Forex Morgan Expert Advisor

Forex Morgan Expert Advisor review:

Forex Morgan Expert Advisor is not an automated trading robot. It has no trading strategy implemented inside. The only purpose of this expert advisor is to execute trades via pending orders based on some chart objects: trend lines, horizontal lines or equidistant channels. In addition to straightforward execution of breakout trades, it is also able to execute a pull-back trade with this EA if you have missed the breakout point for some reason.

The main advantage of Morgan is its ability to set and adjust pending orders according to a range of graphical objects placed on the Forex chart, including objects with slope. This allows easy trade execution for such popular patterns as triangles (ascending, descending and symmetrical), channels, flags, pennants, rectangles, head-and-shoulders, double tops/bottoms, etc.

Breakout of a level is defined as a simple touch. Morgan will not wait for a price to close above/below the given line. It will place pending orders that get executed whenever the price first touches the set levels.

There is a range of input parameters to regulate the work of this expert advisor, but it can start functioning immediately after you attach it to the chart and add the properly named chart objects. The chart objects may be moved freely then. The expert advisor will continue detecting their position and will adjust orders’ parameters accordingly. By default, the EA outputs its current status to the chart comment.

Since all the chart objects are drawn at Bid price, the EA adjusts the entry, stop loss and take profit levels by adding the current spread value in cases when Ask price is to be used. This behavior can be disabled via the input parameters, decreasing the number of modification orders sent to trading server.

Morgan is capable of calculating the position size based on a set of input parameters, stop-loss level and account balance/equity — much like the Position Size Calculator for MetaTrader. You may turn this feature off and give a fixed position size to the EA.

Test results:

Forex Morgan Expert Advisor


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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