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 ยท MT4
Three Bar Play EA
Three Bar Play EA is a MetaTrader 4 robot designed for scalping based on three-bar price action patterns, specifically confirmations and reversals.
GitHub stars8
Forks0
Last update6 years ago6 Jul 2020
LicenceNone stated
Overview
The system manages risk by limiting execution to three trades per day and calculating position sizes based on a 2% account balance risk model. Upon identifying a setup, it opens two separate orders to facilitate tiered profit-taking. It includes built-in stop loss and take profit protection for every trade. The repository documentation is minimal, and the strategy logic is integrated directly into the main file.
- Three-bar confirmation and reversal logic
- Automated lot sizing based on 2% account risk
- Tiered profit-taking via dual order entry
- Daily limit of three trades
Details
Author
OwaisQuadri 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
How to install it
- 1Download the sourceUse "Download source (.zip)" above, or clone OwaisQuadri/ThreeBarPlayExpertAdvisor 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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