This MetaTrader 4 expert advisor is a scalper designed for the five-minute timeframe across several Forex pairs. It 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
Trading robot · MT4
Open Expert Advisor
Open Expert Advisor is a mean-reversion trading robot for MetaTrader 4, primarily designed for Swiss Franc pairs such as EURCHF.
GitHub stars3
Forks3
Last update9 years ago25 Jun 2017
LicenceNone stated
Overview
Open Expert Advisor executes trades based on overbought and oversold price levels, specifically during the transition at the end of the New York trading session. The system manages risk through adjustable lot sizing, offering both fixed and dynamic risk percentage options. Trade exits are determined using Average True Range to account for market volatility, supplemented by a hard stop loss. The developer characterizes this software as a proof-of-concept rather than a production-ready tool.
- Average True Range volatility-based exit logic
- End of New York session trading window
- Dynamic position sizing based on account risk
- Integrated spread and slippage filters
Details
Author
saadmahboob on GitHub
Type
Trading robot
Platform
Strategy
Markets
Forex
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
Input Parameters
Read from OpenExpertAdvisor.mq4. Defaults are the author's; change them in the EA's Inputs tab.
| Name | Type | Default | Description |
|---|---|---|---|
XXXXXXX23 | string | Timeframes M15 : USDCHF/17sprd (ATR SL : 4), EURCHF/18sprd ( | |
XXXXXXX1 | string | [=========================================================== | |
XXXXXXX2 | string | Open Expert Advisor 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 |
Show all 24 inputs
| Name | Type | Default | Description |
|---|---|---|---|
XXXXXXX8 | string | [=========================================================== | |
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 saadmahboob/OpenExpertAdvisor 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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