHub stars35
Forks14
Last update9 years ago10 Feb 2017
LicenceBSD-3-Clause
Overview
Free Expert Advisor utilizes three strategies based on overbought and oversold market conditions to execute trades. Risk management features include a fixed hard stop loss, a virtual take profit and stop loss derived from an Average True Range multiplier, and a maximum spread filter. The robot opens a single position at a time and offers both fixed lot sizing and dynamic lot calculation based on account risk percentage.
- ATR based virtual take profit and stop loss
- Dynamic risk-based lot sizing
- Overbought and oversold entry logic
- Spread and slippage protection filters
- Single position trade management
Details
Author
ersingencturk on GitHub
Type
Trading robot
Platform
MetaTrader 4 (MQL4)
Strategy
Scalping, Mean reversion
Markets
Forex
Timeframes
M1-M5
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 FreeExpertAdvisor.mq4. Defaults are the author's; change them in the EA's Inputs tab.
| Name | Type | Default | Description |
|---|---|---|---|
XXXXXXX1 | string | [=========================================================== | |
XXXXXXX2 | string | FreeExpertAdvisor v1.0 | |
XXXXXXX3 | string | [=========================================================== | |
XXXXXXX4 | string | Money management settings | |
XXXXXXX5 | string | [=========================================================== | |
LotSize | double | 1.0 | Fixed lots size |
DynamicLots | bool | FALSE | Enable dynamic lots |
LotSizeRisk | double | 15 | Dynamic Lots risk percentage |
StopLoss | int | 500 | Hard stop loss in points |
XXXXXXX6 | string | [=========================================================== | |
XXXXXXX7 | string | EA Settings | |
XXXXXXX8 | string | [=========================================================== |
Show all 23 inputs
| Name | Type | Default | Description |
|---|---|---|---|
Magic | int | 9516235 | Magic number |
MaxSpread | int | 45 | Maximum spread, 0 for no limit |
Slippage | int | 15 | Maximum slippage |
XXXXXXX61 | string | [=========================================================== | |
XXXXXXX72 | string | Chart Settings | |
XXXXXXX83 | string | [=========================================================== | |
SelectedSymbol | AVAILABLE_SYMBOLS | EURCHF | Current chart symbol |
XXXXXXX9 | string | [=========================================================== | |
XXXXXXX11 | string | Time settings | |
XXXXXXX12 | string | [=========================================================== | |
GMTOffset | int | 2 | GMT Offset |
How to install it
- 1Download the sourceUse "Download source (.zip)" above, or clone ersingencturk/FreeExpertAdvisor 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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