Forex Ranger Expert Advisor review:
The Ranger Expert Advisor (EA) calculates a channel and matches this to price action to enter the trade. It allows you to adjust the channels based on your own style and market conditions. However, the base settings have shown full success since the beginning of 2011 and based on large stop losses for GBPUSD on H1.
You can trade this EA with 0.01 lots on a $100 account with the base settings on GBPUSD H1.
About us, large stop losses and past performance
We’re a small group of like-minded traders who prefer to see a slow and steady growth rather than battling with uncertain risk strategies. We’ve honed our approach to trade a high volume of small lot size trades that are allowed to run. Although we originally thought that you cannot fully mechanize success in forex trading, in practice this automated, high volume approach has given us steady growth over the years as long as we give the market enough time and space to move. A potential loss trade is compensated for by restarting the EA before the loss hits, thereby minimising the effect on the account.
Over time, this approach has repeatedly doubled various accounts.
- TakeProfit – take profit value in pips.
- RangeHeight – height of the target range between the High and Low of that range.
- StartRangeCandle – the start candle of calculating the range. 0 is the current candle, the previous candle is 1, and so on.
- BreakAwayFromChannel – the distance the price needs to break away from the channel in order to be considered for a trade.
- MagicNumber – set this to a number that’s different to any other number in any other EA trading on the MetaTrader instance.
- ExcludeFriday – if you do not want to trade on Fridays, set this to true. If you want to trade on Fridays, set this to false.
- StopLoss – stop loss value in pips.
- CalculateLotSize – calculates the lot size based on a proportion of the account balance you want to use for this EA.
- BaseAccountBalance – the ‘starting point’ for the lot size if CalculateLotSize is true. Irrelevant if CalculateLotSize is false (see below). It will increment the lot size based on the settings in BaseLotSize and BaseAccountBalance.
- BaseLotSize – the minimum trade size, regardless of other settings.
If CalculateLotSize is true:
The lot size will be: BaseLotSize for each full and part multiple of the BaseAccountBalance.
If you want to risk 0.01 lots per $100 in your account, set the values as follows:
- BaseLotSize = 0.01
- BaseAccountBalance = 100
If your account has 100 in it, with these settings the first trade will be 0.01 lots. Once the account balance reaches 200, the lot size will be 0.02.
If your account has 500 in it, with these settings the first trade will be 0.05 lots. Once the account balance reaches 700, the lot size will be 0.07.
If you want to risk 1.0 lots per $10,000 in your account, set the values as follows:
- BaseLotSize = 1.0
- BaseAccountBalance = 10000
If your account has 10 000 in it, with these settings the first trade will be 1.0 lots and increment thereafter.
If your account has 30 000 in it, with these settings the first trade will be 3.0 lots and increment thereafter.
If you want to risk 1.0 lots per $30,000 in your account, set the values as follows:
- BaseLotSize = 1.0
- BaseAccountBalance = 30000
The first trade will be 1.0 lot. Once your balance reaches 30 300, it will trade 1.01 lot (assuming your broker allows micros).
It is best to check your understanding of this using the Strategy Tester.
If CalculateLotSize is false:
It will trade the BaseLotSize regardless of the BaseAccountBalance or how much money is on the account.
For example, a BaseLotSize of 0.02 lots will trade 0.02 lots whether there is $50 or $50 000 000 in your account.
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)