Forex Momentum Capture Robot

Forex Momentum Capture Robot review:

The Forex Momentum Capture Robot tries to detect the start of a new trend after bank events and speeches. It has multi-currency and multi-timeframe capabilities.

After detecting strong price action and momentum, it will open positions in trend direction as well as pending orders for a possible reversal. The EA does not use martingale or grid.

For each timeframe there can be one open order. So you can adjust risk by not choosing all four timeframes.

In general, all combinations of USD, EUR, GBP, CAD, AUD are tradable. For CHF I only recommend the pairs USDCHF and EURCHF.

Personally, I use the following symbols:

EURUSD,EURJPY,EURAUD,EURCAD,GBPUSD,USDCAD,USDCHF,GBPJPY,AUDJPY,USDJPY,AUDUSD,EURGBP,EURCHF and CADJPY.

The EA only needs to be placed on one chart on any timeframe. The best one is EURUSD because it has the most ticks.

Web requests have to be allowed for the EA to get news data from my server. Go to: Tools -> Options -> Expert Advisors and add the following addresses:

http://fxdata.cc and http://backup.fxdata.cc

The minimum balance depends on the number of symbols and on the maximum position settings.

I recommend $1500-2000 for 0.01 lots because the EA can open up to 16 (4 time frames on 4 pairs) position and pending orders after an event. 

Please contact me if there are problems with backtesting or if you need assistance in live trading.

For backtests, it is very important to use news data and the correct GMT offset. The EA does not trade in the minute after news, so the news data is not used for unrealistic news trading. But it is important to determine whether the movement is fundamentally driven. News data from 2010-2017 is already included in the EA file, but for future data you have to download a data file.

Test results:

Forex Momentum Capture Robot

Parameters:

  • IMPORTANT: every symbol should only be added to ONE of the four symbol lists else it might be traded twice!
  • symbolsNormal – comma separated list of symbols to trade with events from both currencies.
  • symbolsIgnoreUSDevents – These symbols will also be traded but not on USD events.
  • symbolsIgnoreEURevents – These symbols will also be traded but not on EUR events.
  • symbolsIgnoreJPYevents – These symbols will also be traded but not on JPY events.
  • tradeM5 – whether to use the M5 timeframe.
  • magicM5 – magic number for trades entered on M5 timeframe signals.
  • tradeM15 – whether to use the M15 timeframe.
  • magicM15 – magic number for trades entered on M15 timeframe signals.
  • tradeM30 – whether to use the M30 timeframe.
  • magicM30 – magic number for trades entered on M30 timeframe signals.
  • tradeH1 – whether to use the H1 timeframe.
  • magicH1 – magic number for trades entered on H1 timeframe signals.
  • lotType – “fixed” or “increasing”, where the lot size is calculated automatically.
  • fixLots – fixed lot size in case lotType = fixed.
  • lotStep – how much the lot size should be increased every equityPerStep (if lotType = increasing).
  • equityPerStep – how much equity is needed for one lot step (if lotType = increasing).
  • maxStop/maxMarketOrdersAllSymbols – To limit the total number of open market and pending stop orders for all symbols.
  • pipInPoints – for 5-digit brokers, this should be 10, for 4-digit brokers 1.
  • usePipsScaledToADR – if true the pip value will be scaled to the average daily range, so 40 pips could then mean something between 20 and 80 normal pips.
  • useAutoEntryAndExitSettings – whether to use the internally stored entry and exit settings.
  • waitTimeAfterNews – how long to wait after a news event.
  • momentumStrengthMarket/Pending: Trend strength for entry.
  • stopLoss – maximum stop loss used.
  • takeProfit – take profit for trade exit. Usually the strategy will exit via trailing stop.
  • trailingStop – trailing stop in pips.
  • trailingStart – when to start the trailing stop.
  • trailingStep – step size to modify the stop loss.

Download our other Free Forex Robots For Metatrader 4

Installation

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)

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