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TP MoneyFlowIndex ADX

This EA is based on Money FLow Index (MFI) and ADX to identify the trends. The setup occurs upon reaching a MFI's certain level and the intersection of DI+ and DI-.

The orders are executed if two conditions are met:

  1. MFI crosses its critical level (INDLevel) and ADX has already confirmed the trend.
  2. ADX changes the trend and MFI has already crossed its critical level.

This EA opens only a few orders, but the positions have good quality. It works on multiple currencies and multiple time frames.


Parameters

MFI Parameters

  • INDPeriod: the number of bars used for the indicator (Money Flow Index) calculations.
  • INDLevel: level of the MFI for uptrend; level of downtend is 100-Uptrend. For example: INDLevel=55 means that there is uptrend if MoneyFlowIndex is >55 and downtrend if MF is <45
  • ADX Parameters

    • ADX_TF: time frame of ADX.
    • ADXPeriod: the number of bars used for ADX calculations.
    • ADXLevel: level of the ADX to identify the strenght of the trend (>25 strong trend).

    Position management

    • TakeProfitPoints: take profit in points. If =0, Take Profit in points is disabled and only "Profit in currency" works.
    • Profit in Currency: profit in currency account to close position (take profit in EUR, USD, etc.).
    • StopLossPoints: stop loss in points. If =0, Stop Loss in points is disabled and only "Loss in currency" works.
    • Loss in Currency: loss in currency account to close position (stop loss in EUR, USD, etc.).
    • ProtectionStartPoints: profit in points to move the stop loss to breakeven. If =0, the Breakeven in points is disabled and only "Protection start in currency" works.
    • Protection start in Currency: profit in currency account to move the stop loss to breakeven.
    • Protection: points above (if Long) or below (if Short) the price of open order to move the breakeven.
    • TrailingStopStart: profit in points to start the trailing stop. If =0, Trailing Stop is disabled.
    • TrailingStopPoints: trailing stop in points.
    • TrailingStepPoints: step in points to move the trailing stop.
    • Turbo: if FALSE, the EA expects a new indicator crossing before opening a new trade.
    • CloseReversalSignal: if TRUE, the EA close open trade when a new opposite signal start and it open a new trade; if ELSE, the EA don't open new trades until the opened trade will be closed due to take profit or stop loss.

    Lots management

    • UseMM: if TRUE, it activates automatic money management.
    • PercentMM: risk value.
    • Lots: if "UseMM" is FALSE, it is the lot size.

    Order management

    • OrderComment: order's comment.
    • MagNum: magic number.
    • SlippagePoints: slippage in points.

    I recommend you to do backtest to find the best settings (I propose settings for EURUSD H4 and M15). I also suggest to use a combination with more currency and more time frames to get a better result.

    Settings for EURUSD H4: Settings for EURUSD M15:
    dProfit=2600 dProfit=1800
    dProtection=400 dProtection=200
    dLoss=1400 dLoss=1000
    INDPeriod=11 INDPeriod=11
    INDLevel=60 INDLevel=55
    ADXPeriod=5 ADXPeriod=5
    ADXLevel=25 ADXLevel=15
    ADX_TF=0 ADX_TF=0
    TakeProfit=399 TakeProfit=399
    StopLoss=249 StopLoss=249
    UseProtection=True UseProtection=True
    Protection=15 Protection=15
    No reviews
    Version 4.1 - 2016.11.23
    It was added the trailing stop.

    There are also these input change:
    If "Take Profit Points" = 0, the Take Profit in points is disabled and only "profits in currency" works.
    If "Stop Loss Points" = 0, the Stop Loss in points is disabled and only "stop loss in currency" works.
    If "Protection Start Points" = 0, the breakeven in points is disabled and only "protection in currency" works.
    If "Trailing Stop Start" = 0, the Trailing Stop is disabled.

    There is the new command "CloseReversalSignal": if TRUE, the EA close open trade when a new opposite signal start and it open a new trade; if FALSE, the EA don't open new trades until the opened trade will be closed due to take profit or stop loss.