Forex Fenix Expert Advisor review:
Fenix is a trend following Expert Advisor that runs on offline Renko charts. Renko charts are drawn using the free RenkoLiveChart EA which should be used on M1 chart.
Parameters of RenkoLiveChart:
- RenkoBoxSize = 10
- RenkoBoxOffset = 0
- RenkoTimeFrame = 2
- ShowWicks = true
- EmulateOnlineChart = true
Three trend following strategies aimed at small profits (scalping strategies) are implemented in the Expert Advisor. The EA enters the market when trend direction changes to the opposite. This entry method is efficient only for Renko charts! If you use it on any available timeframes, the EA will be unprofitable.
Orders are closed based on the group profit at the close of a candlestick, or when an opposite signal is received.
As soon as the EA receives an entry signal, it opens buy or sell positions based on order ID.
For example, when the first buy signal is received, the EA opens a buy order with the starting lot of 0.01. Then it awaits the opening of a new candlestick. Suppose, at the opening of this candlestick the position was in profit. In this case the EA will close it and the series is considered closed.
Further, for example, a sell signal is received – the EA opens a sell order with the lot 0.01 (ID1). Then a new candlestick opens, but the order is losing – the Expert Advisor does not close anything. After that a buy signal is received – first we close a sell order 0.01 (ID1) and open the first buy order 0.02 (the volume of the previous order +0.01) (ID1 – because the entire series is losing) and the second buy order of 0.01 (ID2). Let’s say at the opening of the next candlestick the deals with ID2 and ID1 were in profit – the deal ID2 0.01 is closed, while deal ID1 is kept open (as the total loss of the first sell order was more than the total profit of the buy order). Suppose, on the next candlestick the total profit from all deals with ID1 is greater than 0, then all open deals with ID1 are closed and the series is considered closed.
- S1, S2, S3 – three trading strategies used in the Fenix EA. Each of them can be enabled (true) and disabled (false);
- Lots – lot size (minimum lot size is set by your broker). Recommended lot per 1,000 of deposit is 0.01;
- Friday close – enable/disable forced closure of all orders at the end of the Friday session at the specified time (time is set in the format 00:00);
- MAXID – maximum number of orders (0 – unlimited);
- Reverse signal – enable/disable a reverse signal strategy (can be used on low-volatility pairs; preliminary testing or demo trading is recommended;
- Magic – EA magic number. Based on the Magic the EA distinguish its trades when a trader or other Expert Advisors simultaneously trade on the same account.
- Stop loss and Take profit – configurable stop loss and take profit parameters for orders to be opened;
- Slippage – the value of slippage. Can be set manually. It is recommended not to change this parameter;
- MarketWatch – if you use an ECN account, and you want to set the parameters of the stop loss and take profit, activate this option. If not – leave it disabled.
Also the Fenix EA includes customizable parameters “breakeven” and “trailing stop”. Initially, these parameters are not set, as the EA successfully trades without them. You can test the EA and configure these parameters.
TYou can also set the trading time for the Expert Advisor during a week.
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)