I attached a new EA using modified Parabolic SAR. Please test and provide feedback.
There are 3 files. Follow the steps below to install :
a. Copy and paste ModiPSAR.ex4 onto your MT4 Indicators folder
b. Copy and paste TradePSAR.ex4 onto your MT4 Experts folder
c. Copy and paste TradePSAR.tpl onto your MT4 template folder
Run your MT4, right click on your MT4 chart and select load template TradePSAR.tpl.
Here is the criteria.
a. If you are scalping, set TrailingStop = 2 and TrailingStep = 1. TimeFrame is 5m. Any currency pairs but it is recommended that you trade with pairs that have low spread. To make sure you are good with the spread, you can set the SpreadLimit setting e.g. if you set SpreadLimit = 30 then any pair with spread > 3 pips, the EA will ignore and will not trade. I trade EURUSD, GBPUSD, AUDUSD, USDJPY, USDCHF, USDCAD, EURJPY, GBPJPY, EURGBP and GBPCHF because my broker provides spread below 0.5 with a commission.
b. If you are trend trading, set TrailingStop = 10 and TrailingStep = 5. TimeFrame is 1H. Any currency pairs but the recommended spread instruction is the same as (a). I have not found the best settings for TrailingStop and TrailingStep in 1H trend trading so if you have found the best setting, please share.
c. Lots and RiskPercent. If you want to trade Fixed Lot size, set the lot size in Lots and EA will ignore RiskPercent. If you want to trade dynamic lot size, then set Lots = 0 and EA will use the number you set in RiskPercent as the percentage. E.g. Lots = 0 and RiskPercent = 5% then EA will use 5% of your balance equity. If Lots = 0.02 then EA will ignore whatever number you put in RiskPercent and lot size will be 0.02.
d. If you want to use the EA on RenkoChart, make sure you TimeFrameToTrade = Current and drop the EA onto your M2 offline chart.
e. There is no Stop Loss and Take Profit to set because the EA automatically adjust the Stop Loss based on Parabolic SAR dots. Take Profit will depend on your trailing stop/step setting. EA will automatically take profit if the trend changes.
There are 3 files. Follow the steps below to install :
a. Copy and paste ModiPSAR.ex4 onto your MT4 Indicators folder
b. Copy and paste TradePSAR.ex4 onto your MT4 Experts folder
c. Copy and paste TradePSAR.tpl onto your MT4 template folder
Run your MT4, right click on your MT4 chart and select load template TradePSAR.tpl.
Here is the criteria.
a. If you are scalping, set TrailingStop = 2 and TrailingStep = 1. TimeFrame is 5m. Any currency pairs but it is recommended that you trade with pairs that have low spread. To make sure you are good with the spread, you can set the SpreadLimit setting e.g. if you set SpreadLimit = 30 then any pair with spread > 3 pips, the EA will ignore and will not trade. I trade EURUSD, GBPUSD, AUDUSD, USDJPY, USDCHF, USDCAD, EURJPY, GBPJPY, EURGBP and GBPCHF because my broker provides spread below 0.5 with a commission.
b. If you are trend trading, set TrailingStop = 10 and TrailingStep = 5. TimeFrame is 1H. Any currency pairs but the recommended spread instruction is the same as (a). I have not found the best settings for TrailingStop and TrailingStep in 1H trend trading so if you have found the best setting, please share.
c. Lots and RiskPercent. If you want to trade Fixed Lot size, set the lot size in Lots and EA will ignore RiskPercent. If you want to trade dynamic lot size, then set Lots = 0 and EA will use the number you set in RiskPercent as the percentage. E.g. Lots = 0 and RiskPercent = 5% then EA will use 5% of your balance equity. If Lots = 0.02 then EA will ignore whatever number you put in RiskPercent and lot size will be 0.02.
d. If you want to use the EA on RenkoChart, make sure you TimeFrameToTrade = Current and drop the EA onto your M2 offline chart.
e. There is no Stop Loss and Take Profit to set because the EA automatically adjust the Stop Loss based on Parabolic SAR dots. Take Profit will depend on your trailing stop/step setting. EA will automatically take profit if the trend changes.
