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About Godbot EA
https://mt4talk.com/viewtopic.php?pid=1192#p1192
Godbot EA specializes in the M5 timeframe for the EURUSD pair. It's a blend of technical indicators like Bollinger Bands and Moving Averages, offering a nuanced approach to market trends. What's cool about it? It adapts to market conditions using a Dual Exponential Moving Average (DEMA) strategy for robust predictions. It's like having a 24/7 vigilant trading buddy!
How this EA works:
Godbot EA operates on the M5 timeframe, perfect for EURUSD.
It utilizes Bollinger Bands (23 period, 2 deviations) and an EMA of 178 periods for trend analysis.
The unique addition is the DEMA (56 period, D1 timeframe), giving it an edge in predicting price movements.
It places buy orders when prices are expected to rise, using a combination of lower Bollinger Bands and bullish DEMA signals.
Sell orders are placed when the opposite conditions are met.
Additionally, the EA can automatically close positions based on specific conditions, ensuring you lock in profits or minimize losses.
It syncs with market data, constantly updating its strategy for optimal results.
Setting Up:
Step1: Download the Files
Ensure you have both theGodbot_v1_2_1.mq4 and OrderLib.mq4 files. They are crucial for the EA to function correctly.
Step 2: Install the Files
Place the Files in Correct Folders:
Copy Godbot_v1_2_1.mq4 into the 'Experts' folder of your MT4 installation.
Copy OrderLib.mq4 into the 'Include' folder. This is where MT4 expects to find library files.
Finding the Folders:
You can usually find these folders by navigating to the MT4 directory. This is typically located in C:\Program Files (x86)\[Your Broker's Name]\MQL4.
Inside the MQL4 folder, you will find 'Experts' and 'Include' subfolders.
Step 3: Restart MT4
After you've placed the files in their respective folders, restart your MT4 platform to ensure it recognizes the new files.
Step 4: Attach the EA to a Chart
Open your MT4 platform.
Locate the "Godbot EA" in the 'Navigator' panel under 'Expert Advisors'.
Drag and drop the EA onto a EURUSD chart, preferably with an M5 timeframe as per the EA’s configuration.
Step 5: Adjust EA Settings
A settings window will pop up when you attach the EA.
Here, you can adjust the parameters as necessary. For the "Godbot EA", important parameters include:
GB_TRADE_TF (default M5)
GB_BANDS_PERIOD
GB_BANDS_DEVIA
GB_MA
GB_BANDS_TF
GB_DEMA_PERIOD
GB_DEMA_TF
These parameters can be left at their default values initially, or you can adjust them based on your trading strategy.
Step 6: Enable Auto Trading
Make sure that auto-trading is enabled in your MT4 platform. This allows the EA to execute trades automatically.
Step 7: Monitor and Optimize
Once set up, monitor the EA’s performance.
You may need to tweak the settings based on market conditions and your trading preferences.
Final Checks:
Ensure you have a stable internet connection and that your MT4 is running when you expect the EA to trade.
It might be a good idea to test the EA on a demo account first to familiarize yourself with its functionality and performance without financial risk.
The chosen settings are tailored to capture short-term trends in the EURUSD pair, with the Bollinger Bands and DEMA providing a dynamic analysis of market movements. This combination helps in identifying profitable entry and exit points, making it ideal for day traders or those who prefer frequent trading.
Godbot EA is a trading assistant that brings a calculated, technical approach to your forex trading. It's user-friendly and adaptable, making it a great asset for both beginners and seasoned traders.
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