Forex Momentum BOA Expert Advisor review:
MOMENTUM EA BOA is a price action swing system which does 2 things:
- First strategy will hunt down strong price movements. It will then start opening multiple trades in the direction of that trend. The trades will either hit Take profit or Stop loss, or the EA will close the group of trades when it exceeds a certain profit. It is NOT a grid system and will only place extra trades if the momentum of the trend is continuing. If there is a reversal in the trend, it will not add extra trades.
- Second strategy will try to catch these trend reversals. Also with this strategy, the EA will open multiple trades if the reversal trend is strong.
- All trades have stop loss at a safe, but not too far distant. Protecting capital is rule number 1 in trading.
- Some trades have fixed take profit, others will use a trailing stop
- Multiple algorithms are used for managing the closing of the trade(s)
- Even if price doesn’t reach the take profit levels, the group of open trades can still close in profit. So we don’t always need the trend to be very strong to be profitable.
- Proved money-management techniques, used in all my EA’s.
- This is a long term EA, which does a lot of trades, but it will not trade every day. Only when strong price movements are detected, trades will be opened.
- The EA is very versatile: it can be used and optimized on multiple timeframes and for multiple pairs. More timeframes and pairs will become available in the future.
- The EA uses only candle OPEN and CLOSE values, so less risk for faulty backtesting (tick data testing and ‘open-prices only’ backtesting are almost identical)
- This EA uses pure PRICE ACTION (price movement) for entering trades. No lagging indicators are used.
- The EA has an “automatic settings loading” system build in, so it will automatically select the best settings for the pair and timeframe.
- The EA is very limited influenced by spread or slippage, so it is safe to run in almost all market conditions and trade-account types.
- The EA can do a lot of trades, so it is also very interesting to use it for rebates!
- Base_Magicnumber = base magicnumber for breakout strategy
- Base_Magicnumber2 = base magicnumber for reversal strategy
- trade_comment = comment of the trades
- when true, the EA will run all 14 pairs from a single chart. When false, the EA will only run the pair from the chart.
- Here you can set all pairs that will be run with the OneChartSetup option
- suffix = here you must place the suffix that your broker uses
- Lotsize calculation mode: Here you can select to use fixed lotsize or automatic lotsize calculations based on LotsizeStep
- LotsizeStep: Here you can set the amount of balance to be used for every 0.01lots
- StartLots: Here you can set the fixed lotsize, or the minimum lotsize when using LotsizeSteps
- OnlyUp: this will make the EA only increase lotsize and never decrease
- Random_Mode: here you can choose to ‘randomize’ various internal parameters, like SL, TP and entry parameters
- EURUSD, GBPUSD, USDCHF, EURGBP, AUDUSD, USDJPY, EURJPY, GBPJPY, EURAUD, NZDUSD, EURCAD, USDCAD, AUDJPY and XAUUSD
Setup of the EA:
- Simply run the EA on 1 chart (M5 EURUSD recommended) and enable the OneChartSetup
- The EA will run all pairs on the correct timeframes automatically from this 1 chart
Recommended timeframe for backtesting: M5 using ‘open prices only’
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)