Momentum Capture EA MT5
The EA tries to detect the start of a new trend after bank events and speeches. It has multi-currency and multi-timeframe capabilities. It does not trade every day, but it usually is good in catching the big movements without too much risk during range trading periods.
After detecting strong price action and momentum, it will open positions in trend direction as well as pending orders for a possible reversal.
For each timeframe there can be one open order. So you can adjust risk by not choosing all four timeframes.
In general, all combinations of USD, EUR, GBP, CAD, AUD are tradable. For CHF I only recommend the pairs USDCHF and EURCHF.
Personally, I use the following symbols:
EURUSD, EURJPY, EURAUD, EURCAD, GBPUSD, USDCAD, USDCHF, GBPJPY, AUDJPY, USDJPY, AUDUSD, EURGBP, EURCHF and CADJPY.
The EA only needs to be placed on one chart on any timeframe. The best one is EURUSD because it has the most ticks.
Web requests have to be allowed for the EA to get news data. Go to: Tools -> Options -> Expert Advisors and add the following URL: http://currencystrength.de
The minimum balance for this EA depends on the number of symbols and on the maximum position settings. I recommend $1600-$2000 with maxStop/maxMarketOrdersAllSymbols=16.
Please contact me if something goes wrong in backtest or also if you have further questions or need assistance in live trading.
For backtesting, it is very important to use news data and the correct GMT offset. The EA does not trade in the minute after news, so the news data is not used for unrealistic news trading. But it is important to determine whether the movement is fundamentally driven. News data from 2010-2017 is already included in the EA file, but for future data you have to download a data file.
Please see this blog post for instructions, detailed backtests and a list of the complete settings: https://www.mql5.com/en/blogs/post/704849
- symbolsNormal - comma separated list of symbols to trade.
- symbolsIgnoreUSDevents - These symbols will not use USD events.
- symbolsIgnoreEURevents - These symbols will not use EUR events.
- symbolsIgnoreJPYevents - These symbols will not use JPY events.
- tradeM5 - whether to use the M5 timeframe.
- magicM5 - magic number for trades entered on M5 timeframe signals.
- tradeM15 - whether to use the M15 timeframe.
- magicM15 - magic number for trades entered on M15 timeframe signals.
- tradeM30 - whether to use the M30 timeframe.
- magicM30 - magic number for trades entered on M30 timeframe signals.
- tradeH1 - whether to use the H1 timeframe.
- magicH1 - magic number for trades entered on H1 timeframe signals.
- lotType - "fixed" or "increasing", where the lot size is calculated automatically.
- fixLots - fixed lot size in case lotType = fixed.
- lotStep - how much the lot size should be increased every equityPerStep (if lotType = increasing).
- equityPerStep - how much equity is needed for one lot step (if lotType = increasing).
- maxStop/maxMarketOrdersAllSymbols - To limit the total number of open market and pending stop orders for all symbols.
- pipInPoints - for 5-digit brokers, this should be 10, for 4-digit brokers 1.
- usePipsScaledToADR - if true the pip value will be scaled to the average daily range, so 40 pips could then mean something between 20 and 80 normal pips.
- useAutoEntryAndExitSettings - whether to use the internally stored entry and exit settings.
- waitTimeAfterNews - how long to wait after a news event.
- momentumStrengthMarket/Pending: Trend strength for entry.
- stopLoss - maximum stop loss used.
- takeProfit - take profit for trade exit. But usually the strategy will exit via trailing stop.
- trailingStop - trailing stop in pips.
- trailingStart - when to start the trailing stop.
- trailingStep - step size to modify the stop loss.
- breakEvenAt - when to set the breakeven stop loss.
- breakEvenTo - how many pips above/below the entry price the breakeven stop loss should be placed.
- startHourGMT - when to start trading (GMT).
- endHourGMT - when to stop trading (GMT).
- fridayEndHourGMT - when to stop trading (GMT) on Fridays.
- skipWeekend - whether to skip Saturday and Sunday.
- TesterGMToffset - if you do not use tick data in GMT format, then you need to specify the GMT offset in the tester if the news filter is used.
- Corrected a small bug concerning CPI news times.
- Added a new parameter "debugMode":
If true the EA will print some debug information when it checks for trade entries. So if you observe that you have different trades than my signals or the backtests, you can send me the log file and I will analyze the reason for the differences.
- closeOnlyMode: if you do not want to open new positions or afraid that your VPS might crash, you could run it with closeOnlyMode on a second VPS.
- maxSpreadPips: avoid trading during extremely high spread.
- closePendingOrdersInSameDirection: close pending buy orders if there is a signal for a market buy order, same for sell orders.
- autoAllowCPIonSomeSymbols: auto settings allow trading CPI events on those pairs: EURUSD, EURAUD, GBPUSD and AUDUSD.
- autoScaleFactor: this parameter is for a quick way of diversification. It will scale SL, TP, BE, trailing start, trailing stop by the factor specified. It will also scale the entry strength parameters, but not as much because those are more sensitive.