Firebird V057 Forex EA - Proven Expert Advisor for MT4

Discover the power of Firebird V057, a robust Forex Robot designed to enhance your trading experience. This Expert Advisor (EA) operates seamlessly on MT4, providing automated trading solutions. Tested on popular brokers like LQDFX and FXOpen, this EA ensures reliable performance across various platforms. Elevate your trading with Firebird V057 – your key to optimized Forex strategies.

The Firebird EA works well on various broker platforms and have seen some decent results. Of course, no robot guarantees profits, and you should always use it wisely and within your risk management plan.

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Firebird V057 Forex EA

Firebird v057 is unique due to its combination of moving averages, channel breakout strategy, and adaptive risk management techniques. Its ability to adapt to market conditions and the choice of SMA calculation make it an interesting option for traders looking to explore different trading strategies in the Forex market.

How this EA works:

Firebird calculates a 10-day Simple Moving Average (SMA) and creates a channel by shifting it up and down by 2%.
You can choose to base the SMA calculation on either the closing price or the High+Low values, depending on your risk preference.
When the price breaks out of this channel, Firebird takes a position in the opposite direction of the current trend.
If the trade goes against you, Firebird opens an additional position to average out your entry.
Approximately 50% of the trades last for a day, 45% for 2-6 days, and 5% may last longer or end up in a loss.

Now, let's get you started:

Download and Setup:

Download the mq4 file for Firebird v057.
Open your MetaTrader 4 platform.
Go to 'File' > 'Open Data Folder' and then open the 'MQL4' folder.
Inside 'MQL4', create a folder named 'Experts' if it doesn't exist.
Move the downloaded mq4 file into the 'Experts' folder.
Restart MetaTrader 4.

Adjustable Parameters:

MA_length: 10
Percent: 0.7 (For H1 charts, use 0.75%; for daily charts, use 2%; for H4 charts, use 1%; for M30 charts, use 0.7%)
TradeOnFriday: 1 (To enable trading on Fridays)
MAtype: 1 (0 for close, 1 for HL)
slip: 100
Lots: 1
TakeProfit: 30
Stoploss: 200 (Total loss on all open positions in pips)
PipStep: 30
IncreasementType: 0 (0 for adding every PipStep, >0 for OrdersTotal()^x * Pipstep)

Optimal Settings for Winning Strategy:

Currency Pair: EUR/USD
Minimal Balance: $1,000
Time Frame: H1

Strategy Settings Explanation:

MA_length: The number of days used for the moving average calculation.
Percent: The percentage used for creating the channel around the SMA.
TradeOnFriday: Set to 1 to enable trading on Fridays.
MAtype: Choose between close (0) or High/Low (1) for SMA calculation.
slip: Maximum allowable slippage in points.
Lots: The number of lots traded in each position.
TakeProfit: The profit target in points.
Stoploss: The maximum allowable loss on all open positions in points.
PipStep: The amount of pips against you before adding another position.
IncreasementType: Choose how position size increases (0 for linear, >0 for exponential).

Unique Features of Firebird v057:

One unique aspect of this EA is its flexibility in choosing the basis for the SMA calculation. Traders can opt to use either the closing price or the High and Low prices for the calculation, allowing them to tailor the strategy to their risk tolerance and trading preferences.
Firebird v057 dynamically adjusts the position size based on the current market conditions. This feature can help traders manage their risk more effectively.
Firebird v057 calculates stop loss and take profit levels based on the average entry price, aiming to maximize potential profits while limiting potential losses.
Traders have the option to enable or disable trading on Fridays, providing additional control over when the EA operates.
he EA offers an adaptive PipStep, which means it can increase the distance at which additional positions are added as the number of open positions grows. This can help optimize risk management.

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