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This Eugene EA is designed to automate trading decisions based on price patterns and specific conditions. It tries to make informed buy and sell decisions while managing risk through Stop Loss and Take Profit levels. The EA also keeps track of open trades and ensures that there are no conflicting orders. It seems to aim for steady profits while keeping losses in check. To use this EA, you would need to install it in your MetaTrader 4 platform and set the appropriate parameters like the trade size (Size) and the risk management parameters (Stop Loss and Take Profit).
Let's break down how this EA works and its basic functionalities:
Buy and Sell Signals: The EA generates buy and sell signals based on certain conditions. It looks at price movements to identify opportunities.
Insider and Bird Patterns: It analyzes price patterns to identify insider and bird patterns. These patterns help in determining the direction of the market.
Zigzag Levels: The EA uses zigzag levels, which are specific price levels, to decide whether to enter or exit a trade.
Confirmation: Before entering a trade, the EA requires confirmation. It checks for specific conditions like the price being above or below a zigzag level and the time of day.
Risk Management: The EA uses parameters like Stop Loss and Take Profit to manage risk. These are set at 50 pips in this code, meaning that if the trade goes against the EA by 50 pips, it will automatically exit the trade to limit potential losses.
Orders Handling: The EA monitors and manages open orders. It checks whether there are existing orders, and if there are, it may decide to close them based on certain conditions.
Trading Hours: The EA takes into account the time of day (8:00 AM) when deciding to enter or exit trades.
Max Profit and Loss Tracking: The EA keeps track of the maximum profit and maximum loss. It seems that the EA aims to maximize profits and minimize losses.
Ticket Management: Each trade has a unique ticket number. The EA uses these ticket numbers to keep track of open trades and close them if needed.
Visualization: The EA uses different colors (Green and Red) for buy and sell signals, making it easier for the trader to see the signals on the chart.
To set up this EA:
Attach it to a chart in MetaTrader.
Adjust the parameters (e.g., Size, StopLoss, TakeProfit) according to your preferences.
Make sure to enable automated trading and allow DLL imports in the MetaTrader settings.
Eugene.mq4 5.63 kb, file has never been downloaded.
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