Night Worker MT5
- Experts
- Edgar Elsner
- Version: 1.56
- Updated: 21 April 2024
- Activations: 10
Night Worker MT5
is a low-risk multi-currency Expert Advisor, particularly suitable for risk-averse users, that does not use risky recovery strategies such as Martingale or Grid. Due to tightly limited stop-loss values, the profit curve naturally does not move upwards like a straight line and without fluctuations. On the other hand, there is also no risk of a deeper draw-down, as inevitably occurs sooner or later with the strategies mentioned above, and those in some cases can lead to a total loss.
Due to the low risk of the Night Worker MT5 strategy, a starting capital of $50/0.01 lot per traded pair is sufficient for accounts with leverage from 1:100. For accounts with leverage of 1:30 it should be at least $100/0.01 lot.
The parameters specific to the tradable pairs (GBPCAD, EURCAD, EURSGD and GBPCHF) are pre-configured internally and no further set files are required. Additional pairs can be freely configured by experienced users using “Custom” mode. However, it is advisable to only trade currencies that are comparatively less active outside of European and American trading hours. These are in particular EUR, GBP, CAD and CHF.
It should be noted that in “Custom” mode the Expert Advisor must be installed on the associated currency chart. In “Predefined” mode, the Expert Advisor is only installed on a single GBPCAD chart, from which all pairs entered in the currency list are then traded. If necessary, the number of pairs opened at the same time can be set via “Max. Trades open concurrently” can be limited.
Opening positions takes place during European night time and starts at 20:00 GMT hour. Only one position is opened per pair, each with a stop loss and take profit. The stop-loss levels set when positions are opened only serve as additional protection if the stop-loss functions managed by the Expert Advisor cannot take effect in the event of unusual market movements or a failure of the computer and/or the VPS. In fact, in the rare cases of draw-down, the losses are well below the fixed stop loss levels - usually in the range of no more than 10 to 30 pips.
The underlying strategy trades within a channel formed on the M1 timeframe by trend and level indicators.
The installation takes place on the associated chart, where an onscreen panel visualizes relevant status information. The time frame used is arbitrary, as the expert works independently of it.
| Traded currencies: | Single-chart setup for GBPCAD, EURCAD, EURSGD, GBPCHF for trading all pairs via a single chart. (Optionaly pairs CHFSGD and CADCHF can be used as well by adding manually to the list) |
| Other currencies: | Can be freely configured and optimized via “Custom” mode |
| Timeframe: | Can be chosen arbitrarily, without affecting trading |
| Trading Time: | Freely adjustable, Friday trading and the end/beginning of the year can be configured or turned off separately. |
| Risk Management: | Selectable as a percentage between balance, equity or free margin |
| Trading procedure: | FIFO-compliant. Therefore suitable for USA traders as well. Profit taking selectable by indicator based Trailing per single pair or average Profit Trailing on all opened pairs. |
| Eligibility for Prop Firm Trading: | Yes |
| Individual Magic Number: | Yes. This means there is no influence from or by other experts on the same terminal account |
| Visualization: | On-screen panel with status information about profit and margin |
| Recommended accounts: | ECN brokers with low spread and/or RAW account type and low slippage |
| Minimum capital per currency pair traded: | $50/0.01 lot for accounts with leverage > 1:100, $100/0.01 lot for accounts with leverage < 1:100 |
Important NOTE:
Before purchasing, please download the demo and perform a Backtest on the broker account you intend to use. To ensure uninterrupted functionality, installation and operation should be carried out on a VPS.
Quick Installation Instructions:
1. Before adding the Expert to the chart, make sure that all the symbols that are included in the Settings "List of Pairs", are added to the terminal's "Market Watch".
2. Enable "Algo Trading" in the terminal.
3. Now add the Expert to the GBPCAD chart.
