Forex PirDpo Expert Advisor is a mean reversion trading robot that works only LONG. It can be used on several indexes like sp500, dow jones 30, eurostoxx 50, dax 30, etc., on a daily timeframe.
It basically applies this algorithm:
- Calculate detrended price with this formula detrend = (close – simple_moving_average(length))/simple_moving_average(length)
- if detrend <= min(detrend,length) the BUY
- SELL after timeExit days
- Absence of dangerous algorithms.
- It works just when the bar is closed.
- Easy to use, optimization required if you want to apply it to other instruments.
Description of the Main Expert Advisor Settings
- magicNumber: self-explicative
- length: lookback period to calculate the detrended price.
- timeExit: maximum number of days in position.
- fixedlots: if this parameter is not equal to zero, the EA will open trades using this lot size. This parameter takes precedence on maxRisk.
- maxRisk: if this parameter is not equal to zero, the EA will open trades using a variable lot size, risking a fix percentage of the account. For instance, if maxRisk is equal to 1.0, an order will be opened for X lots, but the stop loss will be around 1.0% of the account. Due to roundings and different calculations, the maximum risk cannot be exactly 1.0%, but it will be a number really close to it (most of the times a bit bigger).
- stp: stop loss expressed in percentage from the entry price.
- tgt: profit target expressed in percentage from the entry price.
Suggested parameters for SP500 index
- length = 14
- timeExit = 9
- stp = 3.0
- tgt = 5.0
Time frame DAILY
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)