Expert Advisor programming functions
Here are just a sample of the features that can be built into your Automated Expert Advisor Trading System:
Different kind of system
- Scalping Systems: Forex scalping can be very profitable but must be used with accuracy.
- Trend Follower: systems that trade following the main trend.
- Counter Trend: systems that trade against the main trend, during retracements.
Money Management
Lot size of a trade can be determined as a percentage of account equity or a constant amount.
- Lot Size Compounding: Increase your position based on the trend and amount of profit in the trade. This is a very powerful strategy.
- Maximum Order Limit: Controls how many orders are running at any given moment.
- Account Margin Check: Suspends trading if your margin exceeds a specified range.
Stop Loss and Take Profit
- Fixed stop loss and take profit: settings used to protect the equity in the account.
- Trailing Stops: Using a trailing stop loss allows you to set a minimum profit. It follows the movement of a trade by a set number of pips.
- Volatility Stops: Used in conjuntion with a volatility indicator such as the ATR (Average True Range).
- Account Equity Stops: Controls how much of your account equity you want to risk and protect.
- Swing Highs and Swing Lows: Stops and Take Profits that are based on recent highs or lows.
Other controls
- Large Currency Spread: Suspend trading if the current spread exceeds a maximum spread setting.
- Execute on New Bar: The expert advisor will run once on the opening of a new bar.
- Multiple chart Expert Advisors: Allows an expert advisor to run on more than one chart at the same time.
- Trading Daily Timers: Set a time period for trading. Useful when you only want to trade the US, Asian, or UK sessions.
- Trading Period Filters: Set a time period so that you are not trading during news reports or particular days of the week.
- Trade History: Logs the trading history of an EA to a file so that it can be used to evaluate performance.
- Statistical Data Modeling: This is a unique feature that can be applied for the forecasting of a particular Currency.