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40 - 100 pips a day MT4 EA
Using the IB/stochastic based system posted by James, I have written an EA for MT4. I have followed his instructions strictly, and have filled in the gaps in some cases.
Code is attached. (Quote)
2539.attach.zip 1.11 kb, 59 downloads since 2017-04-16
Omega IB EA
https://mt4talk.com/viewtopic.php?pid=41020#p41020
This EA pays attention to the Stochastic indicator and looks for particular patterns in price bars to make smart trading decisions.
Omega IB checks the Stochastic indicator for a 'hook,' which is a signal that things might be changing in the market.
It keeps an eye on price bars and looks for something called an 'Inside Bar' (IB). This tells it that a potential trend reversal might be happening.
If the Stochastic hook and Inside Bar align just right, Omega IB decides it's time to make a move.
It sets stop loss (s_l) and take profit (t_p) levels to manage the risk.
Then, it enters a trade—either a buy or a sell—if certain conditions are met.
Adjustable Parameters:
Max Orders: The maximum number of open trades at once.
Max Same Orders: The maximum number of trades for the same currency pair.
Currency Pairs: The currency pairs Omega IB will trade on.
Minimal Balance: The minimum account balance required for trading.
Time Frame: The chart time frame for analyzing price movements.
The strategy employed by the Omega IB Expert Advisor is pretty neat, and here's why I think it's a great choice for traders:
Omega IB focuses on catching potential trend reversals in the Forex market. It does this by keeping an eye on two key elements: the Stochastic indicator and Inside Bars (IB).
Now, the Stochastic indicator is like our market radar. It helps us identify moments when the market might be changing direction. Omega IB pays close attention to the Stochastic's "hook," which signals that a shift could be on the horizon.
But here's where it gets really interesting. Omega IB doesn't rely solely on the Stochastic; it also checks out the price bars. When it spots an "Inside Bar," which is a bar completely contained within the range of the previous one, it senses a potential trend reversal.
So, when the Stochastic hook and Inside Bar align in a particular way, Omega IB takes action. If it's seeing the Stochastic hook upwards and spots an Inside Bar, it's time to consider buying. Conversely, if the Stochastic hook points down and there's an Inside Bar, it's time to think about selling.
But what makes Omega IB even cooler is its risk management. It sets stop loss (s_l) and take profit (t_p) levels to protect your investment. This means you can sleep soundly at night, knowing that if things don't go your way, you won't lose your shirt.
So, why is Omega IB a wise choice? Well, it simplifies the complex world of Forex trading for you. It automates the process, making it accessible to traders of all levels of experience. Plus, it has a clear and logical strategy that combines technical analysis and risk management. This, in my opinion, is a fantastic tool to help you navigate the Forex market and make more informed trading decisions, even if you're just starting out.
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