This MetaTrader 4 robot implements a multi-currency mean-reversion strategy, targeting price returns to the average on correlated forex pairs. It manages trades using a grid system with a significant martingale multiplier to scale lot sizes. The expert advisor allows for simultaneous trading on multiple symbols to dive
Trading robot · MT4
Icarus
Icarus is an automated trading system for MetaTrader 4 that employs a grid strategy with Martingale lot scaling.
High risk
GitHub stars7
Forks6
Last update4 years ago27 Jul 2022
LicenceGPL-3.0
Overview
Icarus utilizes Bollinger Bands and the Stochastic Oscillator to identify entry points, offering a conjunctive mode for filtered execution. The EA manages risk through maximum position limits, equity warning thresholds, and cycle-based equity protection. It supports dynamic grid spacing with a dedicated multiplier and includes features for profit locking and partial closures. Trading can be restricted to specific hours and weekdays. The code includes a hedging mode to balance open cycles.
- Multi-stage Martingale grid scaling for lots and step distances
- Technical entry filters using Bollinger Bands and Stochastic Oscillator
- Configurable trading hours and weekday restrictions
- Advanced risk controls including equity warning and cycle risk management
- Support for hedging orders and partial grid closures
Details
Author
fraggli on GitHub
Type
Trading robot
Platform
Strategy
Markets
Any symbol
Timeframes
M1-M5, M15-H1
Risk Profile
- Uses martingale lot scaling: losses can grow fast
- Opens a grid of orders: exposure builds up in a trend
- Holds opposite positions at once
- Trades without a fixed stop loss
EA Files
Input Parameters
Read from Ikarus_4.73___flexATR.mq4. Defaults are the author's; change them in the EA's Inputs tab.
| Name | Type | Default | Description |
|---|---|---|---|
magic | int | 11235 | |
grid_size | double | 20 | Grid_Size |
gs_progression | int | 3 | GS_Progression |
gs_multiplicator | double | 3 | martingale coefficient for grid step |
take_profit | double | 20 | Take_Profit |
profit_lock | double | 0.80 | Profit_Lock |
min_lots | double | 0.01 | Min_lots |
equity_warning | double | 0.20 | Equity_Warning |
account_risk | double | 1.00 | Account_Risk |
useTradeCycleRisk | bool | false | Use Buy OR Sell Cycle Risk |
cycleEquityRisk | double | 0.10 | Buy OR Sell Cycle Equity Risk Percentage |
progression | int | 3 | Progression |
Show all 40 inputs
| Name | Type | Default | Description |
|---|---|---|---|
lot_multiplicator | double | 1.0 | martingale coefficient for lot |
max_positions | int | 6 | Max_Position |
max_spread | int | 100 | Max_Spread |
show_forecast | int | 1 | Show_Forecast |
profit_chasing | int | 0 | number of min_lots for chasing profit |
both_cycle | bool | true | Initiate Both Cycle when indicators is used |
hedging_active | bool | false | Hedging Order to balance is used |
grid_partially_close | int | 4 | Grid partial close |
Restricted_Working_Time | bool | false | Working time restricted |
StartDay | weekdays | MON | Week_Day_Start |
StopDay | weekdays | FRI | Week_Day_Stop |
StartHour | int | 8 | Hour_Begin |
StartMin | int | 0 | Minute_Begin |
StartSec | int | 0 | Second_Begin |
StopHour | int | 16 | Hour_End |
StopMin | int | 0 | Minute_End |
StopSec | int | 0 | Second_End |
Indicators_Settings | string | — | Settings of indicators |
Conjunct_Idx | bool | true | All selected indicators will be applied together |
Bolinger_Band | string | — | |
Use_BB | bool | true | Bolinger Band is used |
BB_invert | bool | false | Invert Trigger |
BB_tf | ENUM_TIMEFRAMES | PERIOD_M1 | Time Frame |
BB_Period | int | 20 | Period |
BB_Dev | double | 3.0 | Deviation |
BB_Shift | int | 0 | Shift |
BB_Mod | BB_options | ASK_BID | Option |
Stochastic_Oscullator | string | — | Stochastic Oscullator |
How to Install It
- 1Download the sourceUse "Download source (.zip)" above, or clone fraggli/Icarus 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.
Similar Expert Advisors
This MetaTrader 4 expert advisor is an automated grid trading system that utilizes a variety of indicators including Moving Averages, CCI, Bollinger Bands, and MACD for trade entries. It employs a martingale-style lot multiplier to manage position sizing across sequential grid levels. The software includes risk control
This Expert Advisor for MetaTrader 5 focuses on gold trading through a combination of mean-reversion signals and a grid management system. It uses multi-timeframe filters, including exponential moving averages and ADX on the H1 timeframe, to identify trend direction while executing entries on M15 based on RSI and Bolli
This MetaTrader 5 expert advisor functions as a grid-based recovery system that can operate independently or manage trades from external EAs via magic number filtering. It initiates entries using Bollinger Bands and RSI indicators, then manages drawdown through a recovery grid matrix. The system employs dynamic ATR-bas
Advanced Grid Trading is a MetaTrader 5 expert advisor that manages a complex grid strategy across four configurable layers. It places stop and limit orders at fixed intervals, employing either fixed or geometric lot scaling for increased grid depth. Trade management includes a shared profit pool used to close losing p
This MetaTrader 5 expert advisor implements a multi-layered grid strategy that manages up to three independent grids simultaneously on a single instrument. It uses the Relative Strength Index (RSI) across different timeframes to determine the initial trade direction for each grid. The EA employs martingale lot scaling,
Related on ForexR
Need a Broker for MT4?
Compare regulated brokers that support MT4, with spreads, minimum deposits and leverage side by side.
Compare MT4 brokers