TS PingPong Trader Pro
TS PingPong Trader is a simple but profitable EA.
Through the backtesting starting from 2011, it works fine with EURUSD M30 or H1 timeframe. Other currency pairs need further testing or optimization.
It checks RSI indicator for the overbought/oversold status of the currency pair. If the currency pair is oversold/overbought, it will open the long/short position accordingly.
And it supports the signal filtering by MA. You may also set the trade direction based on your own analysis.
It has options to use martingale in the EA. Although martingale looks dangerous, since we are controlling the total size of positions, the largest relative drawdown in the 8 years trading is just about 30%.
I already had a signal based on this EA: PingPongTrader EURUSD. Currently the EA is running on M30 timeframe with default parameters.
This is the Professional Version of TS PingPong Trader. It has more advanced features. Based on your own analysis of a currency pair, you may set the PingPong Trader to work only within the specified price range. If the price break out of the range, the PingPong Trader will no longer open new positions, and you may choose to whether close the existed positions or not.
With the pro version of this EA, you may choose to use it as "set and forget" EA with lower risk/profit trading. Or let it under more control with higher risk/profit trading.
- Magic Number: Unique ID of the orders that the EA opens.
- Min Gap Between Orders: The minimum space in pips between orders. It means that if there is a signal to open a new position, but there is already a position nearby (price difference less than this parameter, the signal will be ignored and the EA won't open the new position.
- TP in Pips (>0): TP in pips.
- Money Management: Determines if the trade volume is calcuated by account balance or is a fixed lot size.
- Fixed Lots: When Money Management is set to 'false', EA will use this parameter as the trade volume of the initial order.
- Start Lots, Start Lots per Account Balance: When Money Management is set to 'true', EA will use these two parameters to calculate the trade volume of the initial order. For example, if 'Start Lots' = 0.01 and 'Start Lots per Account Balance' = 1000, it means if the account balance is 1000 USD, the initial trade volume is 0.01 lot. If the account balance is 2000, the initial trade volume is 0.02 lot, etc.
- Martingale Factor: EA uses this parameter to calculate the trade volume of the new order in the series.
- Trade Mode: This parameter can be set to "Long and Short", "Long Only", "Short Only", "Do not Trade".