Forex Double STOP Expert Advisor review:
This Forex Double STOP Expert Advisor trades in a scalping mode, uses little Stop Loss and Trailing Stop. The strategy is placing 2 pending order, BUYSTOP and SELLSTOP while market is trending and near over area (Over BUY or Over SELL). Trend will toward two direction between Reversal or Breakout.
- If trend is going Up near Over BUY area then BUYSTOP and SELLSTOP placed. If trend reversal down, SELLSTOP hit and price of BUYSTOP will modify follow price down. If trend Breakout Up, BUYSTOP hit and price of SELLSTOP will modify follow price Up.
- If trend is going Down near Over SELL area then BUYSTOP and SELLSTOP placed. If trend reversal Up, BUYSTOP hit and price of SELLSTOP will modify follow price Up. If trend Breakout down, SELLSTOP hit and price of BUYSTOP will modify follow price down.
The EA uses the RSI indicator to identify range where Pending Order is placed. Range of Pending placed between below RSI Over BUY and above RSI Over SELL. Indicator High Low used to identify minimal High Low 1 minute candle.
Distance Pending order from running price is set in the Parameters of this EA.
This EA must meet specification of Broker
- Use only on ECN Broker (use 5 digit), low spread as low as 15 points, low commission, STOPS LEVEL below 20, fast execution.
- Minimal balance is $50 on a Pair. If use two Pairs like EURUSD and GBPUSD on one Account, minimal Balance is $100.
- Choose Broker with criteria like above.
- Recommended Pair is EURUSD and GBPUSD. Other Pairs can be tester first.
- EA_Name = Name of This EA
- Magic = Unique number of this EA
- Management = “# Management Setting #”
- Auto_Lots = Lot Setting; If TRUE, Lot is used from Risk Percent from Balance. If FALSE, Lots used
- Risk_Percent = Risk Percent from balance to calculate Auto Lots
- Lots = Manual Lots, used if Auto_Lots is FALSE
- Take_Profit = Take Profit
- Trail_Stop_Loss = Stop Loss
- Hide_Trail_Stop_Loss = Hide Trailing Stop
- Start_Trail_Lock_Profit = Start of Trailing Lock Profit
- Trail_Lock_Profit = Trailing Lock Profit
- Hide_Trail_Lock_Profit = Hide Trailing Lock Profit
- Filter_Live = “# Filter Live Account #”
- Use_Filter = If TRUE, EA will stop Open Order (Idle) for a period of time. If FALSE EA will not Idle
- _Minute = Minute EA idle
- Max_Loss_Minute_Pip = Max Loss for Minute time
- _Hour = Hour EA idle;
- Max_Loss_Hour_Pip = Max Loss for Hour time
- Max_Spread_Allowed = Max Spread allowed to open order
- Indi_Setting = “# Indikator Setting #”
- STOP_Distance = Distance Pending order placed from running price
- RSI = “~ RSI Setting ~”
- Min_HL_Range = Minimal High Low 1 candle of M1
- RSI_Period = Period of RSI
- RSI_Limit_Buy = Max value of RSI Over BUY area
- RSI_Limit_Sell = Min value of RSI Over SELL area
- Envelope = “~ Envelope Setting ~”
- Env_Period = Period of Envelope
- Env_Dev = Deviation of Envelope
- Env_MA_Method = Method of Envelope
- Additional_Setting = “# Additional Setting #”
- Show_Text = If TRUE, text is displayed on a chart
- Note =TRUE, if want to see Note
Important to set Use_Filter is TRUE on Real Account, it is to protect balance from more losses during news, when the market is too volatile and spread is too big, it brings more of loss. If used to tester for review, no matter if FALSE.
Copy and paste the file into the MQL4 Experts folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Experts (paste here)