The Falcon: Free MT4 Expert Advisor

Overview

The Falcon utilizes trend-following logic for entries and incorporates advanced position sizing features, including percentage-based risk, adaptive volatility sizing, and margin-per-lot constraints. The EA provides comprehensive trade management through volatility-based or fixed stop loss and take profit levels, with additional support for hidden orders, breakeven buffers, and trailing stops. While it functions as a trading robot, the repository lacks a README manual.

Moving average and Keltner Channel entry logic

Adaptive position sizing based on account risk percentage

Volatility-based stop loss and take profit multipliers

Hidden stop loss and take profit functionality

Breakeven and trailing stop management

Details

Author

Lucas170 on GitHub

Type

Trading robot

Platform

MetaTrader 4 (MQL4)

Strategy

Trend following, Indicator crossover, Martingale

Markets

Any symbol

Timeframes

Any timeframe

Risk profile

Uses martingale lot scaling: losses can grow fast

EA files

Source

github.com/Lucas170/The-Falcon

Input parameters

Read from FalconTemplate2-5.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`	`1`
`IsSizingOn`	`bool`	`True`
`Risk`	`double`	`1`	Risk per trade (in percentage)
`MaxLotsAllowed`	`double`	`20`	Per Order
`MinFreeMarginPerLot`	`double`	`1500`	Note: 1000USD of margin required to open a 1 lot of EURUSD on a 100:1 leverage.

Show all 40 inputs

Name	Type	Default	Description
`IsAdaptiveVolSizingOn`	`bool`	`False`	Switch for our adaptive volatility function
`IsAdaptiveHRSizingOn`	`bool`	`False`	Switch for our adaptive hit rate function
`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.
`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`

How to install it

1Download the sourceUse "Download source (.zip)" above, or clone Lucas170/The-Falcon 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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Overview

Details

Author

Type

Platform

Strategy

Markets

Timeframes

Risk profile

EA files

Source

Input parameters

How to install it

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