New EA Myfkbook Forex Sentiment indicator & EA

[winidecorw]

Correct Title ): (I don't know how to change it )

Myfxbook Forex Sentiment indicator & EA

I have created this Free MT4 EA to test if it is more profitable to trade in favor of the mass sentiment of traders or it is better to go against it.

Check the video:

The EA is multi-currency and open or close orders based on the website:

https://www.myfxbook.com/community/outlook

Remember to authorize this url in WebRequest options in MT4


You can choose any currency pairs you want (I recommend major pairs with less spread) as long as you have them active on MT4 Market Watch.

If the EA is configured to trade in Favor of Market Sentiment, it will open trades in currency pairs that are equal to or higher than the default percentage value chosen (Default 80, but you can choose the percentage you want) and close if it goes down. at 50%

If you want to choose to trade Against of Market Sentiment, suppose that the market sentiment is more than 80% Long in EURUSD, then the EA would open a sell order in EURUSD and the order would be closed when the Long drops to 50%

Leave your comments and suggestions, how are you more profitable, operating for or against, with what percentages and any questions, let me know


Greetings!

 

[BNF Trader]

Any expiration date on the EA?

 

[winidecorw]

Any expiration date on the EA?

No any expiration

 

[philippe5]

Good job!
Interesting trading idea!
Stop loss or not?

 

[bobbythomas]

Interesting, will give a try.
Thanks

 

[dmitriypetrov]

Follow the crowd? , this is an obvious drain

 

[philippe5]

This is my review for this thread:
Excellent

 

[winidecorw]

Good job!
Interesting trading idea!
Stop loss or not?

Thanks!
The EA Will close the trades at 50% by default, you can change the value to test

 

[philippe5]

Do you know when is the Forex Sentiment updated ?

 

[winidecorw]

Hi!
The first reading of data from the website is done when starting the EA. The following loads are done approximately every 1 hour, to avoid the IP limits that Myfxbook has, since if you reach the limit, the website does not load

 

[pugspuggy]

Here's my observation, I presume if I exit the trade prematurely, either manually or by third party trailing stop/BE EA before waiting for the opposite direction to reach 50%, this EA is going to open again the same direction trade if the percentage is more than 80%. This will defeat the strategy of getting out of the trade via trailing stop or BE.

I would suggest the EA would wait for the opposite direction to reach 80% then it will open a new trade.

Just my suggestion to refine this EA.

Note: I have not tested enough to determine is this EA is effective.

 

[philippe5]

Testing this ea: good results until now.

 

[Joerg Kappler]

Testing this ea: good results until now.

What pairs do you run?

 

[winidecorw]

Here's my observation, I presume if I exit the trade prematurely, either manually or by third party trailing stop/BE EA before waiting for the opposite direction to reach 50%, this EA is going to open again the same direction trade if the percentage is more than 80%. This will defeat the strategy of getting out of the trade via trailing stop or BE.

I would suggest the EA would wait for the opposite direction to reach 80% then it will open a new trade.

Just my suggestion to refine this EA.

Note: I have not tested enough to determine is this EA is effective.

Hi!
Thanks for your suggestion

I noted it as a possible update of the EA, but in general, I made this EA more as an experiment to try to see if just based on the percentage of the sentiment for both entries and exits we could get something clear, if it is better to operate following or against the market sentiment, what percentages would work best etc...

 

[winidecorw]

Testing this ea: good results until now.

Hi!
Trading Against?

 

[philippe5]

Hi!
Trading Against?

Not against.

 

[philippe5]

What pairs do you run?

The pairs which are in original settings.

 

[kamel]

Testing this ea: good results until now.

Hi sir can u past your result here please ? Thank you

 

[pugspuggy]

Hi!
Thanks for your suggestion

I noted it as a possible update of the EA, but in general, I made this EA more as an experiment to try to see if just based on the percentage of the sentiment for both entries and exits we could get something clear, if it is better to operate following or against the market sentiment, what percentages would work best etc...

My observation may not be feasible, at least up till this point of my testing. Your setting of 80% in, 50% out seems to be working fine.

I will continue forward testing to monitor the result. Thank you for the innovative idea which I think may just work.

Only time will tell. Good job!

 

[philippe5]

Hi sir can u past your result here please ? Thank you