Forex Pattern 123 Zig Zag Robot

Forex Pattern 123 Zig Zag Robot review:

Forex Pattern 123 Zig Zag Robot automatically trades Pattern 123 of the ZigZag indicator. Uses the Parabolic SAR and High \ Low of the previous candle as the level of the trailing stop. The expert provides a mode of restoring balance after a loss.

  • Opportunities

    • Visually draws in real time on the current chart:
      • Pattern 123, built on given input parameters;
      • level of expected breakdown;
      • level of estimated take profit;
      • input signal line.
    • You can use a fixed transaction volume.
    • The volume of each transaction can be calculated automatically, depending on the variable “Risk Equity (%)” set in the input parameters.
    • The choice of the type of trade or work only as an indicator.
    • Choice of execution type:
      • immediate;
      • pending stop orders.
    • The choice of the type of use of the level of loss (stop loss):
      • points;
      • the price of point number 3 Pattern 123.
    • The choice of the type of profit level use (take profit):
      • points;
      • calculation for Pattern 123.
    • You can set the parameters for the Pattern 123 search:
      • time period and variable Depth of the ZigZag indicator on which Pattern 123 will be searched;
      • allowable shoulder level [2, 3], on the size of the shoulder [1,2].
    • Trading in a given period of time.
    • Closing positions and orders by time every day.
    • You can use a grid trading strategy.
    • There is a trailing of positions on the High \ Low level of the previous candle or on the Parabolic SAR indicator.
    • There is trailing and closing positions in terms of money.
    • Balance recovery mode in case of loss.

Test results:

Forex Pattern 123 Zig Zag Robot

Parameters:

  • The magic number – the EA’s identification number can be -1 (minus one), 0, or any positive number.
    • If “The magic number” is equal to zero, then the EA will consider all open or placed orders manually as its own.
    • If “The magic number” is -1 (minus one), then all open or set orders manually or by another adviser, the adviser will consider them to be his own.
  • Allowed to open orders – type of trade from the proposed options:
    • No permission to open orders – placing orders is not allowed. It can be used as an indicator;
    • Only Buy – only a buy order is allowed;
    • Only Sell – only a sell order is allowed;
    • Buy & Sell – placing orders for both buy and sell is allowed.
  • Type of execution – select the type of execution from the proposed options:
    • Instant / Market Execution – immediate;
    • Pending Order Stop – pending stop orders.
  • Fixed lot (volume) – volume of the placed order.
    • If “Fixed lot (volume)” is equal to zero, then the calculation of the volume of the placed order will be calculated automatically, depending on the variable “Risk Equity (%)” set in the input parameters.
    • When “Fixed lot (volume)” is greater than zero, the parameter “Risk Equity (%)” becomes inactive. And the volume of placed orders will be fixed.
  • Risk Equity (%) – the allowable risk per transaction as a percentage of the available funds in the account. With increasing risk, profit increases, but also drawdown also increases.
  • StopLoss Type – type of use of the loss level (stop loss):
    • No Stop Loss – no stop loss;
    • Number – uses the value “StopLoss Number”
      • StopLoss Number – level in points;
    • Point # 3 – the price of point number 3 of pattern 123.
  • TakeProfit Type – type of use of profit level (take profit)
    • No TakeProfit – no take profit;
    • Number – the value “TakeProfit Number” is used
      • TakeProfit Number – level in points;
    • Calculated level – calculated value = point 3 (price) +/- (distance between points 1 and 2 * “Level to calculate TakeProfit”)
      • Level to calculate TakeProfit – a number from 0.001 (it is possible to use Fibonacci levels: 1.000, 1.236, 1.382, 1.618, 1.764, 2.000, etc.)
  • ZigZag Time Frames – time period of the ZigZag indicator, on which the pattern will be searched.
  • ZigZag Depth – Variable Depth of the ZigZag indicator, a value from 5 to 50.
  • Minimum level 2-3, size 1-2 – the minimum acceptable level of the shoulder [2, 3], from the size of the shoulder [1,2]. A number from 0.001 to 0.999.
  • Maximum level 2-3, size 1-2 – the maximum allowable shoulder level [2, 3], from the size of the shoulder [1,2]. A number from 0.001 to 0.999.

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)

Other forex indicators and strategies

Leave a Comment