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About iRobot EA
https://mt4talk.com/viewtopic.php?pid=56760#p56760
Its strategy is simple: it looks at two things, the Awesome Oscillator (AO) and the Stochastic Oscillator. When these indicators show the right conditions, iRobotEA makes trades.
AO and Stochastic: iRobotEA pays attention to two indicators: AO and Stochastic. They help it decide when to buy or sell.
Buy Signal: If AO is higher than before and Stochastic is above 50, iRobotEA says it's time to buy.
Sell Signal: If AO is lower than before and Stochastic is below 50, iRobotEA says it's time to sell.
It helps you protect your money with tools like stop-loss and take-profit. Stop-loss is like an emergency exit if a trade goes bad. Take-profit is like a goal for your profits.
Trailing Stop lets you follow a winning trade. If the market goes your way, iRobotEA moves your stop-loss to lock in your gains.
Adjustable Parameters:
Lots: How much money you use for each trade.
Use Stop Loss: Decide if you want to use a stop-loss to limit losses.
Stop Loss: The price where iRobotEA closes a trade if it's losing.
Use Take Profit: Choose if you want to set a goal for your profits.
Take Profit: The price where iRobotEA closes a trade if it's winning.
Use Trailing Stop: Turn this on to use the trailing stop feature.
Trailing Stop: How far the price needs to move in your favor before iRobotEA moves your stop-loss.
iRobotEA is great because it uses simple indicators and helps you manage risks. It's user-friendly, so even if you're new to trading, you can use it.
The iRobotEA works together with the iRobot_Indicator:
The iRobot_Indicator uses the Average Directional Index (ADX) to identify strong trends. When the ADX line is above the ADX- line, it suggests a bullish trend, and when it's below, it indicates a bearish trend.
It calculates the ADX, ADX+ (positive directional index), and ADX- (negative directional index) for a specified period (default is 13 bars) on the chart.
When the ADX+ is greater than or equal to ADX-, the indicator plots green bars.
Conversely, when ADX- is greater, it plots red bars.
These bars give you a quick visual cue about the strength and direction of the trend.
Why It's Good to Use (In My Opinion):
I think the iRobot Indicator is great because it simplifies the process of identifying trends in the forex market. You don't need to be an expert to understand it.
Here's why I like it:
User-Friendly: It's easy to install and use, making it perfect for traders who are just starting.
Clear Signals: Those green and red bars make it crystal clear when it's a good time to buy or sell. No need to guess.
Trend Strength: It helps you focus on strong trends, which often lead to better trading opportunities.
The indicator has one adjustable parameter:
ADXPeriod: This lets you choose the number of bars the indicator looks at when calculating the ADX value. A higher number might smooth out the signals, while a lower number makes it more responsive.
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